Kedron and Surrounding Suburbs Weekly Market Update 17.03.22
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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25th of February 2022
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Hi, this is Daniel Hooper, from One Percent Property, coming to you with your Weekly Property Market Update. This one is to cover the last two weeks, because last week I was moving house and did not get an opportunity to put a video together. So look, the market is still looking very good. Things are still very positive in our local area.
Across Queensland, we had 1,542 sales, that was in the last seven days. 80% auction clearance rate on the weekend—that's up from 72% last year. So still a lot of property is changing hands, although I do sense there might be a bit of a softening in the market a little bit. 29 properties sold in the inner north. A few notable sales:
31 Mellor Street in Kedron sold for 1.42 million. That's a three-bed on 607 square meters.
32 Thirteenth Avenue also in Kedron sold for 1,316…sorry, $1,316,000. That's a three bedroom home on 551 square meters. So both very, very good results for three bedroom homes.
In the media this week, as I mentioned at the start, I do believe we might be approaching the peak of our market. I've started to pick up on a little bit of a softening, maybe property sale taking a little longer to sell. Still getting very good prices, but certainly I think compared to where we were a couple of months ago, the market has softened a little bit. Having said that, last week we were up 0.4% in a week. So far in March, the price in Brisbane has gone up by 0.9%, which is obviously still very, very strong growth. And we're up 30% in the last 12 months. The undersupply is still 26% below the rolling average, so still very much undersupplied. But as I said, just based on what I've seen in the market and the number of buyers that have been coming to my opens and the time that property have taken to sell, I think we are potentially, certainly in the last two weeks, approaching the peak. Now the other side of that, it could be due to the fact that people have had other things to focus on, because, obviously, we've had a flood. There's been a lot of turmoil, a lot of issues, and a lot of different factors that people have been contending with, which means they may just have put their property searches on hold. We'll certainly see that within the next couple of weeks, whether it goes back to normal or whether it does stay a little subdued. Now, when I say subdued, I'm talking properties taking maybe two or three weeks to sell as opposed to one. Certainly we're not getting any hits on prices or anything like that. Things are still very, very positive. At One Percent in the last fortnight, it has been a big couple of weeks. Obviously, moving home made it a bit chaotic. But last week we had:
4/9 Railway Parade in Nundah. That one went under contract after about 10 days on the market.
309/50 Lamington Avenue is under contract today. That is a two bedroom apartment in Lutwyche. It took about three weeks to sell, it shows the market of the apartment market is still very good.
1403/25 Charlotte Street in Chermside, that was a one bedroom apartment. That will be going on contract today as well.
Last week we launched 7/17 Gordon Parade in Everton Park, had 16 groups to the open which was actually our biggest open for the weekend, so it's a very good turn out.
16 Springvale Place in Carina we also launched last week. That's a three-bed, one-bath home with a pool. Cracking offer, still on the market currently. We'll be doing another open home in the morning on Saturday.
Also, I have an off-market, small lot home in Kedron, 288 square meter block. Fantastic, beautiful new-built home. If you want some more information on that, just please give me a call. Price point will be around the million dollar mark.
This week 269 Kitchener Road in Stafford Heights is unconditional. That property was on the market with another agent—best offer they brought the owner was 640,000. We changed up the strategy, relaunched it. Within three days, we had two site unseen offers, ended up selling it for $789,000, just under $800,000. And the house is pretty much in knock-down condition.
31 Ramsay Street will also go unconditional today. Once it is unconditional, next week I'll give you an update of what we sold it for, but again, another property that has a large amount of work to do. Big block, but two-bed cottage that needs significant improvements. So we got a fantastic price for that.
Launching this week, we have:
23 Akaroa Avenue in Geebung that is on the market. It's a stunning home, super unique, over 700 square meter block of land. It's got two full, separate residences on the property, five bedroom home at the front. You've got a two-bed, two-bath, second residence at the back. Fully separated with your own entrances, and also separately metered so you can rent them out individually. It's a super unique offering and we will be showing that on Saturday morning.
16 Malachite Street in Keperra, also launched this week. It is a very well kept three-bed, one-bath home, big 600 square meter block of land. It's elevated, and it is a fantastic offering in very, very good condition. Again, that one will be showed on Saturday.
If you have any questions about any of the properties that I've mentioned, if you'd like to get an update on what your property's worth or there's anything else I can be of assistance with, please do not hesitate to give me a call. Otherwise, I hope you've had a fantastic so far and I hope the rest of it is even better.