Kedron and Surrounding Suburbs Weekly Market Update 17.06.22
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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✅KEDRON, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS✅
17th of June 2022
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Daniel - 0424 585 391
Hi, I'm Daniel Hooper, from One Percent Property, coming to you on Friday, the 17th of June, 2022, with your weekly Property Market Update for Kedron, Gordon Park, and the surrounding suburbs.
So, this week in Queensland, we had 1,271 sales. Now, we've been averaging around 1,500 or 1,600, so we are down around 20% on properties that are selling. So, that's, obviously, listed properties coming in the market, also properties just taking longer to sell. So, week on week, compared to about two months ago, are down about 20%. The auction clearance rate is still holding steady around that 65% range. At the peak of the market, we were getting 85-90%, so it's certainly dropped from there. But it's still actually quite a healthy clearance rate for Brisbane. It's showing that properties are still selling. In the Inner North, we had 25 sales. A couple of notable sales. We had:
46 Eleventh Avenue in Kedron—that was a pre-war, it was a four-bed on 405 square meters, partially renovated home that sold for 1.485, which is a good result.
16 Corowa Street in Wavell Heights—five beds, new build on 400. That one sold for 1.68, which is a good result. Good results still coming out of Wavell.
I sold 153 Albion Road in Windsor. That property, obviously, Albion Road's a very busy road. It's three doors down from Lutwyche Road. It is a four-bed home, 750 square meter block. It's low-medium res. It's a development site. So sold that one off market. That property had been floating around between I think, five or six different agents over the last couple of years trying to sell it. No one was able to—we sold it in about five days via an extensive network of developers. Price on that one has not been released yet. It's not unconditional, but it will come in the next few weeks.
In the media this week, consumer confidence is at a 31-year low. You don't really have to look very far to see that. People are not very excited about what's coming. People are bracing for, obviously, a rough couple of years. I'm seeing that reflect in the market. And what I'm seeing there is, it's more about people's sentiment about the market rather than what's actually happening. So, people are feeling less confident. Obviously, less buyers at the opens. Things are taking longer to sell, but—when they sell, we're still getting really good prices.
So, prices across Australia dropped for the first time since early 2022 over the last month, but Brisbane is actually bucking the trend. We are slightly positive still. So, Brisbane hasn't had a negative month yet, in basically, the last 24 months. Brisbane was also named as number 12 in the 20 strongest global markets for 2022, which is obviously very, very positive. And, this is reflecting what I'm seeing. I think Australia as a whole is going to drop. I think Brisbane will drop also over the next 24 months, but I see Brisbane having a slow slide of maybe 5 to 10% correction. Whereas, I think other places could potentially have 15, 20%, possibly, depending what happens with rates. Something that I would say is over the next two years, it is very, very likely that prices in Brisbane are going to go down. I don't think they will go down severely, but I think they will go down. So, if you're thinking about selling in the next 12 months, the next 18 months, the price you can get in the market now is almost certainly higher than the price you're going to get in 18 months' time. So, if you're thinking about selling and you can make it move faster, I would recommend doing it now, rather than waiting six to 12 months and selling at a lower price. At One Percent, it's been another big week.
So, we settled on 54 North Street in Kedron. That property, it was an interesting home. It was four beds, quite a large home, but it was on a very slope block. And it had quite a lot of renovations to do—retaining walls and a whole bunch of other stuff. So, it did take a while to find the right buyer for that property, but we did find it eventually. We sold that for 1,088,000. Settled this week.
Under offer, we have 25 Calida Street in Boondall. We launched last Monday. In five days, five offers. Sold it for a cracking price, which I'll reveal once it goes unconditional.
153 Albion Road in Windsor, I've already mentioned. That was an off-market sale. Again, we sold it in about five days for a fantastic price.
Also, 16 Springvale Place, which is down in Carina, a little outside of the area. That one took a little longer to sell. Took about six weeks. But, that one also that actually settled... Well, as I'm speaking, I believe it is settling. So, that's another one that is sold and settled for $885,000.
On the market, at the moment we have:
22 Bennetts Road in Everton Hills. It's a cracking entry level property. Bit of work to be done, but very good bones and very nice big 600 square meter plus yard.
54 Bertram Street in Stafford. Again, entry-level into Stafford. You don't find many properties around the 900,000 mark in Stafford that are actually in really good condition. Three-bed, one-bath it's on a 301 block. It's a brick-build, so, it's in really, really good condition and it's ready to move in.
67 Homebush Road in Kedron. It's a renovated pre-war home. It's in fantastic condition again. It's got a beautiful green yard, 405 block, three beds, one bath. That one, we will be showing tomorrow as well.
224 Appleby Road in Stafford Heights. It's an 809 block. It's got a DA on it. So, potential for development. We are showing that one by private inspection.
1303 at 25 Charlotte Street in Chermside. Entry-level one bed, one bath apartment, perfect for an investor or for someone looking to get into the market—obviously, at an entry level price.
And finally, 331 Ellison Road in Geebung. That's a three-bed home plus a two-bed granny flat. That one is being shown by private inspection also.
Coming soon to the market, launching next week, we have:
39 Emerald Street in Kedron, which is a small block, but a beautiful home, nicely renovated. That one will be coming to the market on Monday. It's a fantastic entry-level opportunity into Kedron State School and Kedron State High School catchments, walking distance to the brook.
36 Belnoel Street in Wavell Heights is a massive five-bed family home, multiple living spaces. It's got a huge backyard. It's got a big shed. It's in a very, very good street and a great part of Wavell Heights. That one will be launching on Monday as well.
And, coming later in the month, 29 Main Avenue in Wavell Heights. Backing onto the park—another fantastic opportunity to do a renovation or potentially, a rebuild.
There are lots and lots of properties on the books at the moment, lots of exciting things happening. So, if you think any of these properties might be suitable for you or you have any questions about the market, please feel free to give me a call on 0424 585 391. Otherwise, I hope you've had a fantastic week so far, and I hope the weekend is even better.