Kedron and Surrounding Suburbs Weekly Market Update 22.07.22
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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22nd of July 2022
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Hi, this is Daniel Hooper from One Percent Property coming to you with your Weekly Property Market update for Kedron, Gordon Park and the surrounding suburbs.
So, over the last week we had 1165 sales. In Queensland, sorry, not just in our area, but in the whole state, that figure is pretty much on par with what we've been seeing in the last few weeks. Severely down from what we were seeing last year of around 15 - 1600. So definitely, less activity, less properties changing hands and certainly things taking a lot longer to sell for sure. 43% auction clearance rate compared to about 78% this time last year. So, obviously, a lot less success at auctions as well.
In the inner north we had one, sorry, 17 sales. Which is, again, on par of what we've been seeing. No drastic reductions, but certainly down from the 30 odd sales we were seeing last year. Still getting some good results.
So, 23 Sheehy Street in Stafford, that's a three-bed, renovated home on 600 square meters—sold for 1.325M
17 Barellan Street again in Stafford. Some good results from Stafford this week. Four beds on 675 sold for 1.43M million and
7 Sumar Street in Wavell heights—four beds, 771 square meters sold for 1.6 million.
What I've noticed in the market, in regards to prices, is properties that don't really have any objections, so large floor plans, no flood overlays, no main roads fully renovated, nothing to do; those properties are actually still performing really well and getting really good results. But if it's a renovator, if it's got objection—so it's got difficulties, it's got other things like that. We're still getting them sold, we're still doing good, getting good results, but they are just taking a little longer because people are much more fussy at the moment. And people are much more hesitant to actually do renovations because it is very, very difficult dealing with trades and supply issues and all that sort of stuff in the construction industry right now. So a few challenges, but you know, certainly not the end of the world.
In the media, prices are down over the last 28 days by 0.5% in Brisbane. Looking at Kedron surrounding areas, I have noticed, actually, little more than that, having said that, it could just be a fluctuation. What I mean by that is, if in April the majority of the properties are sold in Kedron were four-bedroom, renovated homes and then in June or July, the majority of properties that sold were three-bad renovators—they're all still houses, they're going to come into the same statistic, but obviously, it's going to be pretty skewed. So it is, it is hard to see on such a short timeframe, whether it's realistic, whether it's a drop or whether it's just potentially a bit of a speed bump.
Sydney and Melbourne just put it in perspective of what the Brisbane market is like at the moment: 0.5% down in the last month, Sydney was down 1.9%. Melbourne was down 1.3%. So as far as markets in the country, we're still actually doing very well. Well, but we're, certainly, you know, over the peak of the property cycle and on the downward slide. What I've noticed is that there a lot of buyers sitting out of the market. The last time I saw a lot of bites sitting out of the market was at the start of Covid. Yeah, there was about two or three months where it was a nightmare no one was buying because everyone was absolutely terrified about what was going to happen. I don't think anyone's terrified now, but certainly people are cautious and they're sitting out going on what's going to happen in a few months time. My advice to buyers is, it's actually a pretty good time to purchase property right now, because there are less buyers in the marketplace. In three months time, if the RBA lower their rate, so not lower the rate, but they lower the increases, say they do a 0.1% or 0.25 and 0.5, suddenly buyer confidence is gonna come back, more buyers gonna enter the market and there's gonna be more competition around property. So if you're sitting out waiting, you know, you may end up regretting that—similar to how people who are sitting out at the start of COVID ended up regretting it. People that bought at that point in time, we're very, very happy.
At One Percent Property—very, very busy at the moment. Lots of lots of local properties:
39 Emerald Street, which is a really, really cool little investment property in a fantastic area of Kedron near the avenues. It's on a small block, 165 square meter block of land. We just put that one under offer for a great price and I'll let you know that once it does go unconditional,
67 Homebush Road that was under offer. We had a last minute hiccup with one of the clauses in the contract. So that property is now back on the market. We're looking at offers over $935,000. It's a cracking renovated home. It's on a good flat, 405 block with a lot of trees, a lot of privacy. It's in a good part of Kedron. It's a really, really good property and it offers over 935. It's a fantastic opportunity.
Launched this week, 26 Tanimbla Street, also in Kedron. It's a four-bed, one-bath home— three beds in the main residence. And then it's got a one bed studio with its own living space. It's got a beautiful pool. It's got a lovely outdoor space, 607 block potential for city views.That one is open tomorrow.
On the market also,
7 Whiptail Court in Cashmere. Big family home, five beds, 700 square meter block of land, pool. It's a beautiful property that is on the market open tomorrow.
54 Bertram Street in Stafford entry-level property in the Stafford. It's got a manageable but still still quite usable and quite large block of 300 square meter block of land with a three-bed, one-bath home. It's brick build. It's in fantastic condition like, absolutely impeccable condition, that will be open tomorrow.
22 Bennett's Road in Everton Hills. It's a renovator in a fantastic spot right at the top of the hill, beautiful outlook, big block of land. It's got a lot of potential.
36 Belnoel Street in Wavell Heights—massive family home on a good quiet street in a good part of Wavell Heights. That one is just by private inspection at the moment.
And also 125 Kirby Road which is, it's an entry-level opportunity into Aspley with a property that is right for renovation. It's got a lot of opportunity to make it into a really, really nice family home and also 224 Appleby Road in Stafford Heights available by private inspection. That property is an 809 block. It's got a DA on to split it into two and again, it's another fantastic opportunity to get a really, really good project in a good part of Brisbane.
Coming soon—off market at the moment, there is a property in Figure Street in Kedron. This one is a low medium res development opportunity. 612 square meters. The property next to it was cut down into a three-townhouse complex. The one across the road went into one into two, with a house and a block of land. And there's another one on the street that actually did two-townhouses and two units to split the original house into two units. So there's a lot of opportunity for this property, a lot of different things you could do. That one is currently available off market via my database. Give me a call if you'd like more information.
Also coming soon:
54 Somerset Road Kedron. Another cracking Kedron home. It's 200m away from Padua. It's four-bed, 2-bath. It's a renovator but in a fantastic position.
1 Mylne Street in Chermside—that property is right on the literally on the border of Wavell. The street outside the property is Wavell, the property itself is Chermside. It is a again it's a four-bed. This one's a four-bed, two-bath. It's got a main residence with three-bed, one-bath. It's got a separate granny flat with one-bed, one-bath, kitchen and and everything required to be fully self contained. That one will be coming in about three or four weeks.
And then also 3 Achilles Street in Kedron. This property is a very, very well known—well known home in Kedron. It’s at the top of the hill, it's the highest point in the whole suburb. You've probably seen it. It's the property with the very high arched roof—the red roof overlooking the entire suburb. You can see views from the city to the bay. It's an incredible home. It's been fully renovated and that one will be coming also in about 5-6 weeks time.
If you have any questions about any of these properties, if you would like to have a chat about your own home or what's going on in the market or there's anything else I can do to be of assistance, please give me a call 0424-585-391. Otherwise, I hope you've had a fantastic week so far and hope the weekend is even better.