• Daniel Hooper

Kedron and Surrounding Suburbs Weekly Market Update⁠ 24.06.22

Weekly Property Wrap Up by Daniel Hooper of One Percent Property




24th of June 2022

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Daniel - 0424 585 391⁠

Hi, this is Daniel Hooper from One Percent Property coming to you with your Weekly Market Update on Friday, the 24th of June 2022, looking at Kedron and the surrounding suburb and what has been going on in the property market over the last seven days. So in Queensland, we had 1,292 sales. Pretty much on par with what we've had the last two to three weeks. It's about 20 to 25% down on the peak of the market. Turnover in the peak of the market last year. The auction clearance rate is really the big one this week. So that's dropped all the way down to 50%. So at the peak of the market around sort of December, November through January, really we were getting 85 - 90%. So 9 out of 10 properties were selling essentially. Now half are not, so that's a big indicator that prices might not be where we need them. There might be less buyers in the market. Certainly a lot of properties are not actually selling at auction. That's reflective of what I've seen in that we're still selling properties, but it's taking a lot longer and it's just taking significant more amount of effort because the urgency and the fear of missing out with the buyers is not there as much anymore. I think that's going to increase. So that's something to keep in mind if you are thinking about selling in the next six to 12 months, if you're able to, it would probably be in your best interest to do it earlier, rather than later. In the Inner North we had 26 sales, which it's actually still quite a good number. A few notable sales:

  • 20 Calga Street in Wavell Heights - it's a four-bed on 455 square meters. That property sold for 1.237 million.

  • 117 Buller Street in Everton Park, this is a good price for Everton Park. So three beds on 701 square meters. It achieved 1.15 million, which is a pretty good price for the Everton Park area.

In the media this week, so growth has really plateaued, as I said. We're not seeing the downturn that they are seeing in other cities. Sydney's dropped 1.2% in the last month, just in 30 days, that's a pretty big drop. Melbourne is dropping. Brisbane at the moment really has plateaued. Having said that, looking locally, I have noticed on say, the Kedron graphs, that prices seem to be a little lower in May than they were in April. Now it could just be a little fluctuation, but certainly the growth that we've had is really just gone entirely. That comes with, obviously, less buyers in the market, less urgency looking at properties, which means a lot of those crazy offers that were pushing prices up are not there anymore. We're still getting offers, but they're more reasonable. They're more controlled. The stock levels are still quite low. So what that means is the supply levels I talk about every week, which have traditionally been sort of 30% below that five year rolling average, they're still low. They're still 16% below, but with properties taking longer means more properties sitting on the market. Means, obviously, stock on the market is going to increase 'cause as new properties come on, that's going to increase that. So I think that is just going to slowly, slowly go back towards equilibrium. Sydney and Melbourne are well and truly oversupplied. We may get to that point, but we're not near there yet. Obviously, the other thing to talk about in two weeks time, there is going to be a rate rise almost certainly. They're talking half a percent. I was reading an article this morning that was talking potentially 0.75% and we're going to see these rate rises for the rest of the year. I think the RBA is estimating that inflation is going to sort of peak around the end of the year and then hopefully start to come back down. They're thinking it's going to peak at 7%. We're at 5.1 at the moment. So if that does happen, obviously, we're going to see rate rises. It's going to affect people's confidence in the market. It's going to affect people's confidence in their ability to repay their loans and it will have an effect on making it harder to sell property in the climate we're in. Again, I don't think Brisbane's going to crash. I don't think we're going to see mortgage stress on a widespread basis in Brisbane, but certainly just people will be more cautious when purchasing. Six months ago people were stretching themselves to absolute limit. I've noticed even now that people are stepping back and really not doing that anymore.

At One Percent this week, it has been another very, very busy week. Obviously, properties are taking longer, but the benefit of that is I've got some beautiful homes on my books at the moment. So this week we launched a couple of new properties in the Inner North:

  • 39 Emerald Street in Kedron. It's a very, very well maintained and nicely renovated three-bed, one-bath home on a smaller block. It's in the right school catchments. It's in Kedron State and high and primary school. It's walking distance to the brook as well and it's walking distance to the shops. So it's a good little opportunity to get into a very good part of Kedron.

  • 36 Belnoel Street in Wavell Heights, massive family home. Over 300 square meters under roof, huge 607 block. It's in a very good area and a quiet street and that one is sure to be very popular.

  • On the market we have still 67 Homebush Road in Kedron, which is a beautifully renovated three-bed, one-bath pre-war cottage on 405 square meters.

  • 54 Bertram Street in Stafford, that one is, it was built in the nineties. It's a brick build. So it's incredibly durable. It's in very, very good condition. It's been very, very well maintained and it's a three-bed, one-bath that's on a smaller block of 301. That is a really good entry level property into Stafford.

  • 22 Bennetts Road in Everton Hills, it is on a large block. It's got good bones. It's a bit of a renovator, but certainly a very good opportunity to get into a great area of Everton Hills. Again, in the right school catchments around McDowell there.

  • 1303/25 Charlotte Street in Chermside, that property is just next to Westfield Chermside. Very, very good location, extremely convenient location. It's got potential for six and a half or 7% rental yield. It's a good opportunity either for a first home buyer or for someone looking for a great investment with really good cash flow.

  • 224 Appleby Road—that property is an 809 block. It's got a DA already approved for a one into two split. Looking at offers around the 950 mark for that property. It's got a lot of legs I think feasibility wise in regards to actually doing a split, but also it could be a good buy and hold property 'cause it's got a very livable house on it as well.

  • 331 Ellison Road in Geebung, that one is a three bedroom home. It's got a two-bedroom granny flat attached to it. It's a quiet battleax block. It's got again, potential for a really, really good rental yield. That one is available via private inspection and also coming soon in the next few weeks,

  • we've got 26 Tanimbla Street, which is in Kedron. Quiet street, great location, big block. It's a three- bed, one bath home and then it's got an external studio with another bedroom, another living space. It's got a big family pool. It is a really, really fantastic opportunity.

  • Also 29 Main Avenue in Wavell Heights, another great opportunity to get into a really good area. It backs onto the park so it's a very unique block. Those will be coming up in the next couple of weeks as well.

If you have any questions about any of the properties I mentioned, if you think any of them may be what you are after or if there's anything else I can be of assistance with, please give me a call

0424-585-391. Otherwise I hope you've had a fantastic weekend. Sorry. I hope you've had a fantastic week and I hope the weekend is even better.

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