• Daniel Hooper

Kedron and Surrounding Suburbs Weekly Market Update⁠ 25.02.22

Weekly Property Wrap Up by Daniel Hooper of One Percent Property




25th of February 2022

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Daniel - 0424 585 391⁠

Hi, this is Daniel Hooper from One Percent Property, coming to you with your Weekly Property Market Update for Kedron and the surrounding suburbs. So, what has been happening in our beautiful area over the last seven days in regards to property? In Queensland, we had 1,503 sales in the last seven days, which is a good number. It's actually up a bit on what we've had in the recent weeks. 79% auction clearance rate, still very, very strong, up on 66% this time last year. In the inner north, we had 32 sales, which again, is a little up on what we've had in the last few weeks. A couple of notable sales:

  • 36 Ninth street in Kedron, that's sold. It's a three-bed on 460 square meters; sold for $1.29 million.

  • 27 Flockton Street in Stafford Heights, that one's a three-bed on 620 square meters. That achieved 1.14. And 47 Wade Street, Wavell Heights, which is a low-set brick, three one, 553 square meters, very basic original condition house—$950,000.

  • So a lot of really good prices still happening in the local area. Lots of positive news for local homeowners.

In the media this week, look, obviously there's a lot of craziness happening in the world at the moment, and it is affecting stock markets and all sorts of other markets. Obviously, not really affecting the property market, per se. This is one thing I always say, when it comes to issues in the economy or issues with people being able to afford things, it's always the stocks and the other more liquid markets that go first, and then it's in property always at the end, which is why I'm not too worried about the whole rates increase that everyone's talking about, because I don't think it's going to affect our Brisbane market that much. In Brisbane, we are up 1.5% in February. Now that is a bit slower than in December and January, when we were sort of 2 to 3%, but still a very, very strong growth for one month. The stock on the market is around 25% below the five-year rolling average. Now that has been around 32%, so it is certainly softened a little bit, but still way below. Most of the other capital cities in Australia have now either reached zero equilibrium, or they are actually oversupplied. Wages and inflation also are rising, rising faster than anyone had predicted, which, obviously, means a rate rise is coming. But as I said, I don't believe a rate rise, certainly not within the next couple of years, is going to affect Brisbane property prices too much, because property in Brisbane is still relatively affordable compared to, say, Sydney or Melbourne.

At One Percent this week, it's been a massive week.

  • We had 269 Kitchener Road, we launched on Monday, had a couple of site unseen offers, and that's already under contract. Didn't even have a chance to do an open home.

  • 14 Erskine Avenue in Kedron, that is settled, and that's a done deal. That property settled earlier in the week. Happy vendors, happy buyers. 152 Leckie Road in Kedron is now unconditional. That property was an interesting one. We put it under on the first weekend, the buyers ended up falling through on a finance. The vendors were in a bit of a pickle, because, obviously, they'd purchased their new home. So I managed to actually get it back under contract at the same price, with the same settlement terms, within about two hours of the contract collapsing.

  • 34 Sovereign Place. We launched that last Monday, put it under contract last Saturday, with three offers on the table.

  • And also 502/1 Kingsmill Street in Chermside is unconditional. Now that property, I actually sold off market by my database in about four hours. After the owner of the property giving me a call, we managed to connect it with a really suitable buyer and add that under contract. It is now unconditional as well.

On the market at the moment we've got:

  • 31 Ramsay Street in Kedron. It's a cracking very unique property, but great opportunity.

  • 4/9 Railway Parade in Nundah. That is a three-story, two-bedroom townhouse.

  • We've got 1403/25 Charlotte Street in Chermside. Fantastic entry level, one bedroom apartment across from the mall.

  • 309/50 Lamington Avenue in Lutwyche, really, really good. Well-located, near the park. It's a two-bedroom, one-bath apartment.

  • And also, 52/71 Stanley Street. That's up in Brendale. Look, fantastic for anyone looking to get into the market. Early 200 price range. Very, very good rental return up in the sort of 7, 7.5% range, so really good opportunity as well. Coming to the market soon, we've got 23 Akaroa Street in Geebung. I can't wait to show you that property. It's a fantastic property. Big block. Two fully independent residences on the block.

  • We've got 16 Springvale Place in Carina. That is a low-set brick, three-bed, one-bath home. It's got a pool. It's got a good yard. It's in a fantastic location. Very, very good opportunity to get into the market.

  • And 7/17 Gordon Parade is a very, very tidy two-bed, two-bath apartment on Gordon Parade in Everton Park. It's will be coming to market in the next couple of weeks as well. So, lots and lots of properties coming.

If you have any interest in any of these properties or if you'd like to get any more information, please give me a call. Or if you'd like to get an update on the value of your home, please get in touch 0424 585 391. Otherwise, I hope you've had a fantastic week so far, and I hope the weekend is even better.

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