Kedron and Surrounding Suburbs Weekly Market Update 25.03.22
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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✅KEDRON, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS✅
25th of March 2022
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Hi, this is Daniel Hooper from One Percent Property, coming to you with your Weekly Market Update for Kedron and the surrounding suburbs, this Friday, the 25th of March, 2022. So what has been going on around Kedron, Gordon Park and the surrounding area over the last seven days in property? Things have been very active in Queensland. We had 1,544 sales. The 77% auction clearance rate, that is actually down on 82% this time last year. So this time last year is when we really started to see that auction clearance rate get up around that 80 to 90% range, and it's been fairly steady. So we're down a little bit on what we were last year, but 77% is still very, very high for Brisbane. So it's all very positive. In the inner North, there were 32 sales. There were a few really, really notable sales this week:
34 Alva Terrace in Gordon Park, that's a four-bed, one-bath, 1980 style blond brick home, 607 square meters. That got $1.325, which is a very good result for that style of home.
But the really big results this week are out of Wavell Heights:
So 35 Zeehan Street, Wavell Heights broke the suburb record and sold for $2,525,000, which is a massive price. And it held the suburb record for about 24 hours, and then
46 Power Street, also in Wavell Heights, sold for $3,050,000. It's on approximately 700 square meter block of land. That is a huge price and a price record jump of $500,000 for Wavell Heights, which is an astounding price, but obviously very, very positive for homeowners in the area.
In the media this week, we're still 26% under supplied, so that's, obviously, the big figure that's going to affect how prices are going. If there aren't enough properties on the market then prices will go up. We're on track for around 2% price growth in March. So still tracking very, very strong, not quite as strong as December and January, but still in a very, very good position. Big question is should we really be concerned about the rate rises that are inevitably coming? Look, I don't think so at all. I've, obviously, spoken about a number of different reasons. But if you actually look back historically, rate rises have not caused drops in property prices. If you look back over the last 30 years, every single rate rise has not caused a drop in the property price. What causes a drop in the property price more is when they tighten the restrictions on lending—because people can't get for hold of the finance. Usually that lasts for a while and then the government realizes it was a stupid mistake and they reverse it, similar to what they did a few years ago. So I wouldn't be too concerned about the rate rises. I think Brisbane has certainly got another 6 to 12 months of very positive market direction and then it'll probably level out at some point. It has to level out at some point, it cannot continue forever. The market across Australia has actually been softening over the last seven days. And look, that's led by Sydney and Melbourne, that are basically—they're not growing at all. They're probably going down a little bit. In the smaller capital cities, Brisbane included, there's still good growth, and certainly, Brisbane hasn't seen any softening yet. So Brisbane is still very much moving forward. At One Percent this week it has been another massive week.
34 Sovereign Place, in Bridgeman Downs, sold and settled. Sold that one on the first weekend, with three offers on the table.
31 Ramsey Street in Kedron, that property is unconditional. It is a very unique property, two bedroom cottage that needs a lot of repairs. We sold that one for $1 million.
4/9 Railway Parade in Nundah, also unconditional, sold that one. We had a number of offers come through on the first weekend. The owner actually wanted to see what we could get over the second week so it took two weeks to sell, but it ended up actually selling to the offer that came through on that first weekend.
Also, last week we launched 16 Malachite Street in Keperra. That property was sold with four offers on the table on the first weekend—after just four days on the market. A fantastic result, and I will reveal that price a little later once we go unconditional.
23 Akaroa Avenue, we launched last week. That one, we had a couple of offers come through on the weekend. We're still negotiating those. We're holding another open home tomorrow. There's been a lot of interest in that property. It is very, very unique and will get a fantastic price for Geebung.
8/11 Kingsmill Street in Chermside, launched this week. A very clean and tidy two-bed, two-bath apartment. That property will probably sell this weekend. It's had a lot of interest.
We've had 16 Springvale and 7/17 Gordon Parade. Springvale is in Carina. Gordon Parade is in Everton Park. Those are both on the market. If you're interested in coming to take a look, please give me a call.
Also, a beautiful off-market, four-bed, two-bath in Kedron. Smaller lot, but stunning home. If you would like to take a look, please get in touch.
And also coming soon:
50 Hockings Street in Clayfield. That will be launching next week. Big block, 683 square meters, low medium res. It's got 30 meters of street frontage. It's a very, very unique property, and I'm sure it'll be very popular.
And number 4 at 47 Haig Street in Gordon Park also launching in the next couple of weeks. Two-bed, two-bath apartment, walking distance to the park. Again, very, very well kept and I'm sure will be very, very popular.
If you have any questions or there's anything else I can be of assistance with, or if you'd like to get an update on the value of your home, please give me a call. Otherwise, I hope you've had a fantastic week so far, and I also hope you have a fantastic weekend.