Kedron and Surrounding Suburbs Weekly Market Update 28.01.22
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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✅KEDRON, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS✅
28th of January 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. So what has been going on in our beautiful area, across the last seven days?
Well, in Queensland, we had 1,339 sales. We had an auction clearance rate of 79%, which is, it's still very, very strong. It's a little lower than it has been in recent weeks. But that's up on 61% this time last year. So, it shows we're still at a very strong point in our market. Something that I've never seen in my career before is: Sydney and Melbourne have a lower auction clearance rate than Brisbane. So if Melbourne is around the 50 something mark and Sydney's in the sixties. I've never seen a situation where Brisbane has a higher auction clearance rate than the Southern States before. So that's pretty indicative of what's going on in our market here in Brisbane. In the inner north, we had 26 sales around Kedron and the surrounding suburbs. It's quite low compared to what we have seen, but still a healthy number of properties changing hands. A couple of notable sales:
39 Minimine Street in Stafford sold for 1.26—that's a good result for that property. Just as every standard house on 600 square meters.
There was a good apartment sale as well, 24/20 Lawley Street in Kedron that sold for 450, which is it's a pretty good result for a two bedroom apartment.
In the median this week, the Australian median property price is now officially above $1 million. So, that's pretty crazy when you think about all the different markets that we are as a country above $1 million. But it's really interesting. I find it interesting when people talk about Australia as a property market. It's so insane to think that Brisbane and Sydney, Brisbane, and Melbourne, Brisbane and Darwin have any similarity as far as their market. I'll give you an example: the median property price in Sydney is $1.6 million for houses. 1.6 million as a median. The median property price in Brisbane, $792,000. If you're looking at affordability, it's not even comparable. Sydney is just so much less affordable and the wages? You might say, our people had more in Sydney, but that's just not. I mean, they do, but 25% more, not basically more than double. So, the comparative, the relation between wages and affordability in Sydney is just off the charts compared to Brisbane. That's why I always say, I believe Brisbane has a stronger base, stronger fundamentals. If something bad were to happen to the economy or if their rates went up or something like that. As far as stock on the market, again, Brisbane at the moment has the lowest levels of stock it's had in the last 12 months. We've currently got 32.4% below the average rolling, the five year rolling average of stock on market. So, what that means is there's not enough properties for the number of buyers we have, which means prices will continue to shift in an upward direction.
As far as at One Percent Property this week, it's been another big week we've been building and sort of growing our pipeline. Obviously, because in December, I didn't really... I wasn't in the office due to medical procedure. So, we've had a number of exciting properties coming on, which we'll be launching in the next few weeks.
A property on Ramsay Street in Kedron; it’s 670 square meters. It's low, medium rezoning. It's a cracking opportunity. It's a really good location to either renovate and build a nice family home or potentially put townhouses or something depending where you can actually fit on the block.
Also, we got a two-bed, one-bath, one-car apartment coming up in Lamington Avenue in Lutwyche. Great little location, 50 meters away from the Brook. It's also a walking distance to the shops. A very exciting opportunity in Kedron: an 800 square meter block of land with a character home on it. That one, we'll be launching in the next couple of weeks as well.
And there's a lot of other properties that are coming. Lots of stuff in the pipeline, which I will update you on in the coming weeks.
If you have any questions, if you like to get a bit more information on the properties we are launching, 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 hope the weekend is even better.