• Daniel Hooper

Kedron and Surrounding Suburbs Weekly Market Update⁠ 29.07.22

Weekly Property Wrap Up by Daniel Hooper of One Percent Property




29th of July 2022


Thinking of selling your home?

Sell with Kedron's Agent Of The Year and you choose our commission AFTER the sale!

Daniel - 0424 585 391⁠

Hi, this is Daniel Hooper from One Percent Property coming to you with your Weekly Market Update for Kedron, Gordon Park and the surrounding suburbs on Friday, 29th of July 2022.

In Brisbane this week we had 1,167 sales. Again, fairly subdued, but pretty similar to what we've been seeing and probably going, going to be seeing to be seeing in the, you know, the coming months and weeks and months. An auction clearance rate of 40%, which again is very similar to what we have been seeing and very similar to what we're going to continue to be seeing and very similar to what we're going to continue to be seeing as the market sort of cools down and continues to stay on this trajectory. In the inner north: 19 sales. Still ,some properties changing hands but not a lot.

Some notable sales—we're still getting some good results coming out of the area.

  • So, 36 Seventh Avenue in Kedron—that's a four-bed home on 405 square meters. Good spot near the park there. That sold for $1.815M, which is a very good result for a home on a 4-405 block.

  • Also, 39 Emerald Street in Kedron in that property I sold myself. This is a three-bed home, it's on 165 square meters. One of the smallest blocks I’ve ever seen. That one I sold for $840,000. So when you think back to the fact that, you know, properties on 400s – 600s, prior to the boom last year and a half, were selling for probably eight or 900—now properties on 165 square meters are selling for $840,000.

In the media this week: so Brisbane has dropped, the price has dropped in the last 28 days by 0.6%. Which is I mean it's not an insignificant amount. I do think it's going to slow down in regards to how much it drops. I don't think it's gonna continue to speed up. When you when you sort of assess that against the last 12 months, we're still 23.1% up for the last 12 months, even accounting for that 0.6% drop. So really it's just a bit of a correction, it's not the floor falling out of the market. It's certainly not, you know, the world ending like the media would would put across to sell newspapers. Inflation has gone up. They announced it this week from 5.1 last month to 6.1% this month. That's fairly significant because it does mean rates are gonna go up again. I would be very, very surprised if we don't get another 0.5% rate rise in August, potentially in September, and then I think it might start to slow down again. I have a feeling as well, when that happens and it does start to slow down again, that a lot of buyers that are sitting out of the market are suddenly going to come back. So, all the buyers that are sitting out of the market, at a time when there are very few buyers in the market and it's probably quite an easy purchasing landscape, I think is going to enter the market again when everyone else does. And it's going to get much more competitive again. That's my feeling of what's going to happen. It's interesting to look at what were the main causes of the rise in inflation. So fuel, that's obviously, self explanatory. We've seen that go up. Energy as well. You know, like your home, your home energy, your home electricity, new housing. Again, self explanatory and the one that I wasn't…I wasn’t expecting is furniture. So, I guess it does make sense that people are buying homes, the new furniture, which means obviously, prices are going to go up.

Something else in the media this week, that everyone should really pay attention to. And if you haven't sort of got an understanding of, you should chat to your accountant, is Queensland are looking at changing the land tax rule. So beforehand you would only get like, let's say one entity had three blocks of land in Queensland, three blocks of land in New south Wales. You would only be taxed on the blocks of land in Queensland, which makes sense because in New south Wales you get taxed on the both land. So, in New South Wales for some reason unbeknownst to me, which I mean it just seems like theft. But Queensland are not gonna tax you on all your blocks. So, if you have two blocks in Queensland and New South Wales and one in Western Australia, as well as paying tax in Western Australia and New South Wales on those blocks,…for some reason, even though the land is not in Queensland. So if you do have property in multiple states, have a chat to your accountant about that one because it could be fairly costly.

At One Percemt this week, lots going on:

  • 39 Emerald Street, which I just mentioned, is unconditional. 840 for a three-bed home on 100 and 65 square meters

  • 54 Bertram Street in Stafford is under offer. That took me a while. Took me about eight weeks. Previously, was on the market with another agent for three months. So, it was a unique property where we had to find the right buyer but we got the job done eventually, and that is under offer.

  • 26 Tanimbla Street in Kedron. That one was a little more clear cut. It was a nice four-bedroom home and took around eight days to get that one under contract.

So some properties are still selling very fast, but in general, it's taking longer to sell. That's definitely definitely clear in the current market.

Just listed or just launched this week:

  • 54 Somerset Road in Kedron. That home is in one of the best areas. Best pockets of Kedron right next to Padua College. Very, very sought after. It's a renovator for sure. But it's got a big…over 250 square meters under roof. Lots and lots of potential to renovate a fantastic home in a cracking area.

On the market:

  • Also 36 Belnoel Street, massive family home in Wavell Heights. That one is still available.

  • We've got 125 Kirby Road in Aspley. Again, that's a renovator but it's got lots and lots of potential.

  • 224 Appleby Road in Stafford Heights. It's a three bedroom home but it's on a big block: 809. It's got a one-into-two development application already on it. So lots of opportunities there as well.

Coming soon, we've got:

  • 1 Mylne Street in Chermside. It's on the Chermside-Wavell Heights border. The border is literally on the boundary of this property. It's a three-bed, one-bath home plus a one-bed, one-bath granny flat. So lots of potential there for a home office or you know to have family staying or whatever it is you want to be. That will be going to market in about two weeks time.

  • 3 Achilles Street in Kedron—one of Kendron’s most renowned homes. The big one at the top of the hill with the high, arched red roof. Beautifully renovated four-bedroom home with a pool and literally, views of everywhere you can see, from one side of Brisbane to the other. It is a stunning home and that will be coming to the market in a couple of weeks time.

  • And 32 Figgis Street in Kedron, which is a 612 square meter block of land with a semi renovated two bedroom home on it. It is low medium res, so there's opportunity for town houses, opportunity for development. That one, again, probably about a month away for that one.

  • Also another beautiful property that will be coming up in on Gamelin Crescent in Stafford. So this is a little pocket of Stafford, next to Hickey Park that is basically almost Gordon Park. This property is just across the road from the park from the brook. It's a beautiful three-bedroom unit that will also be coming to the market in the next couple of weeks.

If you have any questions about any of my properties, if you have any questions about the market or if you'd like to get an updated value on your home, please feel free to give me a call 0424585391. Otherwise, I hope you've had a fantastic week so far and I hope your weekend is even better

2 views0 comments