Kedron & Surrounding Suburbs Weekly Market Update 01.10.21
Weekly Property Wrap Up By Daniel Hooper Of One Percent Property
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✅ KEDRON, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS ✅
1st of October 2021
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Daniel - 0424 585 391⠀
Hi, this is Daniel Hooper from One Percent Property, here with your Weekly Market Update for Kedron and the surrounding suburbs. What has been happening over the last seven days in our beautiful area in Queensland and in Brisbane, we'll get into that right now. So Queensland, over the last seven days, had 1,635 sales, which is again, very strong—up there with the highest numbers we've seen in the last 24 months. 86% auction clearance rate, up on 51% this time last year, and pretty much the highest auction clearance rate I've seen in my career. Certainly the highest we've seen in the last five to ten years. In the inner north, we had 29 sales, Kedron on the trend and the surrounding suburbs. That is a good number. It's not the highest we've seen, but certainly a lot of properties changing hands, which is good news.
There were not a lot of notable sales in the last seven days, but one that was worth taking note of, was a four-bed on 414 square meters at 29 Corowa Street in Wavell Heights. Wavell Heights is really leading the way for price growth in the local area. There have been some crazy prices across Wavell Heights, also across Kedron, and that is spreading out to the other areas: Stafford, Stafford Heights, Everton Park, McDowall, Chermside, surrounding areas are certainly starting to see that price growth as well.
In the media this week, the big thing to take note of is APRA and the government have decided, obviously, the property prices are growing too fast. They're going to start to intervene. It's an interesting one because they're big thing is they've come out with a big announcement, they've said, “We're not going to let anyone borrow more than six times their income”. Now, in my experience, from what I've dealt with, most people can't borrow more than six times their income, anyway. If you're earning a hundred thousand dollars and you're borrowing as an individual loan, in reality, $600,000 from what I've seen is probably around where you're going to be able to purchase. If you've got a couple, or only 150, or maybe a little more between the two of you, then you can go $800 or $850. So, I know a lot of the media have jumped on it and they've sort of gone, this is doomsday, property prices are going to drop by $200,000, and a whole lot of rubbish. But I think that probably putting a little bit too much weight behind it. Is it going to stop people massively overextending themselves? Sure. Is that a bad thing? Absolutely not. Is it going to make the property prices drop? What reason would there be that that would make the property prices drop? The only way the property prices are going to drop, is if people have to start selling, because obviously that's going to add supply to the market, and then the more supply, lower demand, that means property prices are going to drop. But when we're sitting at the moment in Brisbane with 30% less stock than the five-year rolling average, controlling what people can borrow, within reason, at a reasonable amount, is not going to make the property prices drop. It certainly may take some buyers out of the market, which might slow things down, which is not a bad thing. But I would really, really be careful of listening to the rubbish you see in the newspapers. Like the one I saw this week about property prices dropping $200,000. Look, I don't have a crystal ball and, obviously, my predictions are not infallible, but I can't make sense of how that would happen in our market. It just doesn't make any sense to me at all. At One Percent this week, it's been another great week.
We had 19 at Eleventh Avenue in Kedron. That one we sold for $1,535,000 with three offers over $1.5 million on that property, sold and settled, buyers have moved in. Vendors have retired and moved up the coast and everyone is very happy.
344 Maundrell Terrace in Aspley. This one was a really stellar result for us for the week. So we launched it last Monday. Now this property is on Maundrell Terrace. Those of you don't know the north side, that is a main arterial road. Second to Gympie Road, it's one of the busiest roads in the entire north side. The guide for that property, the vendors were hoping to get $650,000. The guide for that property was mid to high sixes, which is what we were expecting to sell it. We sold it in five days with 10 offers on the table. I can't give the exact price yet, but it was over $800,000. Which from Maundrell Terrace for a three-bed, one-bath—is a cracking price. It just shows just how strong the market is at the moment. And it wasn't just a one-offer up there, we have 10 offers on this property. So the strategy worked very well. Worked in with, obviously, a very hot market. We got a fantastic result at the end of it.
Also, 3/636 South Pine Road is under offer. That one took about three or four weeks. So apartments are taking a little longer to sell, but still got a fantastic result. Highest price ever achieved in the building and a cracking result for South Pine Road.
New properties on the market this week:
We had 363 Stafford Road in Stafford. Now this is one of the most unique properties I've ever worked with. It is obviously a Stafford Road address, but the property is not really on Stafford Road. And if you look at it, you'll see what I mean. It's got a 50-meter private driveway with a private gate house that can be fully closed off. And when you're in the house, in the property, it's over a thousand square meters, excluding the driveway, you've got about 800 square meters of usable land. You close the gate house, you can't even see the main road. So although it does have that Stafford Road address, it is extremely unique. And if you're looking for a property in Stafford, this one would really be worth looking at. It's a beautiful little, almost a forest retreat, back off the main road, lots and lots of privacy, fully enclosed fence, fenced in, with a private gate house, and it is literally a one minute walk to Stanford City. It's so unique. It's really worth coming to check out. It's open tomorrow at 10:00 AM. Other than that, we've got lots to come.
We've got a cracking new home coming up in Wooloowin.
We've got one coming up in Kedron, and a number of others in the pipeline that will be coming up soon.
So, if you're looking for a property in the area, please give me a call. If you're looking to get an update on the price of your home, obviously, that's something I'd love to help with, as well. Please feel free to get in touch: 0424 585 391. Otherwise, I hope you had a fantastic week and I'll have your weekend is even better.