Kedron & Surrounding Suburbs Weekly Market Update 02.10.2020
Daniel from One Percent Property here with your weekly property market update.
The Kedron property market is on FIRE!
Key Points I Cover:
- State & local sales figures continue to grow
- Notable local sales
- Whats happening at One Percent Property
- Local & national property news update
Do you have any questions? Please give me a call - 0424 585 391
Want to get your Property Value Report? Follow The Link Below https://www.onepercentproperty.com.au/
Hi, this is Daniel from One Percent Property, here with your weekly market update, coming to you a day late this week on Friday, the 2nd of October, 2020. How insane is it that we're already in October? We've only got three months to go until the end of this year. I know a lot of people would like to see the back of 2020, but Brisbane property is really doing great things, so it's not all bad news.
Queensland, this week, we had 1,386 sales, which is a really good number. When you think back to six months ago, we were looking at around 400 sales a week, across the entire state. So, it shows a lot of strength coming back into the market, shows a lot of people are purchasing, a lot of properties are moving hands. Auction clearance rate of 51%, which was up on last year where it was around 48% at this time of the year.
In the inner North area, Kedron and the surrounding suburbs, we had 29 sales. Which again is a really, really strong result with a notable sale at number five at Eighth Avenue in Kedron, that property sold for $1,055,000 at auction. Great result, congratulations to everyone involved in that transaction. 1% this week, we took 1/11 White Street, unconditional, that property sold in five days, went unconditional without a hitch. Congratulations to my buyer, Troy, and my vendors, Joe and Laura and little Harvey. On that note, Joe and Laura are actively looking for a house in Everton Park around that White Street pocket. They're looking for a house at least three bedrooms, 405 square meters minimum, something just a little bigger obviously than the townhouse they were in. So if you're thinking about selling, you have a property that suits that bill price range, $600,000 - $700,000, please get in touch, because I might be able to facilitate a nice off-market sale for you and find Joe and Laura, their new home.
Today, we also have the photos at number eight Malcolm Street, which is a beautiful high-end home that we're launching next week in Enoggera. This property is five bed, three bath. It is really, really it's a stunning home. So please, if you want to come have a look before the crowds, please get in touch zero four two four five eight five three nine one.
In the news this week, Brisbane property prices bounced back up half a percent in September, which is fantastic. Puts us at essentially zero, nothing positive, nothing negative over the last three months. Now, when you compare that to Sydney and Melbourne, Sydney dropped 1.6%, Melbourne dropped 3.3%. I know where I'd want to be owning property at the moment, Brisbane property market is strong. It is doing very, very well compared to other cities in Australia, and compared to other places in the world as well. Units are still struggling a little bit, down 1.1% year to date, but again, better than we've seen in the last few years. So as a whole, the Brisbane property market is showing a lot of strength. There's a lot of interest, a lot of interstate migration and lots of people are buying, almost every property that I've put on the market is going very, very quickly, with a lot of buyers and a lot of offers on the table.
Something else that happened in the last week, which is massive for people looking at selling and buying property. The government has basically said they're going to initiate a relaxation on the loaning regulations. So they're going to move it more from that lender beware ideology of everything is on the bank to make sure that everything is perfect, to a loaner or a borrower responsibility. So putting it more weight on the borrower to make sure that they give the correct information, and that they can actually service the loan.
This is going to make things flow easier. It's going to make it easier to borrow. It's going to mean more money is available in the market, which coupled with record low interest rates, is going to be great things for property, especially over the short term, it's going to mean property prices are increasing. It's going to mean people are purchasing, and it's going to mean a fantastic sellers market for Brisbane over the next six to 12 months for sure. So this is all good things for property, all good things for homeowners. And I'm really, really excited to see what happens over the next six to 12 months, in the Brisbane property market.
Thank you for tuning into this week's property market update. If you would like to get an update of the specific value of your property, based on all of these fantastic sales that are going on in the area, please go to our website, linked below, www.onepercentproperty.com.au. There's a quick form there. Send me a few details about your home and I will get a property report out to you within 24 hours, to give you an understanding of exactly where you stand in the current property market. Thank you so much for tuning in. I hope you've had a fantastic week so far and I hope the second half is even better.