Kedron & Surrounding Suburbs Weekly Market Update 03.06.21
Weekly Property Wrap Up By Daniel Hooper Of One Percent Property
🥇2021 KEDRON AGENT OF THE YEAR WINNER (RATEMYAGENT)🥇⠀ ⠀⠀
✅ KEDRON, WAVELL HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS ✅⠀⠀ ⠀⠀
3rd of June 2021 ⠀⠀
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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 on Thursday, the 3rd of June, 2021. I cannot believe we are almost at the end of the financial year already. It is incredible how quickly this year has gone. So in Queensland over the last seven days, 1,426 sales, which is a really good number. It shows obviously a lot of activity, which is a good sign for our local market and Queensland as a whole. An auction clearance rate of 80%, so edging back up above that 80% mark, 36% this time, last year. So very, very strong still. In the inner north, we had 34 sales, which again is a lot of properties changing hands shows that the buyer confidence is still in the market, which is very, very good. So notable sales: number 11 at 38 Lawley Street in Kedron that achieved $400,000. That is a great result for an apartment in Kedron. So obviously really good to see that there is some strength in the apartment market, as well as the housing market. And also 15 Shackleton Street in Kedron. That one achieved 1.35, but it's a nice house on an 850 square meter block, so I'm mentioning it. Maybe it could have got a little more, I think probably like that in the current market potentially on such a large block—could have pushed up a little bit in our beloved Kedron. So what else is going on? Prices are up over the month of May by 2.1%, which is massive for one-month growth. Since the start of 2021, so five months, 9.4% price increase. Again, that is really, really big. Definitely, the strongest market that I've ever seen. Stock levels are still very, very low, which means obviously there are not enough houses for the number of buyers. So it is a fantastic time to actually be thinking about selling because properties are moving quickly because buyers are really getting quite desperate. If you've been looking for a home for 12 months, you've been doing it every weekend, you've been getting knocked back on your offers, you're probably willing to offer a little more than you were 12 months ago on the same property. So it is a great time to get a fantastic price—if you're thinking about selling. The RBA held its rates steady at the record lows of 0.1%. But, something really important to note is that the banks are starting to rebel. And some of the banks, the bigger ones anyway, are starting to increase their rates independent of the RBA. Now that is something to watch. If those rates go up too much, it is going to cause problems for our property market because people are overextending and borrowing a lot of money. Some good news is that the Australian economy is back up 1.1% year on year. Now 1.1% is not a lot, but when you look back where we were a year ago and you take into account the fact that this is the fastest recovery from any recession in the last 45 years, that is a really, really, really positive piece of news. And it's something that should really make you proud of Australia as a country of what we've done in the way we have recovered from COVID. At One Percent Property this week, another great week: 28 Folkstone Avenue is sold and settled. That one I mentioned last week, we sold for $750,000. It's about 60 or 70 grand more than the vendors were expecting. And it was a suburb price record for us for one house in Albany Creek by $95,000. So a massive result I'm really, really happy that I was able to get that over the line for Nick and Kate and we did it in four days.
12/159 Clarence Road at Indooroopilly, also under offer in four days. That property, the neighboring unit in that building took something along the lines of 450 days to sell and sold for a significant amount less. I can't reveal the amount we sold for yet because we're not unconditional, but we did get a much better result. 97 Samuel Street, I mentioned last week that contract fell through. Within 24 hours back under offer with a new buyer. $10,000 more than the original contract. So very, very happy vendors, right? That's a key point to note. There is once we go under contract, I do not stop working. I don't stop working until we're unconditional until we're sold and settled because I want to make sure that if something happens that my vendors have the negotiating power to make a decision as to whether or not to accept price reductions or whatever it is that the buyer is offering. I find it really, really important to make sure that we keep working on buyers so that my vendors have those negotiating chips if something goes wrong.
1/43 Bowen Avenue in Albany Creek is launching—sorry, launched this week on Monday. We've had a whole lot of interest on that property. First open home on Saturday and I think we're going to get a really, really fantastic result there so I'm excited for that one. And 67 Bristol Road, we're doing the video and the photos today. It is beautifully renovated, beautifully staged. It's a stunning little home and it will be launching on Monday next week. So thank you very much for tuning in. If you have any questions or there's anything I can do to be of assistance, please give me a call. 0424 585 391. Otherwise, I hope you have had a fantastic week so far and the weekend's coming up so I hope it is even better.