[VIDEO] Kedron & Surrounding Suburbs Weekly Market Update 04.09.2020
Updated: Sep 6, 2020
Daniel from One Percent Property here with your weekly property market update.
The Inner North property market has had another great week this week
In this video I review
- How are the market sales activity levels holding up?
- Notable sales in Kedron & Surrounding Suburbs
- 1/28 Figgis Street sold for a street record!
- How worried should we be about the recession?
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, Daniel from One Percent Property here, coming to you with your weekly market update a day late on Friday, the 4th of September, 2020, looking at what happened in Brisbane and across the state over the last seven days in property. So Queensland as a state over the last seven days had 1,234 sales, which is a massive number much, actually, higher than what we were seeing pre-COVID, even. Showing a lot of activity, lots of buyers in the market, lots of properties changing hands, lots of positives for homeowners. The auction clearance rate was 49%, up on 44% last year, which shows again that the property market is still holding its strength and it's actually stronger than it was last year in regards to activity. And also I can report that locally, in regards to price, prices are holding strong. There's a lot of buying, a lot of selling. We had 25 sales in the inner North area and the Kedron and surrounding suburbs and prices are holding strong. We're getting some very, very good prices in the local area.
Notable sales this week include 20 Khartoum Street in Gordon Park, sold for $1.21 million. That's a 405 block, so it's a fantastic price. Number 49 Leiper Street in Stafford, that property sold for $760,000, which again is a fantastic result. And we also had number one at 28 Figgis Street, Kedron, which we settled this week. Now that property I sold sight unseen to a buyer from Melbourne for $390,000. It shows that there's obviously a lot of demand for our market. That price is the highest price ever achieved for an apartment on Figgis Street, which is obviously a great result. Congratulations to my vendor, Dan, on his sale and to my buyer Pascal on his purchase, and welcome to the neighborhood.
In the news this week, obviously everyone's talking about the fact that Australia is officially in a recession. Now, what does that mean for the property market? We'll look, at the moment, in the short term, not a lot. Brisbane property prices have good fundamentals, as in our wages compared to our property prices are strong compared to Sydney or Melbourne. Our property price is around 55% that of Sydney. Our wages are 12% lower. I continue to go on about that, but it's really important, because if everything goes to pot and people start losing jobs, it means our mortgage stress in Brisbane is going to be a lot lower than that in our bigger counterpart cities in New South Wales and Victoria, which is really, really positive for Brisbane property owners. The big message there is do not panic. And obviously if you have any questions at all, please do not hesitate to give me a call. I'd be happy to help you and give advice and do anything I can to obviously give you a better understanding of what's going on in the market at the moment.
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.