• Daniel Hooper

Kedron & Surrounding Suburbs Weekly Market Update 06.08.21

Weekly Property Wrap Up By Daniel Hooper Of One Percent Property⁠⠀⁠⠀⁠⁠ ⁠⠀⁠⠀⁠⁠



6th of August 2021

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Daniel - 0424 585 391⁠⠀⁠ ⠀⁠⁠

Hi, this is Daniel Hooper from One Percent Property here with your Weekly Market Update coming to you from lockdown on Friday, the 6th of August 2021. Look, some really good news from what I've seen as far as property goes is although we are locked down and things are not looking that good, you know…in regards to what's going on—it is not affecting the property market yet. It has not started affecting property and I'll give you some stats and figures to show you what I mean by that.

So, in Queensland over the last seven days, we had 1,537 sales. Which is a big number it's more than we had last week; and obviously, we're battling with this lockdown at the moment. Auction clearance rate on the weekend was 78%. Again, good numbers—a lockdown was announced prior to many of these auctions, and things still sold. That's up from 32% this time, last year. So it's showing that, although obviously, people are a little worried about what's going on—it's not really affecting property prices because people still need to buy their homes. People still need somewhere to live. They need a roof over their heads.

In the inner north, 29 sales in the last seven days. Again, it's a good number. Some notable sales:

  • 23 Montrose Street in Gordon Park. It's a four-bed on 407 square meters, sold for $1.430 million. That's a fantastic price for a property on a 400 square meter block. It really is a good price.

  • The big one: 29 Wood Street, now it's not settled yet, but it is unconditional and it is a new price record for Kedron. It sold for $2.4 million and it's on the west hand side of Gympie Road, not on the avenues. That is a sensational price, it's really incredible that Kedron is achieving such amazing prices. It's a beautiful home. It's on a big block, 800 plus square meters, but still really, really cool to see prices like that in our local area.

As far as what's going on in the media this week, obviously, the big news that everyone's contending with is we are in lockdown up until Sunday. I'm hoping that after Sunday, we can open up or start to relax a little bit. Today's news was fairly encouraging. Although there were 16 new cases, only three of them were actually in the community. The rest of them were already in their own isolation. So, hopefully, if we can continue with stats like that, I'm really, really hoping we can open up on the weekend. Something that is really, really interesting though, is it is not affecting the property market. Now, it's too early to see in Brisbane, whether it would be affecting the property market. But Sydney has been in lockdown for a while now. Probably I think four or five weeks. In the last four weeks, the Sydney property price has gone up by 2%—while they're in lockdown. So for some reason, people are still buying, homes are still flying off the shelves and there's still obviously, a big part of it is that there's still very low stock. If you have any questions or concerns about the market and its relation with COVID and what's going on, please feel free to give me a call. I'm not an expert on COVID, but I certainly have a good insight on what's going on in the market.

I spoke before about low stock, so that's another thing that is repeating itself and showing up in the media. And obviously in the research that I'm doing, 27% below the five-year rolling average of stock on the market in Brisbane. A really interesting stat to look at is that new listings are actually coming up at 20% higher rate than traditionally. But they're selling so quickly…what would normally happen is the listing comes on the market, sits around for 3, 4, 5 weeks then it sells. But at the moment, listing's coming on the market Monday, it's selling on Saturday. Which means, although there are 20% more listings coming to market, there's 27% percent less stock than a traditional market. So there's still a massive undersupply. There's not enough stock for buyers, and that's why we're getting these crazy prices. That's why we're getting such positive prices when we're selling properties, very, very happy vendors, and very little vendor discounting at all, which is fantastic.

At One Percent Property over the last seven days:

  • 7 Emerald Street, that's that cracking home on the corner of Emerald and Leckie, that one's settles tomorrow—that broke a price record for both Leckie and Emerald by close to $200,000, which was pretty cool.

  • 19 Bligh Street, that one was going to auction this weekend. It's actually sold prior to auction, regardless of, obliviously, the fact that we can't do an auction on Saturday, but sold prior to auction. He bought it in May for $950,000; has had to sell it because he's got family issues had to move back to the UK—bought it for 950 in May. I sold it about a month later…a month and a half later for $995,000. They did not do anything to the house, just shows how important a good strategy is in achieving the best possible price.

  • 172 Gympie Road in Kedron is unconditional. That's a cracking commercial/residential possibilities on that property. $1.317 million we achieved for that. Off-market through my database in 24 hours with absolutely no advertising costs at all.

  • 4/313 Lancaster Road, Ascot is under offer above the asking price.

And also coming to the market in the next few weeks:

  • We've got 19 at 11th Avenue, Kedron. Stunning, stunning Queensland or Hampton style home on over 600 square meters, 11th Avenue, walking distance to the park, walking distance to Kedron State School. It is a cracker. We'll be going to auction later this month.

  • 3/636 South Pine Road in Everton Park. That one we'll be launching next week. It's fully renovated, top-to-toe. It's a really unique apartment—due to the fact that it is renovated at such a high standard, but it's still entry-level pricing. That one's coming to the market next week.

  • 79 Queenscroft Road in Chelmer, coming to the market next week—a 700 square meter plus block, fantastic area. Really, really cool. Obviously a renovator, or potentially even a knockdown-rebuild.

  • Also 11 Robinia Street in Alexandra Hills. That is a jewel lock opportunity; renovated home, it's really, really nicely kept. And it's on a large block, over 600 square meters. And that one also is coming to the market in two weeks’ time.

And we also had two off-market opportunities:

  • a cracking home on over 600 square meters, three-bedroom in McDowell. It's being sold exclusively through my database;

  • and also a stunning, fully renovated four-bedroom, three-bathroom home in Stafford Heights, over 600 square meters, elevated block, again, being sold through my database.

Give me a call, if you think you might be interested. My number is 0424 585 391.

And I really thank you for tuning in. If you have any questions, let me know. Otherwise, I hope you have had a good week, as good as it can be in the current situation. And I hope the weekend is even better.

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