Kedron & Surrounding Suburbs Weekly Market Update 07.10.2
Weekly Property Wrap Up By Daniel Hooper Of One Percent Property
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✅ KEDRON, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS ✅
7th of October 2021
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Daniel - 0424 585 391⠀
Hi, this is Daniel Hooper from One Percent Property here with your Weekly Property Market Update for Kedron and the surrounding suburbs, coming to you on Thursday, the 7th of October, 2021. What has been happening across our beautiful area in our beautiful city and in Queensland over the last seven days in property? We had 1,571 sales across Queensland in the last seven days. It's a little lower than it has been over the last few weeks, but still showing very good activity. Auction clearance rate of 84%. That is up from 36% last year. If you've been watching my reports, you will notice that last year auction clearance rates jumped all over the place. 36%, 54%, 21%, up and down, week on week. What I've been seeing in the recent market in our area is really that it's just consistent, 75, 85, somewhere between that mark. Every single week, we're getting auction clearance rates up in that area, which shows how strong the market is. Shows that properties are selling at auction and people are getting the prices they want. In the inner north, we had 24 sales, which is a good number. It's a little lower than the last few weeks, but again, it's very solid. There's still a lot of properties moving hands. It's inevitable there will be some quieter weeks, especially when we're in the midst of school holidays. Some notable sales in the area:
16 Tathra Street in Stafford sold for 1.35. It's a nice house, five bedrooms. It's a good result.
Also, 363 Stafford Road in Stafford. That one I sold. We launched it on Wednesday last week. Had it under contract on Sunday. It's a three-bedroom, one-bath home, on Stafford Heights. Sold for close to a million dollars, which I believe is a record for a three-in-one on Stafford Road.
As far as the media goes this week, there's actually been quite a few interesting updates. So, obviously, the cash rate was announced for the month of October. No surprises there. That was kept at the record low of 0.1%. I spoke about it last week, but APRA obviously, are looking at trying to slow down the property market a little bit by restricting lending again. Now, when this happened last time, it did have a massive effect on the market because people got really quite worried about it. I think it's going to be less this time because they're focusing more on the borrowing capacity and having no more than six times your income, which really makes sense to me anyway. I don't think that many people really fit that criteria that are overextending that much. I don't think it'll have a huge effect. Having said that, they have just adjusted the bank stress test. What the stress test is, is let's say you're getting a loan at two and a half percent. The bank has a stress test, as in, if the rates go up by X number, are you going to be able to pay it? Now that has been two and a half percent. So if you're getting a loan at two and a half percent, they would test it at 5% and they would work out if you're going to be able to service that loan. That's gone up by half a percent. It's now 3%. Your two and a half becomes five and a half. Again, it's a small measure. I don't think it's going to have a huge effect, but it could be…almost certainly is an indicator that there are going to be more measures coming in the future. And if they do something more significant, obviously that's going to have more of an effect on the growth in the market. Aside from the announcements this week, prices continue to rise at a significant rate in Brisbane, especially in the inner north Kedron and surrounding suburbs. Prices have gone up 0.5% this week across Brisbane, which is a massive figure. And also, they have gone up 21.7% in the last 12 months. The average for the last 10 years in Brisbane is somewhere in the vicinity of three or 4% a year. It's really, really, really high growth, which is obviously very positive for homeowners. And it's an incredible time to be on the market because properties are selling very quickly. Every house that I've sold since the start of this year, with the exception of one property, has sold in less than 10 days. And people, they're not selling for discounted prices. People are getting the prices they want, because after one week on the market, you're not in a mindset of discounting the price. You're obviously in the mindset of getting what you want and waiting it out. So prices are coming through and people are getting the prices they want, and they're getting them very, very quickly. Seven to 10 days on the market is my average. As far as One Percent this week, I've already mentioned 363 Stafford Road. We sold it in four days. We had two offers on the table. A property on Stafford Road, close to a million dollars. Three bed, one bath, high set home. Coming soon, we've got a couple of really fantastic properties coming up.
18 Scott Street in Kedron, we'll be launching in a few weeks’ time. It's a cracking triple-gabled, character home. It's on 640 square meters. It's a really, really great property. We'll be going to market towards the end of this month.
13 at 128 Barton Street in Everton Park, we'll also be launching in the start of November that one. It's a beautiful three bedroom townhome in Everton Park. A very, very clean property. It's only three or four years old. It's very modern, very well-maintained. And it's a fantastic property for someone looking for a townhouse.
And also, 1601 at 100 Quay Street in Brisbane City. That is launching on Monday. Cracking investment property. It's got a very, very good tenant in place. It's got around 6% rental yield and it's in a good growth area. Prices in that building specifically, have gone up in the vicinity of 30 or 40 grand over the last six months.
A lot of exciting properties coming up. If you have any questions about them, if you'd like more information, or if you'd like to get an update on what your property is worth in the current market, which I can almost guarantee you, it's probably a lot more than you think, please give me a call, 0424-585-391. Otherwise, I hope you've had a fantastic day so far and I hope the rest of the week is even better.