Kedron & Surrounding Suburbs Weekly Market Update 08.07.21
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 ✅⠀⠀ ⠀⠀
8th of July 2021
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Daniel - 0424 585 391⠀
Hi, this is Daniel Hooper from One Percent Property coming to you with your Weekly Market Update for Kedron and the surrounding suburbs for Thursday, the 8th of July, 2021. So what has been going on in our beautiful area over the last seven days in the property world? In Queensland, we had 1,574 sales. That's a good number. Lots of properties changing hands, an auction clearance rate of 65% which was 27% of this time last year. So it shows just how strong our market is and that that buyer confidence is remaining in the market. People are selling at auctions and they’re getting the prices they want. In the inner north, it was a little quieter this week in regards to volume, but some very, very big prices.
We had 23 sales across Kendron and the surrounding suburbs over the last seven days, a couple of notable sales, and really, really notable: 87 Benecia Street in Wavell Heights. That's north of Hamilton Road. It's all the way up near the border with Geebung and Virginia. That property sold for $2.27 million ... sorry, $2.227 million which is a new suburb record for Wavell Heights. It was a beautiful house, but in that location, that is an exceptional price and it was really astounding. I was at the auction myself.
88 Minimine Street in Stafford as well. That property was a very, very average three bed, one bath home. It had pretty good city views. It's on 926 square meters so it's a bigger block, but it achieved $1.465 million, which for a small three-bed, one bath house in Stafford is again, it's an exceptional price. It's really showing how strong our market is at the moment. And it's all good news obviously for homeowners in the local area. In the media this week, a couple of interesting articles. Foreign investment in real estate in Australia, especially residential real estate has gone up significantly with the financial year ending in June, going up 15.5% on the previous financial year and taking it to the third highest year of foreign investment in Australian property, residential property for the last ... sorry, the highest year, sorry for the last three years. Now, that's an interesting fact because this has all been happening when the pandemic has been going on and foreigners are not actually allowed to come into Australia at the moment, but investment is still happening in the country. It's being led by America interestingly enough. So potentially Americans are trying to get out of America with everything that's going on and maybe live the Australian dream instead of the American dream. An interesting fact as well is that investors are coming back into the market, which is really, really good. So loans to investors went up by 13.3% in May which is fantastic, shows investor confidence is back in the market, but investors are still only around 24% of the total loans going out. So 75%, three-quarters of the market or the buyers at the moment are homeowners and around a quarter of the buyers are investors. Other than that, prices are up 12% so far in 2021 and 15% so far in the last 12 months. Interesting, obviously, we're six months into 2021. It shows that growth so far this year is around four times that of last year, which is obviously very exciting. It's going to be interesting to see how far the market goes. Some of the prices we're getting at the moment are just incredible. So it's obviously very, very exciting for local homeowners. At One Percent this week we took 172 Gympie Road to the market. We almost took it to the market...let me correct myself. It was all booked before we even got it on realestate.com for a fantastic price. I will let you know what that is as soon as we go unconditional. 1/43 Bowen Avenue in Albany Creek, that is a three-bed, one-bedroom townhouse. The previous price record in the suburb for a three-bed, one-bedroom townhouse was in the 300s. We got this one under contract and is now unconditional at $488,388. It was a fantastic price. The buyers loved the property, so they're very happy and obviously, the vendor is extremely happy with that price as well. Coming soon with One Percent, we've got 19 Bligh Street in Nundah. It's a cracking two-story modern house —very, very nice, near the park. It is going to auction and will be auctioned at the start of August with the campaign launching in a couple of weeks. Also, 79 Queenscroft Street in Chelmer. It is cracking renovator or obviously a knockdown-rebuild. It's in a very good area and that one will be coming to market in the next couple of weeks as well. I've been at a lot of properties over the last few weeks, talking to a lot of homeowners. So there's going to be some really nice houses coming to the market over the coming weeks and months. So please stay tuned and I'll keep you posted of what is coming up in our local area.
If anyone has any questions or if you'd like to get an update on the value of your property, or just what's going on in the market, please feel free to give me a call 0424 585 391. Otherwise, hope you had a fantastic week so far, and I hope the weekend is even better.