Kedron & Surrounding Suburbs Weekly Market Update 10.06.21
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 ✅⠀⠀ ⠀⠀
10th of June 2021
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Daniel - 0424 585 391⠀
Hi, this is Daniel Hooper from One Percent Property here with your Weekly Market Update on Thursday, the 10th of June, 2021. So what has been happening across Kedron and surrounding suburbs in our beautiful area, in our beautiful city over the last 7 days in property? In Queensland we had 1,450 sales over the last 7 days—which is another strong result; shows a lot of buyer confidence and there’s a lot of properties moving hands. With a 71% auction clearance rate up on 34% this time last year which obviously shows the market is retaining the strength, we have seen over the last few months.
In the inner north, it was a little compared to what we’ve had over the last few weeks. We’ve had 27 sales. A couple of notable sales: number 67 in Broughton Road in Kedron; that is a really nice lot, 1,128 square meters but it is a dated house, it’s semi-renovated. It’s got a pool but it’s certainly not a new build. That cracked $1.761M which is a really, really big price. When you think back to December last year, the suburb record for Kedron was 1.8 and that was at 4 Culgoola which right on the avenues down near the park. So Those sorts of prices on the west side of Gympie Road—we’re not seeing six months ago. So it’s really showing how strong Kedron is now and how much the area is up-and-coming with some absolutely fantastic prices. Also, 32 Caratel Street in Stafford Heights; that one got $1.55M, a 600 odd square meter block in Stafford Heights. Beautiful city views but still that is a very, very good result, shows some fantastic prices across our local area.
This week what I’m going to talk about—there’s not a lot of an update in the media so what I wanted to have a chat about is how do you find a good agent? You know, as obviously more and more people take advantage of the market, there are going to be more vendors going into market. There’s a lot of agents out there that are bright ones and not-so-bright ones; so what do you do to make sure that you get the best one for your property?
So the first thing is to forget about price. So many homeowners focus on what an agents says a property is worth. They’ll get 4 agents in, “That one says he’s going to get me the most money...I’m going to go with that agent.” But here’s the thing, a lot of agents lie about what they’re going to get you. They know that if they say they’re going to get little more, you’re going to go with them. So they say they’re going to get a million when the house is only worth 900. What is more important than what the agent thinks a property is worth, which is at the end of the day just an opinion, is what are the strategies that agent is going to put in place to get you what you want for the property or to get you more that what you want for the property. I always put that question in front of my vendors because every single house that I’ve sold in 2021—because it’s such a crazy market—has sold for $50 - $100,000 above my personal valuation. So if the person is just focused on the valuation, you know, I've been under on every single house. And it’s not that I’m quoting under, it’s just that properties are selling for far more than anyone could expect. So what is important is that a strategy is in place, so if there is someone in the market who is going to pay a bit more, that we’ll find them and we’ll get that price for you. That is very, very important. So that when you talk about agents, you’re talking about strategy in 3 parts:
What is the marketing strategy? If they are just using a generic, cookie-cutter strategy that’s been given to them by whatever agency they work for—that might work on some properties, it might not work others. So it’s important that they specifically focus their marketing strategy for your property and what’s going to work in your area.
What is their pricing strategy? Is there a reasoning behind the way they’re pricing your property? When you ask them, “Why you’re pricing my property as ‘Expression of Interest” or with a price or whatever it is, is there a reason as to why they are doing that? Do you understand that strategy and do you think it’s going to get you more money for your house?
And also the Buyer Management and Inspection Strategy. How are they doing their inspections—is there a strategy behind it, how are they going to create competition, and fear of missing out—those are all things that an agent should explain to you during their presentation. And if they're not, they're definitely things that you should be asking.
And then the biggest thing or the most important thing is: what is your final payout figure? What I mean by that is at the end of the day after the property is sold, you get this price, you take away the marketing, the agent's fees, whatever else is there and you have a final payout figure in your back pocket. That is the most important thing at the end of the day because you can have a great agent that charges a lot of commission, or you can have an average agent that charges no commission or my business model which is delivering as much service as possible and trying to get the best results while charging also a very low commission. And at the end of the day, each one is going to put a different figure back into your pocket at the end of the day. Now what's really important is you understand what that figure is. And at the end, really, it makes sense for you to go with whatever agent is going to put most money back in your pocket after the whole process is finished.
So the best agent is someone that has a realistic appraisal, not someone that come... If there's four agents coming in a range and one person comes in $300,000 above, I can almost guarantee you that person is lying to try and get the listing. So someone that's got a realistic appraisal, someone that has an exceptional strategy, most important thing. And obviously, someone who's going to put the biggest payout in your pocket at the end of the day. That for me is a criteria for a great agent.
Moving on to One Percent this week, it has been another massive week in our local area. I'm so grateful and thankful to be able to work in such an amazing area with such amazing homeowners.
21 Belfort Street sold and settled $1.031 million. The valuation on that one was somewhere in the mid nines. We ended up having a fantastic campaign. We had a few really, really good offers, and we just got way more than we thought we would, which is obviously always a really, really good result. That is actually a suburb record for a 4-bed, 2-bath in Stafford Heights. So obviously very happy with that and the vendors were stoked.
2504 at 550 Queen Street also under ... sorry, also sold and settled. That property was an interesting one, had a very odd shape. It was quite difficult to sell. So we ended up getting some staging in and sort of showing people how the room can be used, ended up selling it a week after the staging went in. So it shows how important it is to stay fluid and mobile when you're selling property.
1/43 Bowen Avenue in Albany Creek, on the market last week on Tuesday, it was under offer with four offers on Saturday. I'll share the price with you once we go unconditional, but it was a great result for my vendor. They're very, very happy.
12 at 159 Clarence Road is unconditional. That property sat on the market for five months with another agent. I sold it in one week with 3 offers on the table.
21/300 Cliveden Avenue in Corinda is also unconditional and 67 Bristol Road, we launched this week. We have our first open home tonight—that's in Kedron.
And then coming soon, we've got two beautiful apartments, one in Annerley, one in Ascot, and also a stunning family home—690 square meters in Kedron which will all be launching in the next fortnight.
If you have any questions about any of these properties, or if you would like to have a chat about your home and find out what it's worth in the current market, please give me a call: 0424 585 391. Otherwise, I hope you've had a fantastic week so far, and I hope the end of it is even better.