Kedron & Surrounding Suburbs Weekly Market Update 16.4.21
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 ✅⠀⠀ ⠀⠀
16th of April 2021
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Daniel - 0424 585 391⠀
Hi, this is Daniel from One Percent Property coming to you on Friday, the 16th of April 2021. So what has been happening in Kedron and the surrounding suburbs in our beautiful area, and in our beautiful city over the last seven days in property? Well, in Queensland, we had 1,403 sales over the last 7 days. It's a good result. It's still a bit down, but showing good movement of property. The auction clearance rate was a whopping 89%, which is massive. I mean, I can't remember in my lifetime seeing auction clearance rates of around 90%. It's usually around that 40, 50, 60% mark. So it really shows how many buyers are on the market−how many properties are moving hand. Very, very, very good sign for homeowners in Brisbane.
In the inner north area, we had 22 sales, which is a little subdued on what we've had in the last few weeks, but still a good number of properties selling. A couple of notable styles: 2 at 18-A Emerald Street in Kedron. That is a nice townhouse area to achieve $595,000. It's really positive to see a lot of townhouses in the Kedron area. Achieving that 600 range and some even more. I know there are some selling in the 700 range now, which...was just not happening a year ago. So that's great news for townhouse owners area. The big sale this week in Kedron: 38 Jardine Street. It's a beautiful house on a beautiful block−but it is the first house that has sold in Kedron for over $2 million. It achieved $2.18 million, and that is a big, big price. And it's a really, really positive thing for high-end homeowners in the area.
In the media this week, the RBI, The Reserve Bank has come out and said that they will not be increasing interest rates until inflation is back at the target rate of 2% to 3%. Now I do not believe that there is any factor that will push our property prices down other than people being forced to sell because they can't afford it, which would be, because of interest rate increase or another round of COVID. So it's looking good. Like the government is not going to raise those rates for quite a while. What I see happening as I've said before, is when the supply comes back into the market, things will soften a little bit, but I don't think we're going to see prices crash. I don't think we're in a bubble. I think we're in a boom that is going to soften and become a little less competitive while maintaining the new price point that it has developed.
The average price for Brisbane homes has gone up 2.4% in March, which is a massive result. 4.8% in quarter 1 of 2021. And this has been largely driven by the high-end homes. So the upper quarter, all the property prices have gone up 3.1% last month. The lower quarter property prices went up 1.1%. So what that shows is there's people buying high-end homes, there's people buying expensive properties, and that's really driving the price up. A lot of that could potentially be attributed to interstate migration, which obviously we're getting a lot of at the moment. Units are slower at around 1% growth last month, but who can honestly say in the last 5 years that they can remember units going up 1% in a month. So even though that's slower than houses, it's still pretty positive. And it's really, really good signs all around.
At One Percent this week−another really cracking week, we had 75 Showgrounds Drive sold and settled. 122 Leckie Road in Kedron, and that one is unconditional. It's an apartment building of four units sold as one across the road from Kedron State School. Fantastic location, great investment opportunity. That one went unconditional at $1.225 million. Congratulations to the vendor and the buyer in that deal. We had 2504 at 550 Queen Street. That is a beautiful two-bedroom apartment in the Spire building. That one is on the market this week. First open home tomorrow. It's a beautiful apartment. So if you're looking for that sort of thing in the city, please come take a look.
And all of a sudden next week we are launching 16 Besson Street in Stafford Heights, and 21 Belfort Street in Stafford Heights, both beautiful homes with lots to offer. If you're looking for a home in Stafford Heights, please give me a call. Otherwise, if you would like any more information on any of these properties, if you'd like to get an update on the value of your home, or you have any questions at all to do with property, please give me a call at any time. 0424 585 391. Otherwise, I hope you've had a fantastic week so far and I hope the end of it is even better.