• Daniel Hooper

Kedron & Surrounding Suburbs Weekly Market Update 17.06.21

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



17th of June 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 on Thursday, the 17th of June, 2021. So, what has been happening in our beautiful area over the last seven days? Well, we had 1,442 sales in Queensland in the last seven days, which is a fantastic result. Lots and lots of properties moving hand, shows there's still really good activity and liquidity in the market. Auction clearance rate of 76% upon 65% this time last year. We're down a little on the 80s clearance rates that we saw last month or the month before, but still very good strength in the market. Lots and lots of properties being sold at auction. In the Inner North, we only had 18 sales over the last seven days. Now that is the lower, don't read too much into it. If that goes on for two or three weeks, then we can sort of start to analyze what that might mean, but for one week, it could just be an outlier. As far as notable sales, there was not really any big notable sales in the Inner North over the last seven days. Obviously, lower sales numbers means they were obviously less properties being sold and less big figures to talk about. As far as what's going on in the news at the moment, there has been a 10.6% price growth for Brisbane over the last 12 months. Now that is a large growth, it's a really, really strong growth. If you compare it to the average annual growth for Brisbane over the last 10 years, which is 2.6%, it is much higher. What's really interesting about that statistic is that of that 10.6% growth, 9.5% of it has been in the first five and a half months of 2021. So, almost all of it.

Now, it's going to be interesting to see what happens over the next 10 months. Are we going to get the same amount of growth, which will take us to almost 20% growth for 2021, or are things going to slow down? Obviously, no one knows, but I'm keen to see what happens. The average time on market for properties in May last year, it was 41 days, in May this year is 25 days. So again, that shows properties are moving a lot quicker, which means there's more buyers in the market than there are houses. To add to that one statistic that I find very interesting is for every one property that is sold in Brisbane, there are 1.1 properties that ... sorry, let me reverse that. For every one property that is listed in Brisbane, there are 1.1 properties that are actually sold. So if you have in a week, 10 properties or 100 properties go to market, there are 110 that are actually being sold. So, the stock on market is getting lower and lower and the buyer numbers are staying the same. So what that means is as long as that is happening, prices will continue to go up, or at least be very, very strong. Properties will sell very quickly because buyers are getting desperate, they're getting knocked back on multiple offers and they're putting higher offers on property because they want to find a house. A bit of local news, which I'm excited about is the Farm House, which was our beloved cafe in Kedron, one of the best in the Inner North, they are opening Oh Boy, Bok Choy! in the coming weeks. That's going to open at 264 Stafford Road. That is obviously Asian-style food with dumplings and that sort of thing. I reckon it will be fantastic. I'm not sponsored at all or at all related to the company, I just think it's going to be really good. It's probably worth checking out if you live in the local area. At One Percent Property this week, 22 Koolewong Street was due to settle today, it will now be settling tomorrow. That property, he bought it in April last year of $735,000. Without touching it, doing any renovations at all, I got 865 grand for him in an off-market sale in two days. So on the exact same street at the exact same time, number 8 Koolewong, which has a larger floor plan, it is higher on the street and has views of the surrounding area, on with another agent sold for $820,000—which just really illustrates the difference in the strategy that I use to get higher prices and the strategy that some other agents use, which don't achieve as high prices and as good an outcome for the vendor. 7 Emerald Street is on the market this week. It's a stunning character home just off the Kedron Avenues. It's in the right school catchments, it has got potential to raise and renovate and get city views. It's on 690 square meters. It is going to sell this weekend, so if you're interested, make sure you get out there at 12:00 on Saturday. 67 Bristol Road in Kedron is on the market still. That property is a beautifully renovated home, it is going to be open this Saturday at 11:00 AM. And 4/313 Lancaster Road in Ascot, that also launched this week, and that property will be open at 10:00 AM. It's a tiny little two-bedroom unit. So, 10:00 AM on Saturday if you'd like to come check that one out. Otherwise, if you have any questions about any of these properties, if you have any questions about property in general, or if you'd like to get an updated value on your property after all the craziness that's been happening in the market, please give me a call, 0424-585-391. Otherwise, I hope you've had a fantastic week so far. I hope the weekend is even better, and I look forward to hopefully talking to you in the near future.

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