• Daniel Hooper

Kedron & Surrounding Suburbs Weekly Market Update 2.12.21

Weekly Property Wrap Up by Daniel Hooper of One Percent Property⁠




2nd of December 2021

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Daniel - 0424 585 391⁠⠀⁠ ⠀⁠⁠

Hi, this is Daniel Hooper from One Percent Property coming to you on Thursday, the 2nd of December 2021, for your Weekly Property Market Update for Kedron and the surrounding suburbs.

So what has been going on in our beautiful area over the last seven days? Well, in Queensland, we had 1,782 sales over the last week, which is actually a really good result. It shows that the market is still good. There's still a lot of properties changing hands. 75% auction clearance rate, which is a little lower than we've seen in the last few weeks. That's up on 67% this time last year. This time last year, the market was starting to heat up so we were seeing those higher auction clearance rates. In the Inner North, we had 24 sales. A couple of notable sales:

  • 55 Broughton Road in Kedron sold for 1.9 million. It's amazing to see that almost every week now we have a sale in Kedron up around that $2 million mark. A year ago that was just not a thing. The price record in December last year was $1.8 million.

  • Also 10 Sunny Avenue in Wavell Heights, that sold this morning at auction. That is a knockdown house. It's uninhabitable, 600 square meter block and it sold for $1.315 million. That's 1,315,000 to put it a different way, which is a massive price for a house that is uninhabitable. It's crazy to see what's happening in that sort of pocket of Wavell Heights, obviously great news for homeowners in the area.

In the media this week, Brisbane is maintaining pole position as the fastest-growing and most under-supplied market in the whole country. We went up 2.5% in October. In November, we went up 2.7% on average in price across the city. That's compared to Sydney 0.9% and Melbourne 0.6%. So we are growing faster than any other city in the country and that is because we are the most under-supplied city in the country. As far as stock goes, 26% below the rolling average, whereas Sydney and Melbourne are actually above their five-year rolling average, which obviously means prices are going to start to slow down. At One Percent this week it's been another big week. One of our last full weeks of business for the year:

  • 1601 at 100 Quay Street in Brisbane City sold and settled. That property we put it on the market last year, we weren't able to get the right offer over the table, but we continued. We persisted, kept chatting with the owner, kept exploring options, relaunched it this month and we got them significantly more than they wanted for it. So it's all about that persistence. Not all the properties take five or six days to sell. But if they don't, I'll keep working on it and I'll get it over the line.

  • We've just had another one, which was 4 at 313 Lancaster Road. Again, tried to sell that around four or five months ago. We weren't able to find the right buyer so we pulled it off the market. We put it back on and we've now got it under contract for more than the vendor wanted. So I will continue to work on your properties. I'll keep that persistence up until we get you the result.

  • 18 Scott Street in Kedron. This one went totally the other way. We launched it on a Monday, we sold it on the Saturday for a cash unconditional offer. That property is a three-bed, one-bath. It achieved the highest price ever for a three-bed, one bath in Kedron at $1.47 million.

  • Also 37 Chigwell Street. We launched that last Monday, had it under offer on Saturday. That one is not unconditional yet so I can't quite reveal the price, but it was a great price for a two-bedroom home in Wavell Heights.

This will be my last update of the year as well. I'm going in for some minor surgery next week, which is going to put me out of action for the majority of December. However, I will only be in hospital for a couple of days so I'll still be available to answer any questions. If anyone has any queries or questions or anything else I can help with, please let me know. I'd be happy to help. I will be stuck behind my desk in my office for most of the month. So happy to help in any way I can−happy to be involved in any way I can. Please feel free to give me a call: 0424 585 391. Other than that, I just wanted to say thank you to everyone that's tuned in this year. Thank you to everyone that's been involved in my business, and thank you especially to all of the vendors that have given me the honor of selling their homes. If you have any questions, please feel free to give me a call. If you'd like to get a value update on your home, please feel free to give me a call. Otherwise, I hope you have a fantastic week and I hope you’ve have a fantastic year and I hope the rest of it is even better.

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