Kedron & Surrounding Suburbs Weekly Market Update 20.08.21
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 ✅⠀⠀ ⠀⠀
20th of August 2021
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Daniel - 0424 585 391⠀
Good morning Kedron, this is Daniel Hooper from One Percent Property coming to you on this gorgeous Brisbane, Friday morning on the 20th of August 2021, with your Property Market Update for the last seven days. So in Queensland, we had 1,531 sales across the state, which is a good figure. It's actually very, very strong. It's stronger than we've seen in recent weeks, which is very good. An auction clearance rate of 81%, up on 54% this time last year. Around 77% this time last week. Early 80s is pretty much the strongest auction clearance rates we've had, at all. We had that back in February, March—so it really shows that there might've been a slight slowing of the growth in the last couple of months, but it's really starting to strengthen again. The buyers are out in the market. The properties are not there. People are coming interstate. It's big things for homeowners in Brisbane. It's a fantastic time to sell property. In the inner north we had 30 sales, which again is a very strong figure. Some notable sales; we're getting some really incredible prices at the moment:
17 Yiada Street in Kedron, which is an original condition, 1975 high set home, I think 647 square meters. That property sold for $1,057,500—original condition, it's, unrenovated. That's a very, very big price for Kedron, especially outside of the avenues. So, good news for homeowners, definitely.
You've got 3 East Street as well, and that is a nice home. It's on a 500-square meter block, no pool. That sold for $1,540,000—which again is a good result.
96 Pateena Street in Stafford—that one sold for $1,485,000. Again, another really good result.
It's just fantastic to see some really incredible results across our local area, across Brisbane's inner north. It's really, really good news for homeowners, and obviously, fantastic to be involved in that market. In the media at the moment, house prices are up by 17.7% in the last 12 months, in Brisbane. Apartment prices are up by 7%. So, obviously, the majority of the growth is in housing, but apartments are actually starting to see some growth—which is a fantastic change on what we've seen over the last say five or six years, where there have been a couple of years where things have actually gone down. So, amazing growth in houses, decent growth in apartments. Overall, a pretty strong property market, and fantastic outlook for homeowners across the city. In August so far, we've had a total increase of 1%. So, I think pretty much on par with what we've seen in the previous months, between one and a half and 2% growth. So the growth is continuing, there's no signs of slowing there. Stock is still really low. Around 29% of the five year rolling average…29% lower, sorry. So we're still sitting around that 28 to 30% below average stock levels mark. And while the stock is low, there are not enough houses for buyers, properties are going to continue to go up in price really quickly. Another interesting statistic is that, currently sales in Brisbane, when compared with new listings coming on the market, are one and a half times that. So, for every new listing that goes on the market, there's 1.5 sales. So that just means that the number of properties on the market, the stock on the market is going to continue to actually go down, which is not going to help buyers but it's, obviously, going to bolster prices because it's going to be a lack of supply in the coming six to 12 months.
At One Percent Property it has been a massive week:
20 Larwood Street in Ferny Hills, sold that in six days. That is sold and settled, $910,000.
6/42 Hilltop Avenue in Chermside—that particular property was sitting on the market for 500 days before the owner got in touch with me. I sold it in two weeks. We're now unconditional, as of yesterday.
79 Queenscroft Street in Chelmer—very, very sought after street, beautiful suburb. That one sold in six days as well. We had five offers on the table after less than a week. And that is, obviously, now under contract, as well.
19 at Eleventh Avenue going to auction next Saturday—lots and lots of interest. One offer received already on that property. If you're about, please come check out the auction next Saturday, 4:00 PM, if not sold prior.
16 Dorrigo Street in Stafford Heights—that is a stunning home spread across a single level, it's beautiful. Four-bed, three-bath. It is going to auction on Saturday the 11th. So if you're in the area, please come check it out.
11 Robinia Street in Alex Hills is on the market. Very, very popular property. If you're looking something for something on the bay side, please give me a call.
And also, 172 Gympie Road in Kedron, sold and settled. I sold that property in three days off market, actually to my photography company. So it obviously, it pays to talk to everyone about your properties and get them out to all avenues. That one sold for just over $1.3 million, which is a fantastic price. Very, very happy vendors. Very, very happy buyers.
If anyone has any questions about property, if you'd like to get an update on the value of your home, based on the fact that it's probably going to be a lot more than you think it's worth, please give me a call: 0424 585 391. Otherwise, I hope you've had a fantastic week so far and I hope the weekend is even better.