Kedron & Surrounding Suburbs Weekly Market Update 21.10.21
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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✅ KEDRON, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS ✅
21st of October 2021
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Hi, this is Daniel Hooper from One Percent Property, here with your Weekly Market Update for Kedron and the surrounding suburbs coming to you on Thursday, the 21st of October 2021. So what has been happening across our beautiful area across Brisbane and the state of Queensland over the last seven days in property? In Queensland, we had 1,680 sales—which is actually a good number. It's probably one of the highest we've seen in recent weeks—lots and lots of properties changing hands. An auction clearance rate of 83%. So maintaining that north of 80%, which is really, really strong for Brisbane. This time last year, it was 56%, just to put that into perspective. In the inner north, we had 34 sales, in Kedron and the surrounding suburbs. That's a very strong result. That means a lot of properties changing hands, which is, obviously, good news for people looking to put their home on the market. A few notable sales. There were some really big prices over the last seven days.
15 Tindal Street in Gordon Park, that was a nicely renovated home, three-bed, two-bath. It's on a fantastic block, touching the park like backing right onto the Kedron Brook. That property sold for $1,761,000, which is a massive price, fantastic lot, but still a very big price.
And I was involved in the sale of 6 Sunny Avenue in Wavell Heights. That property was purchased 12 months ago for $815,000. I have it under contract unconditionally prior to the auction for $1.26 million. The owners have not touched it. They haven't done any, any improvements at all. That is pure market growth in 12 months. That shows you how strong our local area is and how amazing the market is at the moment if you are thinking about selling your property.
In the media at the moment, everyone's talking about the APRA stress test. Obviously, those regulations come in in November. I've been reading a lot of articles about how much it's going to affect things. I don't think it's going to affect things that much. I feel like a lot of people, especially if they're stretching themselves on their mortgages, probably might not be 100% truthful with their income and their expenses. So whether adding a half percent to the stress test will actually affect what people can borrow, I don't think it's going to be crazy.
One thing that we have noticed is a lot of people are going nuts trying to get their pre-approvals now because if you have your pre-approval prior to November, then this new stress test doesn't actually come in for you. So it might actually create…just for the next three months…a really hot market because people are getting their pre-approvals and, obviously, then they have to buy property in three months. After that they're going to be against new regulations, so we may see sort of October to December 2021 might even heat up a little more. So if you are thinking about selling, it might be a really, really good time to pull the trigger and get your property on the market. Aside from that 12-month growth in Brisbane, has been around 22.8%—now, I say that with a caveat that in the inner north, the growth has been a lot more than that. In certain pockets…certain areas, it's been as high as 50%. The property I just mentioned at Sunny Avenue is 56% growth in 12 months. So although the Brisbane average is 22.8% over the last 12 months, I am confident…I believe that across the inner north and certainly across Kedron, Waver Heights, Stafford, and those surrounding areas, prices have been anywhere between 30 and 50%, which has just been absolutely crazy to watch those prices go up that quickly. The reason for that, again, I say it every week, stock on the market is way lower than average. So at the moment, stock on the market—which is property sitting on the market—is around 33% lower than, well, than the five-year rolling average. So there's not enough properties on the market. It means people are paying high prices. It means it's a very, very good time to be selling if you are thinking about it. At One Percent, it's been another great week. We've had an interesting week because, obviously, everything selling so quickly, and then we had a few new listings come up, but they weren't quite ready to hit the market. So I've had actually for the first time in a year, I had a Saturday where we didn't have any inspections, which was a nice change. Went out and actually had a look at some properties myself, but still being very, very busy. So we had:
10 at number 8 Clive Street, which I sold and settled this week. That was on the market for six days, sold for $100,000 more than the vendors' expectations.
22 Hindmarsh Street in Banyo, that was on the market for four days, sold for $50,000 more than the vendor's expectations.
And number 3/11 University Road in Mitchelton, that's also sold and settled. That one took two weeks to sell. They don't all sell in a matter of days, but I will get them sold. That property was sitting on the market for a number of months prior with different agents. So we got the result for the owners.
Sold also in the last seven days, 1601 at 100 Quay Street in Brisbane City, that property we sold after the first open home in probably around 48 to 72 hours. It went for above the asking price. The owners were very happy. That property, they attempted to be sold about 12 to 18 months ago without any success. So it shows what has happened with the apartment market. It's starting to follow the housing market. There's actually a lot of strength coming back into the apartment market.
6 Sunny Avenue, I've already mentioned. So that was also sold this week's under offer, unconditional, $1.26 million, which is the highest price ever achieved. It's a knock-down—so it's an old original condition home that, obviously, is going to get knocked down. $1.26M is the highest price ever achieved in Waver Heights for this style of home.
Coming to the market next week, we have:
18 Scott Street in Kedron. It's a triple-gable, renovator. It is a cracking property: fantastic location, walking distance to Padua. That'll be launched on Tuesday.
60 Lissin Grove in Wooloowin. Again, another fantastic property: entry-level property into Wooloowin. Three-bed, one-bath, 400 square meter block, just over. It's a cracking opportunity if you're looking to get a foothold into a very, very popular suburb. That’s coming to the market on Monday. And then:
21004 at 37 Kyabra Street in Newstead. It's a very clean, modern apartment. It's a great investment. It's got tenants in there, or it would be a very easy to maintain and a very usable first home as well. Again, launching on Monday.
If you have any questions at all, if you would like to get an update on the value of your home or there's anything else I can be of assistance with, please give me a call 0424-585-391. Otherwise, I hope you've had a fantastic week so far, and I hope the rest of it is even better.