• Daniel Hooper

Kedron & Surrounding Suburbs Weekly Market Update 23.04.21

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



23rd of April 2021 ⁠⠀⁠⠀⁠⁠

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Hi. This is Daniel Hooper from One Percent Property, coming to you with your Weekly Property Market update for Kedron and the surrounding suburbs on Friday, the 23rd of April, 2021.

So what has been happening in our beautiful area in Kedron and the surrounding suburbs and in our beautiful city over the last seven days in property? Lots and lots still going on. It's been another good week for Queensland, 1,498 sales across the state. An auction clearance rate of 81%. It was 22% this time, last year. So it's still very, very strong.

The sales across the inner north area were 29, which is a good number. It shows a lot of properties changing hands. Some notable sales in the inner north area: 2 Ainsdale Street in Chermside West. I sold that property for a good friend of mine. It is on the corner of Maundrell Terrace. It is a three-bed, single-level home, and we managed to achieve $671,000, which is a massive price. He tried to sell that property two years ago and they couldn't get more than 595,000 on the table. So very, very happy seller and very, very happy buyers who are going to make that their family home, expecting their first child on the way soon. So congratulations to everyone involved.

Another big sale in the area, 10 Dors Court in Stafford Heights, $1.178 million, which is a big result for Stafford Heights. It's good to see Stafford Heights getting some of those million+ sales, catching up with Stafford and Kedron.

And as far as the media this week, one of the big things that people are talking about, is it a bubble or is it a boom? In my opinion, it is a boom, it is not a bubble. Because as far as what I can see on the ground is that the price increase is being led by homeowners, a lot of first home buyers, and not as many investors which tell me when things start to get a little shaky and the market is not as strong, if it's your home, you're not just going to sell it just because the market drops a little bit.

If it was an investment, potentially you would, that's going to force prices down. In my opinion, the only thing that will force the prices down are when people are actually forced to sell their homes, which would be interest rate increase or another round of COVID. Without those two things happening, I don't believe prices are going to go down. I believe the market will soften eventually once more stock comes on, but prices will maintain at their new level, whatever that is.

The banks are also forecasting a good few years. Now, I always take what the banks say with a grain of salt, because this time last year, they were saying 20 to 30% drop in property prices. They're now saying 10% a year, maybe for the next two years. I think that's pretty reasonable. I'm on board with that. I think it's probably going to follow that at least for the next 12 months.

At One Percent this week, it has been another massive week. Sold and settled on 2 Ainsdale Street, which I've already been through a little earlier. Also just listed 16 Besson Street, Stafford Heights...21 Belfort Street, Stafford Heights. We had our first open home last night for both properties. I've already received three offers on both properties. They will go onto contract this weekend.

Also next week, we are launching another three beautiful homes: 2 at 67 Benson Street in Toowong, beautiful, little, two-bedroom apartment. 28 Folkstone Avenue in Albany Creek, a beautiful four-bedroom family home, big pool, backs straight onto the park with direct access at a gate in the back fence. Really, really stunning home. And 21 at 300 Cliveden Avenue in Corinda. A beautiful single-level townhouse, perfect for downsizers. No stairs, in a great complex with a pool.

So lots and lots happening, obviously lots and lots happening with the property market as well. If you have any questions or if you'd like to get an update on the value of your home, please give me a call at any time, (042) 458-5391. Otherwise, I hope you have had a fantastic week so far and I hope the rest of it is even better.

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