Kedron & Surrounding Suburbs Weekly Market Update 23.07.2020
Daniel from One Percent Property here with your weekly market update.
Another fantastic week in the Brisbane Inner North property market!
Today I do a quick wrap of the last month in property!
- How is the property market getting on?
- Has all of this "September Cliff" talk been scare-mongering?
- What has been happening locally?
Do you have any questions or would you like to get an updated value on your home?
Call Daniel - 0424 585 391
Hi, Daniel here from One Percent Property with your weekly market update coming to you this week on a Thursday, 23rd of July, 2020. As we're approaching the end of July, first month into the new financial year, I thought I'd do a bit of a wrap of what's been going on over the last four to five weeks.
Brisbane property has had a slight downturn in prices over COVID, but nothing like what was predicted. Property prices in apartments have gone down around 0.8% and housing's only dropped around 0.1%, which really is not a lot. It can just be put down to normal market fluctuations. Rental yield is down by 0.6%, but both houses and apartments, the rental yield in Brisbane is still far above the national average. Houses are 4.2% on average, apartments 5.2%, which is far, far above what you find in other capital cities.
A really, really encouraging and a really, really good piece of information that's come out over the last couple of weeks is that sales activity in Brisbane is up around 75% on what it was in April. Now, obviously April was when we were in lockdown and people were sort of pulling back off the market, there weren't a lot of sales. But it's really showing that we've almost recovered back to normal activity. As long as we can continue on our recovery path, I think things are looking really, really positive for Brisbane property, especially in the inner north area, where there is a lot of demand for homes, and there's a lot of people looking to buy their dream house in that Kedron, Gordon Park, Stafford, Grange, in that sort of ring.
A really interesting thing that I have been speaking about for the last few weeks. I've been very adamant on the point that this cliff in September, this fiscal cliff, is not going to happen, because it just wouldn't make any sense as to why the government would just let it all go. Now this week, the government's obviously come out and they've announced that they are not going to let it all go and that they are extending JobKeeper, with some amendments, through till March next year. Also, APRA and the banks are extending the mortgage holidays through till next year as well. What that means is there is no reason that prices should go down. There's no reason that people should be fire-saling their properties, not in a large amount anyway, which is really good news for homeowners. It's really good news for the Brisbane property market. I believe we are going to be okay, and that's based on the current information. Obviously, holding our breath to hope that what's happening in Melbourne is taken under control, and obviously that doesn't spread up here.
Looking locally, what have we been doing in the local market? We had 23 Figgis Street settled at the start of July. That property, we launched it just when we were going into COVID lockdown. Took a little longer than them we would have hoped. Six weeks on the market, but we had 92 inquiries. We ended up with a couple of offers. Although it took six weeks, we got a suburb record. We got $42,000 over the asking price, so it was obviously really worth waiting to find that premium buyer, rather than just rushing into an early sale and taking a lower price.
We had 3/28 Figgis Street across the road. This one we sold in seven days. We had four offers on the table. Again, another suburb record. So really getting some fantastic results in Kedron. Lots and lots of keen buyers looking for that Kedron area. We had 2 Eastgate street in Carina on the south side. That one went in six days. We got a street record for that one. 13 Sylvia Court in Eatons Hill. Took a little longer. It was about four weeks, but again we got a street record for the owners of that property. A lot of really, really good results. Some go quick, some take a little longer, but the key there is that we're getting the best possible price and really delivering above and beyond what the vendors were expecting, and it shows that there's lots of buyers in the market. There's a lot of good interest and a lot of activity.
On that note, if you are thinking about selling, if you have any questions about property, if you'd like an update on the value of your home, if there's anything I can do to help, please give me a call, 0424-585-391. Otherwise, thank you for tuning in. I hope you've had a fantastic week so far and I hope the second half of the week is even better than the first.