Kedron & Surrounding Suburbs Weekly Market Update 24.09.2020
Daniel from One Percent Property here with your weekly property market update.
Our Inner North market is going from strength to strength right now!
In this video I review
- Big numbers for both state-wide and local sales figures!
- Kedron apartment prices staying strong despite a weaker market in the CBD
- A big few weeks ahead for One Percent Property
- What is the media saying about the property market and forecasts?
Do you have any questions? Please give me a call - 0424 585 391
Want to get your Property Value Report? Follow The Link Below https://www.onepercentproperty.com.au/
Hi, this is Daniel from One Percent Property, here with your weekly market update on Thursday, 24th September 2020. So what has been happening in the property market over the last seven days?
So I'll start with the sales figures. In Queensland, there were 1,328 sales over the last week, which is a really, really strong result. Lots of properties being sold. Auction clearance rate of 66% up on 42% this time last year. Again, it shows that people have confidence in the market and that people are buying and they're buying at good prices.
This week, we had 37 sales in the inner north area, Kedron and the surrounding suburbs. That is a lot of sales. It shows that the spring selling season really has kicked off. It is a fantastic time to be selling property because a lot of properties are moving hands. So if you're thinking about it, please give me a call 0424-585-391.
Some noticeable sales in the area. 149 Thistle Street in Gordon Park, that sold for a fantastic price of $1.16 million. It's a three bed on around 500 square meters. Really, really good price.
Number 8/74 Homebush Road in Kedron. That's a two bedroom apartment in a blonde brick, sort of 1970's build apartment building, and that fetched $336,000. And that is a really actually significant result, especially if you own an apartment in Kedron, because those older two bedroom apartments have traditionally struggled to break that $300,000 price point over the last six to 12 months. So that is a really, really good price and sets a really good precedent for other owners in the area to get fantastic prices for their property.
This week, we have been absolutely flat strapped at 1%. We've been super busy. 1/11 White Street, under offer, four days, three offers on the table. Fantastic result for the vendors.
111 Bray Road, under offer. Another really, really good result. So congratulations to my vendors and buyers in that one.
The biggest problem at the moment, I'm selling properties too quickly and running out of stock. So if you're thinking about selling, please give me a call.
We've also just listed a low/medium residential development site in Stafford. This is a fantastic opportunity if you are a developer looking to do a townhouse complex. It is already pre-approved with the development application in place for three high-end townhouses. So everything's in place, ready to go. Give me a call to get the details.
Also coming soon, we have a fantastic five bedroom, beautiful high-end home in Enoggera overlooking the hills. It is a gorgeous new build.
We also have a six bedroom, three car, Endeavor Prize home. It's a little bit out my normal area over in Springfield Lakes, but it is a stunning home. If you've ever seen the Endeavor Prize Lotteries, I'm sure you know what sort of property they sell. Really, really nice home. I'm really, really excited to be working with our vendors to get a fantastic price for them, even though it is a little bit out of my normal area.
In the news this week, all good things. It's been a fantastic week in the media for Brisbane property and for property in general. Consumer confidence is that a 13 week high. Bank forecasts have all improved with Westpac going as far as forecasting double digit growth over 2022 and 2023.
Unemployment is falling. We have high auction clearance results and the loan deferral, the number of people who are taking on that loan deferral option for their mortgages has dropped from 11% to 9%.
So in contrast to what it was like a few weeks ago, everything in the media at the moment is really, really positive. And that's really good because it gives buyers confidence. It means we're getting really good prices and the properties are selling quickly, which is exactly what you want if you're a homeowner thinking about selling.
One other thing I saw this week in an article from Domain, which I thought it was a really interesting fact that I'll share with you, is what they've noticed is that people are actually shifting from CBD to the suburbs. People are moving from their inner city apartments and their small little houses, and actually looking to buy bigger houses in the suburbs. What's the reasoning behind that? Simple. If you don't need to commute to work anymore, you probably don't need to be living in the CBD.
So I'm not sure how this is going to play out in the long-term, but we could see more of a shift of people looking for the bigger houses with the bigger yards in the suburbs, which might shift more of a value increase out there, and might reduce the value in the inner city area, if people are moving out of those areas and they're not as desirable. Who knows what's going to happen, obviously that's just my opinion, but it'll be interesting to follow that trend and to see what happens.
Thank you for tuning in to this week's property market update. If you would like to get an update of the specific value of your property, based on all of these fantastic sales that are going on in the area, please go to our website linked below www.onepercentproperty.com.au. There's a quick form there. Send me a few details about your home and I will get a property report out to you within 24 hours to give you an understanding of exactly where you stand in the current property market.
Thank you so much for tuning in. I hope you've had a fantastic week so far and I hope the second half is even better.