Kedron & Surrounding Suburbs Weekly Market Update 24.09.21
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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✅ KEDRON, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS ✅
24th September 2021
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Daniel - 0424 585 391⠀
Hi, this is Daniel Hooper from One Percent Property, and I'm coming to you with this week's Weekly Market Update for Kedron and the surrounding suburbs, and Brisbane's inner north. It's been another massive week in our local area across the property market. In Queensland, we had 1,610 sales, which again is a pickup on last week...a pick up on the last few weeks. We've had an auction clearance rate of 85%. It is crazy that we're approaching a 90% auction clearance rate in Brisbane―60% this time last year, which shows you how much of a difference it is. In the inner north, we had 31 sales, a couple of notable sales:
26 Stirling Street in Gordon Park, that's a 443-square meter block, it sold for $1.4 million.
27 Armentieres Street in Kedron, this one was a really, really good result. 405 block, sold for $1.560 million, which is pretty crazy for a 405 square meter block in Kedron.
And so congratulations to everyone involved in those deals.
As far as the media this week, prices are continuing to grow, so around 2% a month. Now, just to put that into perspective, the average annual yearly price growth in Brisbane over the last 10 years was 3.4%. And we're getting 2% a month at the moment―that just shows you how crazy the market is right now. It's really something we haven't seen in a long time. Stock levels are actually dropping. So I feel the last few weeks, if you watch my videos, you've been hearing me talk about the lack of supply, it's been around 27%, 28%, 29%. It's currently sitting at 31.3% below average. So what that means is, not only are there not enough properties on the market, but there's actually fewer properties each week. I mentioned it the other week, so every one property that comes to market 1.5 properties sell, which means the stock levels are going down. It is not a good thing for buyers. It is a fantastic thing for anyone thinking about selling. It really means the current market is probably one of the best seller's markets we've ever seen.
Something that I did also want to mention is people are talking about interest rate hikes. You know, the banks―the RBA is going to take the rate up because they will need to slow down the property market and all this sort of thing. So Governor Lowe has come out this week again and just reminded people that the property market and the prices going up, have nothing to do with the RBA's decision on where they're going to put the interest rate. The RBA's decision on where they're going to put the interest rate is to do with what the inflation is in the country. So until the inflation comes up to the targets, the interest rate is not going to shift. And Governor Lowe has, obviously, made that point and he's also said that it's probably not going to happen for a couple of years. So people that are saying, “oh we'll wait until two years down the track, they'll raise the rates and everyone will have to sell”. In reality, you might be waiting a very long time. I don't know if it's going to happen, but just remember interest rates, as far as the RBA goes, have nothing to do with...they don't take into account what's happening in the property market.
So as far as One Percent this week, it's been another massive week. Sold and settled properties in the last seven days:
11 Robinia Street in Alex Hills, sold for a suburb record.
31 De Mille Street in McDowall, sold that one off market in three days, a three-bedroom, one-bath home. We achieved $731,000, which is a cracker result for that area.
And 79 Queenscroft Street in Chelmer, that one we sold for $925,000, all sold and settled.
Under offer in the last seven days, we took four properties to market last week―sold three.
So 22 Hindmarsh Street in Banyo, we had 12 offers on that property. I can't tell you what the price is, but sold in six days for a significant suburb record.
8/6 Primrose Street in Bowen Hills, that one again sold in six days for a fantastic price, quite a bit more than the owner was hoping for.
And 3/11 University Road in Mitchelton is under offer, and that probably took about two weeks to sell. So, obviously, the apartment market is a little slower than the housing market, but a really good result and obviously very happy vendors and buyers all around.
On the market this week―344 Maundrell Terrace in Aspley. It is on Maundrell Terrace, but it's a cracking home. I had 27 inquiries on that property in the first 10 hours that it was on the market. We've already had two sight unseen offers, no one's even been through the house. We've had two offers come through, I'm pretty confident that one is going to sell this weekend. And it shows that sometimes even if you are on a main road, if the house is nice and it's done properly so that the noise of the traffic is minimized as much as possible, you can get a fantastic result.
Which brings me to the new property that I'll be launching next week. So we are taking to the market next week, 363 Stafford Road in Stafford. Before you discount this property, obviously it is on a very, very busy road, before you discount this property take a look at it. It's over a 1000 square meters, it's got a driveway that is about 70 meters long. So you pull off Stafford Road, you drive down a long private driveway with your own gate house, into the block, close the gate house, and you are surrounded by trees and you can't even see the road from the house. So it is a really, really unique property coming to the market next week.
If you think you might be interested in any of these properties or you have any questions or you would like to get an update on the value of your home, please do not hesitate to give me a call 0424 585 391. Otherwise, I hope you've had a fantastic week and I hope your weekend is even better.