Kedron & Surrounding Suburbs Weekly Market Update 25.02.2021
Updated: Mar 5
Weekly Property Wrap Up By Daniel Hooper Of One Percent Property⠀⠀ ⠀⠀
🥇2021 KEDRON AGENT OF THE YEAR WINNER (RATEMYAGENT)🥇⠀ ⠀⠀
✅ KEDRON, WAVELL HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS ✅⠀⠀ ⠀⠀
25th of February 2021⠀⠀ ⠀⠀
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Hi, this is Daniel from One Percent Property here with your weekly market update on Thursday, the 25th of February, 2021. So what has been happening in our beautiful neighborhood, in our beautiful city, and in our beautiful state in the last seven days in property?
Well, in Queensland, we had 1,450 sales across the state, which is a great number, lots of properties changing hands. The auction clearance rate was 80%. Now, 80% is very, very high for Brisbane. This time last year, the auction clearance rate was 43%. That gives you an idea of how strong the market is at the moment.
In the Inner North area, Kedron and the surrounding suburbs, we had 28 sales, which is a fantastic result, shows a lot of properties moving hands, and that's all good news for homeowners in our local area.
A few notable sales over the last seven days: I settled on 205 at 58 Thistle Street in Lutwyche, a beautiful apartment right on the Kedron Brook. We settled on that on Monday. Another great sale in the area: 22 Highland Street in Gordon Park, which achieved $1,161,000. So that was a really, really good result. Congratulations to all the buyers and the sellers involved in those transactions.
At One Percent this week, another really, really busy week. We, as I said, settled on two 205 at 58 Thistle Street. That property, the vendor was hoping for around the $650,000 mark. We signed it on the Monday, we had a VIP open inspection on the Thursday evening, had four offers on the table by Friday, and we had that under other on Friday in four days for $735,000.
So close to a $100,000 over the vendor's expectation, which is obviously a fantastic result, shows how strong the market is. It was a beautiful house, had a lot going for it, but also four offers in four days and selling for that much over the asking price is a significant result in any market.
We also are settling on 17 Sedgemoor Street tomorrow. That is a beautifully renovated home in Stafford Heights. We had 300 buyers through that property. In six days, we ended up getting an under offer in six days. The initial contract did fall through, but I had buyers waiting. Had it back under offer within three hours of the initial contract, and that is now unconditional and will be settling tomorrow. The price was $685,000, which is another fantastic result for a three one home in Stafford Heights.
We were also unconditional today on 25 Oakey Street. 25 Oakey Street, I signed the listing agreement on Monday. I sent out a single email on Wednesday to my database, had 24 groups through the open home on Saturday without any advertising, four offers on the table. We ended up selling that property for $700,000 without advertising it at all, and that's what the market is like at the moment. It is really, really crazy out there. There are a lot of buyers and not so many sellers. Properties are selling for great prices.
Coming next week, we've got nine at 159 Clarence Road in Indooroopilly, another beautiful little apartment. It's a two bed, two bath. That property, there've been a number of owners in that building that have had problems selling their apartments without much of a result and without the agents doing much to work out why. I found out very quickly why, it's that the body corps in the building, but very, very high close to $8,000.
So in the matter of weeks we have now managed to get the preliminary agreement from the board members, those body corps is going to be reduced significantly, which now means the owners in those buildings are going to be able to sell their apartments much easier and for a much better price. We did that in a matter of weeks, while properties have being with other agents and have basically been doing nothing for months.
We're also taking 186 Turner Road in Kedron to the market finally. That one I've been talking about for a while. The tenants are out as of the end of this week and we will be launching next week. It is a great renovator in Kedron, cracking location and a lot of value to be added to that property.
Property values have really, really changed over the last six months and I'm sure if you're living in the Kedron and surrounding suburbs in the local area, I'm sure you've seen that happening. So do you know what your property is worth in the current market after all of these sales that have been happening that is significantly higher than they used to be?
If you do not know and you would like to, please give me a call. I'd be happy to pop out and give you a quick report. Let you know what I think your home is worth in the current market, just so you have all the information in case you want to make any informed decisions in the future. My number is 0424-585-391.
Otherwise, thank you very much for tuning in. I hope you've had a fantastic week so far and I hope the second half is even better.