Kedron & Surrounding Suburbs Weekly Market Update 25.03.21
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 March 2021 ⠀⠀
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Hi, this is Daniel Hooper from One Percent Property, coming to you with your weekly property market update on Thursday, the 25th of March, 2021. So, what has been happening in our exciting property market in Kedron and the surrounding suburbs over the last seven days? Well, in Queensland, we had 1,628 sales, which is a good number. It shows things are starting to climb, and hopefully, there'll be more people listing on the market in the coming months. We had an auction clearance rate of 82%, which is the highest I've ever seen it. And it shows that properties are selling. Almost all properties are selling. To give you a comparison, it was 40% this time last year.
In the inner north, we had 34 sales. A couple of notable sales: 25 Oakey Street. I sold that one off-market and achieved $700,000 for an unrenovated three-bedroom, one-bath. Also 64 Sixth Ave, that one sold in a couple of days to a cash unconditional offer for $1,068,000. So, some really, really great results in our local area.
In the media this week, what is the news saying, what is happening, and what are people telling us? So prices−another price forecast has come out this week from ANZ and that's a 17% increase in 2021. Now, I always take the bank forecast with a grain of salt because this time last year, we were going down by 20 or 30%. And obviously, they've all changed tune. Having said that, everyone across the board is talking double-digit figures. So, I think it's going to be a good year for property in Brisbane in 2021.
But what's causing it? So, there are so many reasons, so many things that people are talking about that are causing the boom and property prices to go up. But I can tell you specifically, one thing that is causing this more than anything else, in my opinion, is low stock. It's all supply and demand. When the supply is higher than the demand, prices...Sorry. When the demand is higher than supply, forgive me, prices go up. When the supply is higher than demand, prices go down. So, at the moment, have a look at this stat. Total listings year-on-year are down 28.6% in Brisbane, almost 30% down on the number of properties on the market. And take a look at this one. So, in Kedron, in our local area, the buyer inquiry on realestate.com is up 28.8% year-on-year. So, stock is down 30%, inquiries up 30%, we've got a 60% discrepancy there, which is causing the gold rush in the property market at the moment. That reason, above all other reasons, is why properties are selling so quickly and why they're selling at such a high price. A massive under-supply in the market, and who knows when that's going to change? But at the moment, it is looking pretty good for sellers in the local market around Kedron and the surrounding area.
At One Percent this week, again, it's been another big week. We're really, really obviously enjoying working with so many beautiful people in our local area and helping them deliver results.
I mentioned 25 Oakey Street at the start. We sold and settled that this week, 4 days on the market. I did not put it on realestate.com. I sent a single email to my database. We had 24 people come through the one open home on Saturday, received 4 offers, and had it under contract in 4 days for $700,000.
122 Leckie Road in Kedron. I mentioned that last week. Launched it last week, under contract on Monday for a fantastic price. Bearing in mind that is a unique property. It's a whole block of apartments. Getting it under contract that quick is fairly unusual. So, we had some really interested buyers and we managed to get a fantastic price. The owner is absolutely over the moon.
Koolewong Street−22 Koolewong Street in Stafford Heights−going really, really well. One offer received, a couple of inspections, hoping to put that under contract this week.
And 34 Hunter Street in Greenslopes. I mentioned it last week, 810-square-meter splitter block. Sent an email out to my database at the start of the week, had a couple of offers come through, that one is under offer as of this morning for a fantastic price, and two very, very happy vendors.
Coming soon, I've got 2 beautiful houses in Stafford Heights ranging in the 850 to 950 range. I've got a beautiful home coming up in Chermside West, which will be in the mid-sixes. Lots and lots of exciting properties coming up. So, please stay in touch.
And if you're looking for a home, let me know. And also obviously, if you would like to get an update on the value of your property, or you have any other questions to do with the market or what's happening at the moment, please feel free to reach out, 0424-585-391. Otherwise, I hope you have had a fantastic week so far, and I hope the rest of it is even better.