• Daniel Hooper

Kedron & Surrounding Suburbs Weekly Market Update 26.08.21

Weekly Property Wrap Up By Daniel Hooper Of One Percent Property⁠⠀⁠⠀⁠⁠ ⁠⠀⁠⠀⁠⁠



26th of August 2021

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Daniel - 0424 585 391⁠⠀⁠ ⠀⁠⁠

Hi, this is Daniel Hooper from One Percent Property, here with your Weekly Market Update, coming to you on Thursday the 26th of August, 2021. Spring is almost upon us. I cannot believe we're nearing the end of the year. It's been a big year for Brisbane property. It's been really a landmark year for Brisbane property, and obviously, very good things for homeowners all around. So what has been going on in our beautiful area, Kedron and the surrounding suburbs, over the last seven days in property? In Queensland, we had 1,545 sales. It's a big figure, it's one of the biggest we've had. I was watching one of my videos from a year ago as we were coming out of COVID, and I was talking about we've had a thousand sales, which is back to pre-COVID levels. We're now doing 50% on top of that every week, so it's showing, although properties are coming to the market, they're being absorbed very, very quickly by the massive demand and all the buyers that are looking to buy in our area. Auction clearance rate of 74%, up on 39% this time last year. That reiterates that point—properties are selling, and they're selling for what people want them to sell for, or more sometimes.

In the inner north there were 30 sales. A couple of really good sales in Gordon Park this week:

  • which is 92 Gordon Street, Gordon Park—three-bedroom home, big block, 943 square meters, sold for over $2.1 million, which is a big price, obviously paying for the land. Nice house, but I would assume it's probably going to be renovated.

  • 5 Sterling Street in Gordon Park—again, bigger block, over 800 square meters. That one achieved $1.65M. So that's a couple of really good prices, showing how much people are valuing land. So, you know, if you've got a big block at the moment and you're thinking about selling, it is a good time to do so, because people are snapping them up and they're paying very, very good prices.

In the media this week, we are up 1.3%, Brisbane as a whole, for price growth in August. We are up 19.1% over the last 12 months, and 15.4% since the start of 2021, so you can see that growth is, obviously, accelerating and staying strong. In the Kedron and the surrounding areas, that growth has been faster. There's been certainly 25 to 35% growth around Kedron, Wavell Heights, Stafford, Stafford Heights, those sorts of areas. We're seeing a really, really good amount of growth in our local area, which is very, very positive for homeowners. I was reading an article by Michael Matusik, who is one of the few property analysts that I really do think...I believe what he says. He always gets things right, or almost always, and he's predicting potentially up to 38% in 2021, which is pretty crazy when you think about it. The stock is also really low. For every property that comes to market in Brisbane at the moment, one and a half properties is being sold. So what that means is just the stock is not improving at all. It's around the 30% below average, and while those stock levels remain low and buyer interest remains high, prices are going to continue to go up. Until the stock, the supply and the demand, start to even out a little bit, we're just going to continue to see prices grow. I think it could certainly drag out until next year. As far as One Percent over the last seven days, it's been a big week, another really big week. The big news for us is:

  • we have the auction of 19 Eleventh Avenue in Kedron this weekend—4:00 PM, and a lot of interest. It is a stunning Queenslander on a 607 block. If you're in the area and you'd like to come and check out the auction at 4:00 PM, please pop in. I think it's going to be really, really interesting.

  • 11 Robinia Street in Alex Hills—we put that on the market last week, had absolutely a manic open home with a lot of buyers coming through. Received eight offers over the weekend and sold it well above what the vendor was hoping for, so that was a great result.

  • 79 Queenscroft Street in Chelmer is under offer and unconditional.

  • 19 Bligh Street in Nundah, that settles tomorrow.

And then we've got a few new properties also coming to the market:

  • 58 Mellor Street in Kedron will be launching next week. Photos are happening on Friday. It's a five-bedroom home. It's got city views from the top, 400 square meter block on the corner—it's a cracking little property.

  • 53 Huxley Avenue in Alderley—that will be coming to the market in a couple of weeks.

  • Number 3 at 11 University Road in Mitchelton—also coming to the market in a couple of weeks.

And a couple of beautiful entry-level inner city apartments:

  • 8/6 Primrose Street in Bowen Hills, and

  • 2/1 Berwick Street in Fortitude Valley, entry-level but very, very clean and tidy, parking and all that sort of stuff.

A lot of really, really nice apartments coming to the market in the coming weeks, so if you're looking for a property, please give me a call, or if you'd like to get an update on the value of what your home's worth—I can tell you if you haven't had your home valued for a year or two, it's probably worth quite a bit more than you think it is. If I can be of any assistance with either of those services, or anything else, please give me a call: 0424 585 391. Otherwise, I hope you have had a fantastic week so far, and I hope your weekend is even better.

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