• Daniel Hooper

Kedron & Surrounding Suburbs Weekly Market Update 26.11.21

Weekly Property Wrap Up by Daniel Hooper of One Percent Property⁠




26th of November 2021

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Hi, this is Daniel Hooper from One Percent Property coming to you with your weekly Property Market Update for Friday the 26th of November 2021. So what has been happening in our beautiful area across Kedron and the surrounding suburbs, across Brisbane and in the beautiful state of Queensland over the last seven days as far as property goes. In Queensland, we had 1,638 sales, which shows a lot of property still moving hands. A lot of buyer interest still in the market and Brisbane, actually the market at the moment is as strong as it's ever been. 88% auction clearance rate. Again, very, very high. Up on 68% this time last year. Around this time last year is when we were just starting to see the market really start to pick up. And, obviously, it's gone a bit crazy since then. In the inner north Kedron and surrounding suburbs, there have been 30 sales in the last seven days, which is a good number, lots of properties moving hands, a couple of really, really notable sales:

  • We had 16 at 12th Avenue in Kedron. That is a 405 square meter block of land. It sold for $1.72 million, which is a massive price.

  • 14 Araluen Street in Kedron—that one's always a mouthful to get out—415 square meter block of land. That one sold for 1.54. So it's really interesting to see these smaller blocks around the 400 square meter range in Kedron starting to push up into that 1.5, 1.6, 1.7 range. Six months ago even we would never have seen that. So very, very good if you are a homeowner in a good area on a smaller block.

  • 5 Hagman Street at Stafford Heights—again, that is another really good result. It's an older home: three bedroom, on around 600 square meters sold for $1,022,500.

  • So lots and lots of strong results in our local area, which is obviously very good news for homeowners and people looking to sell in the current heat of the market.

In the media, Brisbane is now officially the strongest market in Australia. You've got Sydney and Melbourne have started to wind back on that growt. Brisbane has not. So in October we had two and a half percent growth over the month, averaging over Brisbane, obviously. If you look at our local area is actually higher than that. In November so far, it's been 1.9%. So we're really showing no slowdown at the moment leading up to Christmas. In other cities that have slowed down significantly. Stock on the market in Brisbane remains at about 26% below the rolling average. Whereas, if you look at other cities in Australia, such as Melbourne and Sydney—Melbourne and Sydney at stock on the market has actually gone now above the five year rolling average. So what that means is more stock than we normally have or than they normally have on the market, the same number of buyers, supply starts to catch up with demand and prices will obviously level out. In Brisbane at the moment, we're still 26% below the rolling average. Demand is still way, way, way bigger than supply, which means, obviously, growth is continuing and we're still showing a very, very strong market at the moment. In my opinion, I think things are going to start to die down quite soon for Christmas. I feel like after a year of being told you can't leave your house, that a lot of people are going to want to go. They're going to want to go anywhere and get out of here for Christmas. So I think it will be a little quieter, but then I think January is going to be huge. Because what do people do when they're sitting by the pool in Noosa over Christmas? They sit on their phone and look at property. So they come back ready to go—ready to find their home. I think January is going to be a massive month. If you are thinking about selling in the coming six to 12 months, please give me a call. We can have a chat about potential strategies to get things moving in January and take advantage of that real buzz that I believe is going to happen when people come back from holidays. At One Percent Property this week, it has been another great week:

  • we launched last weekend—we had one at 58 Lisson Grove in Wooloowin. The second property I sold on Lisson Grove in the last couple of months. It's an apartment. We had 41 groups through. Of that 41 groups, we had six offers within five days of launching the property. We sold it for well in advance of what the owner was hoping to get for it. So it was a fantastic result in the apartment market as well, which is, obviously, not quite as hot as the housing market.

  • We also had 73 Canopus Street in Bridgeman Downs. That is a beautiful family home—four bedroom home. It sold and it's unconditional already a week later, 1,090,000. That property, the owner was hoping for around 900. So we got them close to $200,000 more than they were expecting for the property and that they were hoping for the property.

It shows the importance...obviously, it's a hot market, but also putting together the strategy that allows us to get prices that are sometimes a couple $100,000 in excess of what we're expecting to get for the property based on surrounding sales in the area. This week, we had 37 Chigwell Street, which has come to market on Monday. We've already had one offer above the price guide.

That one has our first open home tomorrow and I'm expecting it will sell as well. If you have any questions about anything that I've said today, if you would like to get an update on the value of your home, if you're looking for a home in the area or there's anything else I can do to be of assistance, please give me a call. Otherwise, I hope you've had a fantastic week so far and I hope your weekend is even better.

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