Kedron & Surrounding Suburbs Weekly Market Update 28.05.21
Weekly Property Wrap Up By Daniel Hooper Of One Percent Property
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✅ KEDRON, WAVELL HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS ✅⠀⠀ ⠀⠀
28th of May 2021
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Hi, I'm Daniel Hooper from One Percent Property, and I'm here with your Weekly Market Update on Friday, the 28th of May, 2021.
So what has been happening in our beautiful area over the last seven days, in property? In Queensland, we had 1,496 sales over the last seven days, an auction clearance rate of 71%, which is up from 59% this time last year. An interesting point is that the average auction clearance rate across the month of April was 82%. Now, we're at 71% now. Now, does that show that there's maybe a little bit of a softening? Well, only time will tell, but it is a potential option.
So in the Inner North, we had 36 sales over the last seven days. It's a good number. It shows lots of properties are still changing hands. Some notable sales: 64 Cremorne Road in Kedron: $1.18 million. That's a good, great result. And Number Three at 27 Rentoul Street in Gordon Park: $455,000. Again, good result for that property. Lots and lots of good prices, obviously still happening across the Inner North and across our beloved Kedron and the surrounding area.
In the media this week, if you haven't heard of Michael Metusik, you should look him up. He's a very, very good property analyst. Predictions from him are a potential 25% price increase over the next 12 months, which is massive. Having said that, we've probably already gone up about 12 to 15% since January. Having said that, I am feeling a little more reserved about my market predictions, based on what I'm seeing. So an auction clearance rate dropping from around 82%—down to 71%, that is potentially showing a slight softening of the market. Nothing to worry about, but a potential slight softening.
Also, I'm reading articles this week about lenders raising their mortgage rates. Now, I've always said that the only reason property prices would start to go down is if homeowners are forced to sell, because they cannot afford to own their properties any more. The only way that I see that happening is if we have another round of COVID, or if rates rise so high that current homeowners, who have mortgaged themselves to the hilt to buy a beautiful house, cannot afford to pay it any more. Now, I don't think that the banks or the government would allow that to happen, because it would be really, really stupid to raise rates so high that people can't afford to pay their homes. But if they raise a little bit, then people are obviously not going to be able to get as much, as far as loans go. And this could certainly attribute to a bit of a softening of the market.
Having said that, again, everything is really, really still very strong, as far as growth goes. And although I say maybe we might be seeing a bit of a softening, that's like going from a million to 500,000, where the scale is really out of 100. So we're still in an extremely strong position. We've still got properties selling in three or four days, and we've still got a lot of suburb records being broken. So it's still very, very positive in the Brisbane market, and especially in our Kedron area, because it's such a sought-after area.
At One Percent Property this week, another very busy week. 9/159 Clarence Road sold and settled for $405,000. The most recent sale in that building was $380,000, for an apartment with a 80-square-meter rooftop terrace. The one I sold with no rooftop terrace: $405,000, so great result for that vendor. And I've actually just also taken to market Number 12 at 159 Clarence Road. We launched that on Monday. We had three offers on the weekend, and that one is under offer, as well. I can't say the price yet, but it was a fantastic price, and a lot more than the 380 that the neighboring property got. 28 Folkstone Street is unconditional. That one sold for $750,000, which is a suburb record for Albany Creek by $95,000 for a four-bed, one-bath. So the owners of that property were absolutely ecstatic.
97 Samuel Street: That one did go under offer over the weekend. It has unfortunately fallen through. The property is available. If you're looking for a home in Camp Hill, please give me a call. I would say it'll go back under offer this weekend, because we have a lot of interest in that property. Number One at 43 Bowen Avenue in Albany Creek, beautiful little townhouse, lovely little complex. That one is launching next week, on Tuesday. Make sure to give me a call if you are looking for a townhouse in the northern area. And 67 Bristol Road in Kedron: Another cracking little house. It's been renovated. It's near Waivell State High School. It's on a 405 block. Beautiful private backyard and a nice deck. That property is going to be launched, not next week, but the week after, and it is obviously going to move very fast, because we are talking Kedron, and we're talking renovated, and we're talking a lovely, lovely home.
So if you're looking for a property, and you think one of those properties might be what you're after, or if you'd like to get an update on the value of your property, or if you have any other questions at all, please feel free to give me a call: (042) 458-5391. Otherwise, I hope you have had a fantastic week so far, and I hope the weekend is even better.