Kedron & Surrounding Suburbs Weekly Market Update 29.10.20
Updated: Nov 1
Daniel from One Percent Property here with your weekly property market update.
This week I discuss:
- Buyer activity levels remain extremely strong across the state
- Lots of big results for the local Inner North area this week
- What is happening in the news?
- One Percent Property update
Do you have any questions? Please give me a call - 0424 585 391
Would you like to know what your property is worth in the current market? Follow The Link Below https://www.onepercentproperty.com.au/
Hi, this is Daniel from One Percent Property, here with your weekly market update on Thursday, the 29th of October 2020.
What has been happening in our beautiful local area in the property market in the last seven days? In Queensland, we had 1,360 sales in the last seven days. It's a fantastic result, shows a lot of properties moving hands. Auction clearance rate of 64%, which again is a really, really good result. This was 33% this time last year. Shows a lot of strength in the market. A lot of buyer confidence. And a lot of properties shifting hands over the last seven days.
In the Inner North area, we had 36 sales, which is a really, really big result. There were nine sales just in Nundah and a really good spread across Kedron and the surrounding area. Some notable sales, 9 Parkdale Street in Kedron. That achieved $745,000, which is a fantastic result. Number 17 Rose Lane in Gordon Park. That one cracked $1,022,500. That's a 400 square meter block, so really, really great result there. Number 211 Bilsen Road in Wavell Heights achieved $965,000. All fantastic results. All showing good strength in our local area. Congratulations to everyone involved in those transactions.
In the news this week, Brisbane property prices are still on the rise. Up 0.4% over the last month. Properties for sale are however down 20% year-on-year. What that means is prices are rising in our local market, but there are 20% less properties available for sale this time, as there were this time last year. So think about that. That is why buyers are climbing all over themselves to buy property in our local area. It is an exceptional market and is exceptional time to actually be thinking about selling a property. If you're thinking about doing it in the next six months, now might be the perfect time. Before the Christmas quiet and before everyone goes away on holidays.
Mortgage stress is reported to be down at its lowest ever. Consumer confidence is up, back above COVID levels or around pre-COVID levels. By all indicators, the Brisbane property market is looking absolutely fantastic and has some really, really great prospects over the next couple of years.
The government is relaxing the lending laws, which is going to help spur property prices. Banks and the RBA are reducing interest and really looking to help people who are in mortgage stress and looking to help people make sure they can pay their mortgages. On top of that, we're forecast to either double or triple our interstate migration population growth over the next couple of years, which is massive. Lots of people coming to Brisbane, with money, buying property in our area, and prices are going up. It is a great time to be a property owner in the Inner North, in Kedron and surrounding suburbs. It is a great time to be selling property in the Inner North. And in Brisbane as a whole, to be honest.
At One Percent this week, 8 Malcolm Street is still on the market, but we have had a lot of offers on that property. We've been holding out to get a really premium price and we have a cracking offer. I'm pretty sure I'm going to be able to deliver some fantastic news tomorrow on a really, really fantastic result for that vendor. (UPDATE - 8 Malcolm is now UNDER OFFER!)
On that note, we had more than 60 buyers that actually came through that property. They're looking for a house, similar type of house, high-end home, $850,000 to $1,000,000 price range. If you have something in the Inner North or Inner North West area, please call me, because I might be able to match you up to one of these buyers and get you a fantastic result, without having to go to market and pay advertising fees. 0424 585 391.
We had number 3/18 Fifth Avenue that was due to launch on realestate.com tomorrow. It is sold. One day on the market, through my database, and a fantastic result for the vendor without any advertising costs. Next week also we're launching a beautiful two bedroom apartment on Sixth Avenue. It is literally a stone's throw from the Kedron Brook. If you're looking for an apartment in Kedron, please give me a call 0424 585 391.
Thank you for tuning into this week's property market update. If you would like to get an update of the specific value of your property, based on all of these fantastic sales that are going on in the area, please go to our website linked below, www.onepercentproperty.com.au. There's a quick form there. Send me a few details about your home and I will get a property report out to you within 24 hours, to give you an understanding of exactly where you stand in the current property market.
Thank you so much for tuning in. I hope you've had a fantastic week so far and I hope the second half is even better.