Kedron & Surrounding Suburbs Weekly Market Update 30.07.2020
Daniel from One Percent Property here with your weekly market update.
Another fantastic week in the Brisbane Inner North property market!
Today I discuss:
- How is property going in QLD
- How is our local property market getting on this week?
- What is happening in the news?
Do you have any questions or would you like to get an updated value on your home?
Call Daniel - 0424 585 391
Hi, Daniel from One Percent Property here with your weekly market update on Thursday, the 30th of July, 2020. So what has been happening in the property market in our local area over the last seven days? Well, Queensland had 1,046 sales in the last seven days, which is a fantastic result. It brings us right back up to basically pre-COVID levels. We had an auction clearance rate of 55%, up on 39% last year, which shows that the market activity is back, buyers are buying, sellers are selling, things are looking pretty positive in Queensland at the moment for property. We had 19 sales in the inner North area, Kedron and surrounding suburbs. Some notable sales, 28 Gardner Street in Nundah, the beautiful three bed, new build terrace home, sold for $750,000. 259 Webster Road in Stafford, now that one's a two bed on Webster road, 550 square meters, achieved over 500,000, which is a really strong result. And 36 Somerset road in Kedron, another two bed. This one's on 164 square meters. It's a very small lot and it achieved $530,000.
So what you can see is there's a lot of buyer demand, a lot of interest, a lot of people looking, and some really, really good prices coming out in our local market. Congratulations to all of the vendors and all of the buyers involved in those sales. We also took number 4 Hebe Street under contract this week. Now that one, we got a fantastic price where it'd been on the market for about four weeks, because we were looking to find that right buyer to make sure we got the right price for the vendor. That one went for a great price and it actually achieved more than $45,000 more than the neighboring property, which is a very similar house in a similar size lot. So really good result, congratulations to Joe and my vendor and to Tom and Rebecca, my buyers.
What's in the news and property this week? So new South Wales has axed stamp duty for properties underneath $800,000. That's a massive move. Everyone always talks about getting rid of stamp duty, but I honestly didn't think it's something that would happen. It will obviously help people with purchasing properties, because you're not going to have to fork out 20 to $40,000 to the government in stamp duties. Now, Queensland's not talking about it yet, but maybe this will spur them on. And I really hope that this is a potential change that might come in the future for Queensland. So definitely keep an eye out on the media. And the other thing that's obviously in the news this week, really disappointing, we had these two girls that crossed the border illegally to Melbourne, brought back COVID and it's so disappointing to see people acting like that and to see people with just disregard for the rest of the community.
My message there is obviously stay safe, wash your hands, take precautions, and just listen to what we're being told. There's no conspiracies. The government's not out to get us. And just think about the community and think about obviously your friends and family. And the biggest message there is, do not panic. Do not panic. Brisbane's property still has very, very good fundamentals. I saw a house in Melbourne in an article today. The property was a little terrorist home on 127 square meters. It was not livable. The sewer pipe would burst, the ceiling was collapsing. It was horrendous. I mean, you'd have to spend 150, 200,000 dollars just to make it livable. It's on for 750 grand. Now, that just shows how affordable Brisbane property is. It really shows. And people say, "Oh, it's Melbourne and Brisbane." Yeah, but Brisbane is becoming more and more attractive to people because our livability is getting better and better. We're getting more and more developments and more and more entertainment precincts and all this sort of stuff. And really Brisbane property, to me is a lot stronger than in our biggest cities of Melbourne and Sydney.
The other thing to remember is although debt is high, repayments are actually very, very... Not low, but they're no higher than they were five or 10 years ago. The reason being as debt has gone up, interest rates have come down. So although we're at record high debt levels in the country, our actual interest repayments per month are no higher than they used to be. So things are still quite affordable if you look at it that way. But that's it for this week. Short and sweet. If you are thinking about selling or you would like to get an update on the price of your property, please do not hesitate to give me a call. 0424-585-391. Otherwise I really hope you have had a fantastic week so far and I hope the second half is even better.