Kedron & Surrounding Suburbs Weekly Market Update 4.3.2021
Weekly Property Wrap Up By Daniel Hooper Of One Percent Property⠀⠀ ⠀⠀
🥇2021 KEDRON AGENT OF THE YEAR WINNER (RATEMYAGENT)🥇⠀ ⠀⠀
✅ KEDRON, WAVELL HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS ✅⠀⠀ ⠀⠀
4th of March 2021 ⠀⠀
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Hi, this is Daniel from One Percent Property here with your Weekly Market Update on Thursday, the 4th of March, 2021. So, what has been happening in Kedron and surrounding suburbs in our beautiful area over the last seven days in property?
Well, in Queensland, we had 1,462 sales, an auction clearance rate of 79%, which shows that the market is really maintaining that strength. It's really, really doing good things. So, last year at this time it was 43%, so it shows how much stronger we are at the moment.
In the inner north, Kedron and the surrounding suburbs, we had 21 sales. A couple of notable sales: 17 Sedgemoor Street in Stafford Heights, which I sold myself, $685,000. Cracking result on a three, one in Stafford Heights. Another great result was 66 Shamrock Street in Gordon Park. That one sold for $1,245,000, which is another really, really fantastic result.
In the media this week, so prices are up 1.5% over the last month, 5% over the last year. And that's really, really showing some strength in the market, showing that things are moving in the right direction. But one big stat, that is really quite incredible, is property sold year-on-year are up 4% at the moment, but properties listed are down 27%. So, that's sort of seems like it can't really happen. But basically, my reading into that is that a year ago, there were 30% more properties on the market, but a lot of those properties didn't actually sell. So, you might have 30% more properties on the market. You might have 35% of the properties not actually selling because of the vendor can't get the price they want.
What that means now is basically, let's say a hundred percent of the properties are selling and there's 27% less stock. That means we've actually got 44% more properties selling, even though we've got almost 30% less stock, which is an incredible stat, really shows how crazy the market is at the moment, shows how strong it is, and how fantastic it is to be a seller in the current market. But the big question is, is it a boom or is it a bubble? So, the way I like to look at this is, in my opinion, bubbles are always driven by investors, not owners/homeowners. So, if you think about stocks or property, investors buy to make money. And if things start to go bad, the investors sell, and that's why it goes down. Stocks is a lot easier. People buy and that's what's pushing it up. And then it starts going down, everyone panics, fire sale, sell, sell, sell, sell, and the price goes down. Same thing can happen with property. But when you think about a homeowner, a homeowner isn't just going to sell their family home just because the market starts to waver a little bit. So, price increases that are driven by homeowners are much more secure. They've got a much firmer base than those driven by investors. What I'm seeing in our local area is that 80% of my buyers, 80 to 90% of my buyers are homeowners, because homeowners are in the market like I've never seen before. First home buyers, people looking for bigger homes, smaller homes, they're just everywhere at the moment. So, although the investors are there, they're not the base of this price increase. So, although I think things will soften, I don't see it plummeting, I don't see it going down. That's with two potential caveats. One, is if interest rates go up and people physically cannot afford their houses. Obviously, then they'll have to sell, prices will go down. Two, is if we have another round of COVID. Again, people lose their jobs, cannot afford their houses, people have to sell, prices go down. So, really what I'm saying there is, I only see prices dropping in Brisbane if people are forced to sell because they can't afford their houses. Having said that, it's really important to think about the affordability here. And I've said this numerous times, our wages are around 12% lower than Sydney, our property price is 55% lower. So, what that means is if things do really go bad: people lose jobs, we're going to be able to hold onto property for a lot longer period in Brisbane than we will in Sydney and Melbourne. So, obviously that does put us in quite a good footing as well. At 1% this week, it's been another huge week. 17 Sedgemoor Street sold and settled, $685,000. 8/2 Riverton Street in Clayfield is under offer at the asking price. We also just listed 75 Showgrounds Drive in Highvale. Stunning home. Only one owner. They built the house 18 years ago and they've loved and cared for it ever since. It will be moving to its next owner. And that is a very popular one. I'm expecting it to sell this weekend. 2 Ainsdale Street, Chermside West, a beautiful three-bed, two-bath renovation. Again, very, very popular, expecting it to probably sell over the weekend. Coming soon, we've got 9 at 159 Clarence Street in Indooroopilly, 2/2/1, a fantastic little two-bedroom apartment, great location. Obviously, Indooroopilly's extremely popular and a very, very up-and-coming area. 122 Leckie Road in Kedron. If you've ever wanted to own your own apartment block, this is your chance. It consists of four two-bedroom apartments. It's a blond brick, 1980s-style build. It's on 830 square meters. It's got almost $60,000 a year of rental income. No body corporate fees. And it's in a beautiful spot on the Avenues in Kedron, near Kedron State School. It is a cracking investment to buy and hold and sell at a profit later on. Also, 186 Turner Road in Kedron. That will be coming next week as well. That's a renovator on 440 square meters on Turner Road. It is a cracking little block with a lot of potential to add value, walking distance to Padua. So, if you are looking to buy in Kedron or the surrounding suburbs, please give me a call. If you're looking to sell in Kedron and the surrounding suburbs, why not sell with Kedron's Agent of the Year 2021 from RateMyAgent, and also only pay 1% commission. If you'd like to have a chat about getting your property on the market, please give me a call, 0424-585-391. Otherwise, I hope you have had a fantastic week so far, and I hope the second half is even better.