• Daniel Hooper

Kedron & Surrounding Suburbs Weekly Market Update

Weekly Property Wrap Up By Daniel Hooper Of One Percent Property⁠⠀⁠⠀ ⁠⠀⁠⠀



18th of February 2021⁠⠀⁠⠀ ⁠⠀⁠⠀

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Hi, this is Daniel Hooper from One Percent Property, here with your weekly property market update, coming to you on Thursday, the 18th of February 2021. Welcome, and what has been going on in our property market over the last seven days. Well, in Queensland, we've had 1,340 sales in the last seven days, which shows a lot of market activity. It's really, really good result. 68% auction clearance rates, up on 64% last year which is obviously maintaining strength and showing some great resilience, and some great growth in the market. 23 sales in the inner north area, Kedron, and the surrounding suburbs over the last seven days.

Some notable sales in the last week, six at 55 Sixth Avenue in Kedron. I sold that myself. We settled this week, sold it for 306,000 which is a cracking result, I think the third-best result for a two bed, one bath in the last 12 months in Kedron. 23 Hunter Street in Everton Park, that one I sold in a single day without even going onto It's a three-bedroom home, and we sold it for $700,000 in Everton Park. Also, 33 Goulburn Street in Gordon Park. Now, that one I did not sell but it sold for 1.145 million, which is a fantastic result. So, congratulations to everyone involved in those sales.

What is going on in the news this week? Brisbane property prices are up 4% in the last 12 months, but 2.5% in the last three months. So, what does that show you? It shows you the prices are very, very strong and that the most of our growth over the last year has happened in the recent months, and we are looking very good for the coming months as well. A big question is why is the market strong though. Obviously, we have the big obvious things such as interstate migrations going up. There's less stock on the market which means, obviously, buyers are struggling to find properties.

Those are the obvious things. But one thing that not many people are talking about is Australians spend $60 billion a year on overseas travel. That is a huge number which is not being spent anymore because no one's allowed to go overseas. So, where's the money going? People are paying down debt. There's been a lot of debt paid down and obviously, people are saving as well. So, debt being paid down means people have more money from their paycheck each month to spend on other things or to save. Obviously, more savings means people have more in their little box that they're putting away for the deposit for their home. So, people that might've spent the next two or three years traveling, now that money's gone into their savings. They're ready to buy their first home. They're on the market.

Also, the buyer sentiment is as high as it's been in as long as I can remember, and interest rates are as low as they have ever been in Australia. So, what does this mean? It means there's a perfect storm where there's not enough stock, we've got people moving to Brisbane, everyone's got access to more money than they did a couple of years ago or even last year, and it means people want to buy property. It is an incredible time to be selling a house in Brisbane. Things are flying off the shelf. It really is quite an amazing time to be working in property and to be involved in property.

At One Percent this week, we settled on 23 Hunter Street, Everton Park, as I already mentioned. That property was signed up on Friday. It was under offer on Sunday, did not even go out to 6 at 55 Sixth Avenue, that one we settled on this week as well for 306,000, which is a cracking result for two bed, one bath in Kedron. Also, we launched Oakey Street, 25 Oakey Street in Stafford Heights. Launched it via a single email on Wednesday, had an open home on Saturday, 24 groups through the open home, four offers on the table, two cash. We ended up going under contract on Monday for a cash offer at a very, very good price from a single email burst to my database. Didn't go on, did not go anywhere else. What a fantastic result for the vendors.

And it's an idea if you're umming and ahing about selling, you think you might want to go on the market, but you don't really know, why not test it out. Give me a call. We can put you out to my database. We might get you a fantastic result and, happy days, we might not, and then obviously, you can decide what you want to do after that absolutely risk-free. If you'd like to explore that option, 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.

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