KEDRON & SURROUNDS WEEKLY MARKET UPDATE 13.05.20
Hi guys. Daniel from One Percent Property here with your Wednesday weekly market update for Wednesday the 13th of May, 2020. Now, this is my first live update, so please be gentle.
What is happening in the country, what is happening in property, what's happening in our backyard?
We have 549 sales across Queensland over the last week. Now, that's right on par with obviously the previous few weeks, way, way below the normal activity level. 14 sales by auction. Again, we haven't been able to do proper auctions, only digital, so this is obviously expected that this is going to be low. Having said that going into this weekend and onwards, they're opening up auctions again. I expect that figure to jump significantly, and obviously, the clearance rate is going to jump significantly as well. The RBA has put a hold on the cash rate at .25%.
Now, that was, whatever, unexpected to happen, but it doesn't change the fact that cash is at the cheapest level it has ever been in Australia and people are using that to their advantage. People are borrowing, people are buying. Although it's been low for the last few weeks, it is definitely coming back. There are more and more people getting back into the market, selling and buying.
Big news for property and really, really good for buyers and sellers alike is that we can now do open homes again. This is a really big thing because it starts to bring things back to normal which is going to increase confidence in the market. Buyers are going to be able to go and see properties as they would normally expect to. They're going to feel more comfortable, which means it's good things for sellers, it's good things for buyers.
It's fantastic that not just the property market, but that our country is starting to slowly return back to normal so that we can all continue on with our lives after the crazy kick up that happened over the last few months. Locally in the Kedron area, surrounding suburbs, there were only four sales. Now, that is a lot lower than normal, but again, don't forget there was a lag. Before the results we get, you've got to remember that the process is someone comes to look at a property, they might go and look at a few more next week, and then they come back for a second look, then there's an offer, then there's a contract. So there's a long elongated process. These sales are from activity that's been happening over the last two, three weeks, or even four or five weeks.
What that really means is that things are looking up, things are turning in the right direction. We've just got to really stay positive. I'm really confident that our local market it's going to start to come back and it's really going to start to build back in the right direction.
On a personal note, our agency is busier than it has ever been. We've got so many buyers, so many sellers that are really interested in getting things moving. So it's all positive signs from what I can see.
Moving away from property. Guys, don't forget restaurants reopened this weekend. So please, please get out, support your local restaurants. Make sure you book a table because my understanding is that there's no walk-ins, you have to book a table. Make sure if you can, if you can afford it, if you have time, get out, have a meal at a restaurant and start to enjoy our beautiful community again.
On that note, I spoke to Amanda Scott from our amazing Farm House Restaurant here in Kedron on Somerset Road, had a big chat to her during the week. That video is going to come out over the next couple of days. Please make sure you check it out. She gives us a bit of information on her menu, on the background of the company. It was a really interesting chat, so I'd love for you to have a look at it.
Thank you so much for tuning into my first ever live Facebook video. Obviously, if you have any questions around property, if you'd like evaluation on your home, or there's anything that all I can do to help, please give me a call.
Otherwise, I really hope you've had a fantastic week so far and that it ends really well. I look forward to talking to you soon.