[VIDEO] Kedron & Surrounding Suburbs Weekly Market Update 13.08.2020
Daniel from One Percent Property here with your weekly market update.
Another really big week in the Brisbane Inner North property market!
Today I discuss:
- How are market and sales activity levels going this week?
- How are local price and sales results going this week?
- Is it a buyers or sellers market?
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 Once Percent Property here with your weekly market update coming to you Thursday, the 13th of August, 2020. So, what has been happening in our property market over the last seven days? Well, in Queensland, in our beautiful state of Queensland, we had 1,066 sales, which is a really good activity level. Again, back with pre-COVID, sort of buying and selling, shows lots of people are interested in the market, a lot of properties moving hands, all good things. 44% auction clearance rate, a little down on last week, but when we look at last year, 37% at this time last year. So, again, really, really positive showing that the market is maintaining fairly strong at the moment, shows that people are buying properties and it's good news if you're thinking about selling.
In the inner Northern suburbs, in our beautiful neighborhood, we had 24 sales, which is the highest activity level I've seen in quite a few weeks. Really, really good news again if you're a local homeowner, especially if you're thinking about selling. Some notable sales in the local area, 31 Progress Parade in Alderley, that is a two bedroom house on around 550 square meters, fetched $1,005,000, which is a really, really good result. 60 Gordon Parade in Everton Park, single level home, that one fetched $659,000. So, what that's showing is there are some really, really strong results in the market. Really, really positive signs. The market at the moment is hot. It is a really, really good vendor's market. It's a really, really good seller's market. The property prices in Brisbane are up 3.8% this year, despite everything that's happened, despite the drop we've had in the last couple of months. It is a very, very strong market. It is a very unique time to be selling because there are more buyers than there are properties going on the market.
Looking at the news this week, unemployment is down by 1% month on month. Now, that's pretty good over the course of a month. We're still a lot higher than we were last year, obviously, but as businesses start to open, we're recovering pretty quickly and as long as we don't get another wave, then it's looking pretty good in Brisbane. Another piece of really big news is that REIQ are campaigning that the state government to reduce stamp duty by 75%. That's massive. Now they've already cut it in new South Wales for properties under I think 800 - 850,000. If they reduce stamp duty by 75% in Queensland, it's going to further bolster the property market. It's going to give people more money and it's going to really, really help to keep prices stable, maybe even have them going a little positive, although I wouldn't hold my breath for that.
But the really good news is that even though prices might not be going up too much, properties are selling very, very, and the market is looking very, very strong. So, it is a great time to sell. And on that note, I want to ask the question, do you know what your home is worth in the current market after everything that's happened, after COVID and in the current seller's market, do you know what your home is worth? Whether you want to know because you're thinking about selling or you might want to reinsure, you might want to refinance, there are so many different reasons.
Happy to give you a report, just get in touch with me, firstname.lastname@example.org. You can give me a call 0424 585 391. Or you can go to our website, the link's at the bottom of this video onepercentproperty.com.au, all spelled out. And there's a little form there and I can send you a bit of a report, let you know what your property is worth in the current market. So, thank you so much for tuning in this week. I really hope you enjoyed the video. I hope you have had a fantastic week so far and I hope that the second half is even better.