Tag: Brisbane property market

Young Couple Outbids Downsizers to Set Auction Record in Upper Kedron

Photo Credit: Pexels

A determined young couple upgrading from their first home in Keperra secured a record-breaking $1.301 million auction win for a three-bedroom house in Upper Kedron. The property at 54 Tooloom Circuit attracted nine bidders, most of whom were downsizers, with rapid bidding increments pushing the final sale price beyond expectations.

Read: Enoggera Student Among 2024 Charlie Bell Scholarship Recipients

The auction began at $900,000, quickly rising through $10,000 increments before slowing to $1,000 bids as the final two contenders—a downsizing couple and the young buyers—faced off. The emotional winners, who had covered their home with handwritten affirmations before the auction, were overcome with joy as they secured their new home.

Upper Kedron property market
Caption: For Illustration Purposes Only
Photo Credit: Pexels

The Rising Market

The property market in Upper Kedron has seen a 20% increase in house prices over the past year, with the suburb’s median house price now sitting at $1.2 million, according to Domain. The suburb has gained popularity due to its proximity to more established areas like Ashgrove, Bardon, and The Gap, where comparable homes are up to $2 million.

Selling agent Lee Warren of Ray White Ashgrove highlighted the suburb’s growing appeal. Mr Warren stated that residents of Ashgrove and Bardon are looking at Upper Kedron because they can get similar houses at a lower price.

Brisbane’s Market Trends and Affordability Concerns

The Upper Kedron home was one of 177 auctions held in Brisbane last week, with a preliminary auction clearance rate of 36% recorded by Domain Group. Out of the 110 reported results, 10 auctions were withdrawn, indicating ongoing market caution.

According to AMP Capital chief economist Shane Oliver, Brisbane’s market is adjusting after a strong 18-month growth period and tends to lag behind Sydney and Melbourne by about six months. 

Mr Oliver emphasised that affordability is becoming an issue, especially since Brisbane’s median house price passed $1 million last December.

Property market
Caption: For Illustration Purposes Only
Photo Credit: Pexels

Other Notable Auction Results in Brisbane

The record sale in Upper Kedron was not the only significant auction result last weekend.

  • Belmont: A five-acre property at 104 Boston Road sold for $3.9 million, marking Brisbane’s highest auction sale of the weekend. A New Zealand-based family won after 25 bids, outpacing a Brisbane-based family.
  • Paddington: A six-bedroom home at 51 Stevenson Street secured $3.28 million, ranking as Brisbane’s second-highest sale of the weekend. The buyers, a young family returning from overseas, won after 22 bids.

Future Outlook for Upper Kedron and Brisbane’s Property Market

With the property values of the suburb continuing to rise and Brisbane’s median prices surpassing $1 million, affordability remains a growing concern. However, buyer demand remains strong, particularly for well-located homes that offer value compared to premium-priced suburbs.

Read: Brisbane’s Clearway Review Expands to The Gap

Industry experts suggest that a potential RBA rate cut in the coming months could further influence the market’s recovery, potentially driving more competition in Brisbane’s housing sector.

Published 17-Feb-2025

The Gap Property Market Shows Steady Growth, Consistent Demand

Buyers looking for more spacious houses in family-friendly surrounds in the wake of a Covid-induced rise in home-based activities are looking at suburbs like The Gap, where properties are on bigger blocks, surrounded by nature, yet still accessible to lifestyle amenities, transport, and good schools.

Read: Brisbane’s Lowest Number of Vehicle Thefts Found in The Gap

The Gap is doing consistently well in the property market, posting an 11.23 percent rise in median house price from July 2020 to June 2021. At $812,500, The Gap is still more affordable than suburbs like nearby Ashgrove where the median house price for the same period is currently $1.2 million, per data from Property Market Updates. 

Despite the lockdowns in the region, sales activity was busy with 293 houses sold during the 12-month period. Inventory turnover was brisk, with houses spending an average of 29 days on market, suggesting strong and consistent buyer demand. 

Photo Credit: Property Market Updates

A 6.48-hectare estate on Dillon Road delivered the best deal for this period, selling at $2,700,000 million. The six-bedroom house, surrounded by orchards of mangoes, avocado, and macadamia trees, was on a hilltop that offered a stunning view of The Gap. The property is next to an active creek that flows like a waterfall during rainy weather. 

Unit Price Growth

Whilst the housing sector has typically done better in Brisbane, the unit sector in The Gap also saw a presentable 5.39 percent rise during the same period, with the median price settling just shy of $700,000 at $699,500. 

A total of 60 apartments were sold as of the end of June 2020, mostly to downsizers, young buyers, and owner-occupiers. 

Photo Credit: Property Market Update

About The Gap

The Gap might not be the cafe mecca or retail hub that some nearby suburbs are but buyers seem to be drawn to its family-oriented location, and its proximity to national parks and nature reserves, whilst still remaining accessible to the city. 

Situated in the middle of Mount Glorious, Mount Nebo, Mount Coot-tha, and Taylor’s Range, The Gap offers a fantastic outdoor lifestyle with lots of stunning green spaces for the family to explore.

Photo Credit: Google Maps

Generations tend to remain and expand their families in The Gap, given its abundance of options for school, such as The Gap State School or the St Peter Chanel Catholic School. Residents prefer its simple and laidback vibe. The Gap Village also offers a decent suburban shopping experience. 

Majority of residents in The Gap are owner-occupiers whilst the demographic is nearly equal between families with kids and fully-employed single people.  

Read: Payne Road State School in The Gap Celebrates 50 Years

“I’ve lived in The Gap since 1983 in two locations, it is a lovely green and leafy suburb situated against state forest land. This is the ideal place for people with a bit more disposable income who like the traditional quiet suburbia setting. If you like that sort of thing you’ll never leave.”

Ollygt, Homely

“So I moved to The Gap at the start of the year after looking at everywhere north to north west of the city. The gap offers extra space whilst also having a rural and village feel to it. It’s surrounded by walking trails and wildlife. I’m planning to have a family and could not think of anywhere better to raise my kids.”

HenryL14, Homely

“This is the second time I have lived here, in a rental. We are at the Mt Nebo end of The Gap with the leafy reserve across the road. Bush tracks galore, bike path, Mt Coot-tha, Yoorala St Community Garden, the dog off-leash park, heaps of dog walkers who pick up after their dogs and committed conservationists who volunteer their time to keep the bush surrounds shipshape.”

Jacquelinec3