Wednesday, November 14, 2007

Kenmore set to kick!

Kenmore is at the stepping-off point of an upwards property surge, having completed a 6.5-year cycle that saw the median house price increase by 82.26%.

According to market research conducted by Century 21 Westside, price growth in Kenmore has accelerated considerably during the past eight months, with the Median house price in the suburb moving from $395,500 at the end of 2006 to $451,000 in June 2007 – an increase of 14.03%.

“Indicatively, a home on 600m2 in Currong St that sold for $310,000 last December recently changed hands for $395,000,” sales manager Phill Broom said.

“Similarly a home in Parkway Place has just sold for $655,000 - $103,000 more than it sold for in November last year.”

The confluence of increasing demand for western suburbs property and a steady decline in the number of homes listed for sale had contributed to rising prices in Kenmore.

“Since the peak of 2001, the number of homes sold has dropped from 392 to just 200 in 2006. In the early part of 2007 more than 128 Kenmore properties have changed hands, indicating a discernible shift in market activity, hampered only by a shortage of homes on the market,” Mr Broom said.

“That said, in the last month we have witnessed a flurry of new properties coming to market within Kenmore – all very different offerings across the full spectrum of prices.

“Cyclically, this is not surprising. One would expect that the surge of owners who bought into Kenmore back in 2001 are now or will soon be looking to downsize or upsize given property’s average propensity to turn over every seven years.

“This, combined with high demand and a climbing median price, suggests that Kenmore is on the brink of a fresh surge. Confidence is high, demand is strong and we should see supply follow suit.”

Mr Broom said that while the current roadworks and resultant traffic congestion on Moggill Road were proving a headache for local residents, they mattered little to the many interstate arrivals who were used to sitting in traffic for hours on the inner arterial roads of Sydney.

“To them, living in Kenmore is a dream!” he said. “When they plot on a map an ideal spot to live in Brisbane, leafy Kenmore’s 10km proximity of the CBD ticks all the right boxes.”

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