The Bayside property market experienced a downturn over the past 12 months with a decrease in sales and median price. However, the Bayside market hasn’t been hit as hard as across Melbourne and the wider state, with many homeowners still wanting to upgrade to a better home.
At end-June 2019, there were 1,164 Bayside area listings for the past year. With 301 properties listed, the standout suburb all year was Brighton.
Stock levels have fallen since last year across all Bayside suburbs – Beaumaris, Black Rock, Brighton, Brighton East, Hampton, Hampton East, Highett and Sandringham. On average there has been a 5.7% decrease in stock listings compared to the previous year.
With spring now here, the number of listings is expected to grow from an increase in confidence and an overall increase in housing stock quality.
Despite a decrease in the number of listings, clearance rates for all Bayside suburbs averaged 88% across the entire year to June, outperforming all other Melbourne suburbs and the state.
There were 1,023 sales made, with the highest performing suburbs being Brighton with 265 sales and Brighton East, at 170 houses sold.
Notable Brighton sales included the sophisticated and grand-scale family property at 24 Campbell Street, with its multi-living, multi-suite design by Nicholas Day Architects, Beatrix Rowe Interiors and John Patrick Landscape Architect. On the Esplanade, a very lucky new owner has purchased Bathing Box 34, on the market after decades of family ownership and happy memories.
These high clearance rates show there is still a high demand for homes within these prestigious city areas, regardless of the market conditions. Pairing this continuing high demand with record-low interest rates, it is an appealing time for home-owners to upgrade.
Average days on market for Bayside suburbs for the last 12 months at the end of June 19 ranged around 53 days. The best performing suburb was Hampton, averaging 39 days before a sale, a little below the Melbourne Metro average of 34 days on market.
As Bayside consists of more prestigious homes which tend to take longer to sell, this is higher than average days on market.
At end-September, according to SQM Research, top performer Brighton had 168 houses and units on the market, with 43 of these properties listed for over 180 days, 14 for 90 – 180 days, 23 for 30 – 60 days; and 78 properties that were listed for under 30 days.
Noticeable high-performing suburbs during the past year’s uncertain market have been Brighton and Brighton East, with clearance rates of around 80%.
Brighton still holds the highest Bayside median price at $2,300,000, followed by Hampton at $1,855,000, while the lowest median house price was Highett at $1,051,000. Across Bayside, house prices have dropped about 14% in the past year, with the biggest drop in prices in Highett (down 20%), Brighton (down 18%) and Black Rock (down 17%).
With the arrival of spring, there has been an increase in stock coming to market and increased demand due to another interest rate cut, making it an appealing time to upgrade, and giving buyers more confidence.
If you’re looking to upgrade within the Bayside, please get in touch so we can help you find your dream home.