St Kilda & Bayside Market Update - May 2017
1 May 2017
The Bayside real estate market is showing no signs of slowing down as we head into the final weeks of autumn. Auction numbers are up and clearance rates are staying elevated. While across Melbourne, auction clearance rates are hovering around 80 per cent, in Bayside this figure is generally higher, reflecting the amenity and sought-after status of homes in the area.
REIV President Joseph Walton recently remarked that the 2017 auction market is one of the strongest in recent years with volumes up 13 per cent on the same period last year. At Gary Peer we concur: our auctions are continuing to go gangbusters, with a typical weekend clearance rate of between 90 and 100 per cent in and around the Bayside area.
Property reserve prices are quickly being surpassed by competitive buyers seeking to outbid one another. A recent sale in Hotham Street, Elsternwick was one such example. The charming 3 bedroom home sold on 26 March for $1.462 million. This was more than $200k above the vendor’s reserve. A similar outcome was achieved around the corner at 6 Wavenhoe Street in St Kilda East. This superbly presented property fetched an impressive $2.470 million on auction day.
New property data just released shows home values in Melbourne rose 15.9 per cent in the 12 months to April, and have gained pace into 2017 with a boost of 1.9 per cent in March alone. So, if you are thinking of selling a Bayside property, now is definitely a great time to do so.
Units haven’t gained quite as much momentum as houses but are still performing well. Over the past 12 months the median unit price has risen 5.2 per cent. The weaker growth conditions within the unit market reflect heightened levels of new supply across specific inner city pockets. We expect a potential increase in demand (and prices) for units as the government’s stamp duty discount/removal policy comes into effect from 1 July. This initiative should see increased demand for units priced under $750,000.
Jeremy Rosens – Director, Gary Peer St Kilda
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