St Kilda & Bayside Market Update - 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


Carnegie Market Update - July 2016

The Gary Peer Carnegie team has been working hard throughout the year, achieving some excellent results across all property sales types.

Carnegie Market Update - September 2016

The median price in Carnegie for units rose substantially (17.8 per cent) in the June 2016 quarter to $590,000.

Carnegie Market Update - January 2017

In 2016, the Gary Peer Carnegie team continued to increase its market share while creating sales records across the 3163 postcode.

Carnegie Market Update - May 2017

The market is hot in Carnegie!

Glen Eira Market Update - July 2016

June ended just as it began with a 100% clearance rate at auction.

Glen Eira Market Update - September 2016

On Sunday 18th September, we sold every property at our 15 auctions.

Glen Eira Market Update - January 2017

The Gary Peer clearance rate for 2016 was above 97%!

Glen Eira Market Update - May 2017

With ongoing buyer demand our team continues to exceed industry standards.

St Kilda & Bayside Market Update - July 2016

Although many vendors we are speaking with are choosing to wait until spring to sell their properties, buyer demand remains strong in Melbourne’s Bayside region.

St Kilda & Bayside Market Update - September 2016

Median house prices in Bayside Melbourne are reflective of the solid year we are experiencing.

St Kilda & Bayside Market Update - January 2017

As we reflect on the 2016 Bayside property market, Gary Peer St Kilda can confidently report an exceptional year of results achieved on behalf of our clients.

Demand Continues Unabated In 2017

Of all property types, detached houses are proving to be particularly popular with buyers.

Residential Tenancies Act Review Update

The Act was last reviewed in the 1990s – before the internet had even entered the mainstream.

Bentleigh - What makes it One of Melbourne's Most Liveable Suburbs?

Established in the early 1900s when the Frankston train line brought increased accessibility to the area, Bentleigh remains alive with the charm of an earlier era.

Carnegie: Melbourne’s new sought-after suburb

A phenomenon has swept across greater Melbourne as inner-suburban prices have sizzled.

Melbourne's Rental Market - No Surprises

There have been no significant changes within Melbourne’s rental market over the last quarter.

The Caulfield Races - Part of Our Area's Historical Past and Vibrant Present

As Melbourne’s tree lined streets start to bloom and the temperature begins to rise, the Caulfield Carnival finds its way back on to the city’s social calendar.

Glen Huntly Reservoir Redevelopment Update

The project is a key priority of the Glen Eira Open Space Strategy, which outlines a plan to undertake detailed design and stage one implementation to open up the Reservoir as a new open space.

Then and Now: 5 Year Comparison of House Prices in Glen Eira and Bayside

Ormond, St Kilda East, Caulfield South and Murrumbeena experienced the most notable increases.