Bayside Property Market Update 1st Half of 2021

In Q1 2021, Bayside recorded a median house price of $625,000, and a median unit price of $495,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 13.1% for houses and 17.0% for units. Between Q1 2020 – Q1 2021 total sales in both markets declined, down by -10.2% for houses to 237 sales and by -58.2% for units to 23 sales. Median price growth along with declining sales suggest a potential undersupply in the market. This makes now an ideal time to sell your home in Bayside as there is an influx of buyers looking to purchase their next property.

Average vendor discounts between Q1 2020 and Q1 2021 have tightened for both property types, to -0.5% for houses and 0.0% for units. Market conditions in Bayside are shifting towards a seller’s market, as buyers are willing to offer closer to the first asking price. This makes it a perfect opportunity for vendors to sell their home.

In March 2021, house rental yields in Bayside were recorded at 4.4%. In the 12 months to Q1 2021, the median house rental price increased by 4.2% to $500 per week, this is in conjunction with average days on the market declining by -48.3% (to 13 days). These figures represent a strong rental market, with increasing demand.

3 bedroom houses have provided investors with +3.0% rental growth annually, with a median rent of $430 per week.

Also in March 2021, Bayside recorded a low vacancy rate of 0.4%, well below that of Redland City LGA (0.6%) and Brisbane Metro (1.5%). Vacancy rates in Bayside have been on a declining trend since April 2020 and have remained well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. This confirms there is increasing rental demand, creating an extremely conducive market for investment.