Bayside Property Market Update 1st Half of 2022
In Q1 2022, Bayside recorded a median house price of $845,000, and a median unit price of $515,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 35.6% for houses and 14.7% for units. Total sales decreased between Q1 2021 – Q1 2022, by -11.5% (to 332 sales) for houses and by -34.8% (to 43 sales) for units. The Bayside market is undersupplied, as price growth is alongside lower sales volume. Now is an ideal time for owner-occupiers and downsizers to capitalise on their investments, and for developers offering ready-to-sell stock to enter the market
Average vendor discounts between Q1 2021 and Q1 2022 have further travelled towards a higher premium, of 2.3% for houses and 1.4% for units. The Bayside market have now shifted to favour vendors, as buyers must offer above the initial listing price. Now is the time for owners to capitalise on their investment.
In March 2022 house rental yields in Bayside sat at 3.9%, higher than Brisbane Metro (3.3%). In the 12 months to Q1 2022, the median house rental price increased by 15.0% to reach $575 per week, which is further complimented by a low average day on the market of 17 days. With a median house price lower than Brisbane Metro, the Bayside area is an affordable alternative investment option for investors.
4+ bedroom houses have provided investors with +12.0% rental growth annually, achieving a median rent of $560 per week.
Bayside recorded a vacancy rate of 0.4% in March 2022, which is below Redlands LGA (0.8%) and Brisbane Metro’s 0.7% average. Vacancy rates in Bayside have remained under 1.0% for the past 18 months, recording the lowest vacancy rates seen for the past 3 years. This confirms there is a healthy rental demand and investors can be confident of a conducive investment environment in Bayside.
