Bayside Property Market Update 2nd Half of 2021

In Q3 2021, Bayside recorded a median house price of $730,000, and a median unit price of $505,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 28.1% for houses and 19.4% for units. Between Q3 2020 – Q3 2021 total sales in both markets declined, by -15.0% for houses (to 271 sales) and by -28.8% for units (to 37 sales). Current market conditions indicate an undersupplied market, as price growth is due to lower number of sales. High demand indicate now is an ideal time for owners to capitalise on their property, regardless of type of stock.

Average vendor discounts between Q3 2020 and Q3 2021 have swung to premium levels for both property types, to 1.3% for houses and 0.4% for units. Market conditions in Bayside have now shifted to favour sellers, where buyers are willing to negotiate well above the initial listing price. Now is an ideal time for vendors to sell.

In September 2021, house rental yields in Bayside were recorded at 4.0%. In the 12 months to Q3 2021, the median house rental price increased by 12.2% to reach $550 per week, which is further complimented by a low average day on the market of 17 days. There is a strong rental market, with a supply and demand imbalance being the biggest driver of growth.

4+ bedroom houses have provided investors with +10.0% rental growth annually, with a median rent of $550 per week.

Also, in September 2021, Bayside recorded a low vacancy rate of 0.5%, below that of Redland City LGA (0.7%) and Brisbane Metro (1.4%). Vacancy rates in Bayside remain at a historical low over the past 12 months and well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 recovery conditions. This confirms there is still a healthy rental demand and investors can be confident of a conducive investment environment in Bayside.