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C&G’s Guide to Real Estate Trends Bayside
Australians have been through a lot in 2020, and so has the property market. Record low interest rates, virtual inspections, and new real estate trends are only some of the surprising twists we’ve quickly adapted to. In this C&G blog, we highlight some of those trends and provide an update on what’s happening in the property world Bayside.
Elwood is a popular choice for young and single people who enjoy a calm beachside lifestyle while keeping in close proximity to the CBD. According to Domain’s suburb profile, you’ll find the average resident is aged 20-39, 57% are renters, and 70% are single as opposed to families. Two-bedroom units are the most popular property type being sold, and they spend very little time on the market. That being said, there are also plenty of schools in the area to attract families and Elwood homes enjoy a median sale price of over $1million on average.
Elsternwick enjoys strong market demand, catering to mostly families and property owners rather than tenants. According to realestate.com.au, there is a consistent trend of homes being sold to mature and independent residents. The median sale price is $1.9m and has been increasing at a rate of 2.16% over the past year.
Often understood as Melbourne’s ‘playground,’ St Kilda is a popular destination for locals and tourists alike. Similarly to Elwood, you’ll find a younger demographic here, 65% of which are renters and 78% single according to Domain. St Kilda offers an eclectic beachside lifestyle, and is home to Luna Park, the Palais Theatre, St Kilda Baths, and the many festivals and pop-up markets along the Esplanade. The abundance of dining and nightlife options also make this suburb an attractive investment choice.
Home to the bustling Bay Street, Port Melbourne caters to both families and individuals who prefer a relaxed inner city lifestyle with the beach at their doorstep. There is an equal mix of apartment buildings for young working professionals and a residential quarter in Garden City for families. Port Melbourne enjoys high market demand, with more people attending inspections compared to other Victorian suburbs.
Are you thinking about investing Bayside? Chisholm and Gamon are your go-to experts for all real estate matters in this amazing area. Speak to our experienced team today!