Melbourne’s Bayside Drift Picks Up Pace - July 2021
Coronavirus has changed many aspects of our lives over the past 18 months, from how we travel – or don’t, as has tended to be the case – to the ways we work, especially the rise of remote offices.
Perhaps the starkest shift has been in how we live, with those who’ve endured lengthy and restrictive lockdowns spending the time in isolated solitude to reassess what truly matters to us and our families.
In Melbourne, several months spent inside has seen many opt to make a physical move, with a sharp uptick in real estate sales activity at the end of each of the past four lockdowns.
Amanda in our Melbourne office noticed a distinct trend in the affluent Bayside suburbs of the city, in tightly held and sought-after pockets like Brighton. Once restrictions eased and people were able to move about freely, a high number of locals in this part of town jumped at the chance to escape.
And I mean that literally.
Many packed up, erected a For Sale sign in the front yard and got out of town. Well, a little out of town – just down the road to the Peninsula.
Too much of a good thing can get old real quick. This is true even if the place you call home is in a prestigious and picture-perfect area like Brighton.
Call it fatigue from being confined to a small radius. Maybe it’s having all that time to ponder life’s big questions, such as, what am I doing with my life? Perhaps it’s deciding that crowded, noisy, smoggy and stressful city life isn’t all it’s cracked up to be.
Whatever the motivation, we’re seeing a number of Melburnians seeking a tree and beach change, especially in Peninsula suburbs like Sorrento, Mt Eliza, Portsea and St Andrews.
It’s not a mass exodus. Don’t expect to find the Bayside stretch suddenly abandoned and free of Range Rovers. But there’s a definite trend underway.
For those looking to head to where the lifestyle is a little quieter, the air is fresher and the pace is more relaxed, it presents an opportunity to cash out on prime real estate that has experienced a boom in prices recently.
Melbourne’s property market was hit hard by COVID-19 and the associated lockdowns – much more than anywhere else in the country. As a result, prices slid – albeit modestly – and took longer to bounce back.
But we saw a strong uptick in median value growth this year, with strong momentum among buyers who were eager to snap up quality dwellings in good areas.
Even with recent lockdowns and renewed restrictions, agents on the ground are reporting continued interest from those looking to make hay while the sun shines. For those selling a quality property right now, they can expect frenzied demand, high competition and a strong sale price.
This is especially the case in prime locations like Brighton, given the top end of the market has benefited most from the current boom conditions.
For Melburnians who want to move up in the real estate world in parts of town like Brighton and its Bayside cousins, the drift down the Peninsula is a good opportunity to consider more potential properties.
But given a number of these sales are done off-market, away from prying eyes, pesky open for inspections and attention-grabbing auctions, a buyer’s agent could be your only way of accessing these lucrative opportunities.
And for Bayside vendors wanting to sell their current home move down the Peninsula, it’s almost a win-win situation at the moment.
They’re cashing out on their expensive real estate at a time of high demand and sustained price growth, making massive amounts of money.
Then, they’re taking this pot of dough and buying into cheaper locations to live their lifestyle dreams. With lower buy-in prices and somewhat softer competition at the moment, those making the change are able to do so with some cash leftover.
My feeling is they’ll also do well over the next five to ten years thanks to capital gains experienced in areas that are increasingly appealing to a broader range of buyers.
But, properties don’t come up quite as often here as they do in the middle of the city action, so knowing how to go about buying is important. Enlisting the services of an experienced, knowledgeable and well-connected buyer’s agent is critical.
A buyer’s agent works with you to figure out your needs, wants and budget and then gets to work finding properties that fit the bill for you to consider.
They tap into their vast network of property contacts to find real estate opportunities that haven’t hit the market yet or are being sold off-market, never appearing on those popular property sales websites that you and everyone else scours day in, day out.
This gives you the chance to buy dwellings that you would otherwise never hear about, with less competition and potentially at a better price.
In areas that are tightly held, a buyer’s agent searching from Brighton or Beaumaris to Sorrento, Mt Eliza, Portsea and St Andrews can unlock opportunities and help make your goals possible. And, when you find something that’s perfect for you, they negotiate on your behalf with the vendor or their agent to get it for you.
Now that’s a real win-win.
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