Apartments see an uptick in Bayside
In New York it’s the warehouse loft, in Paris it’s the chic Art Nouveau apartment and in Toyko it’s the funky studio apartment. All over the world, apartments are the pinnacle of prime real estate, and now the same is true in Melbourne’s bayside.
The apartment market across the bayside region, from St Kilda right down to Frankston has seen a major uptick, especially with the recent influx of people moving to Melbourne in the hopes of calling the world's most liveable city home. The St Kilda area in particular is proving to be popular with Sydney-siders wanting to escape the rising cost of living in their home town, but still enjoy the beachside lifestyle they're used to.
The demand for apartments is multifaceted, but plenty of our buyers are telling us it’s because stock levels for homes across the Bay have fallen, apartments are a more affordable option and offer a more convenient lifestyle. After all, who needs a yard when you have the beach on your doorstep?
As a result of increased demand for both apartments and houses, we're seeing a number of changes in the Bayside area:
Smaller apartments are filling the gap: With 2 bedroom homes fetching in excess of $1 million, attention has moved to larger two-bedroom apartments that still offer the same convenient lifestyle.
Downsizers dominating auctions: The bayside is witnessing a number of downsizers wishing to remain in the same area, further driving demand for larger, spacious apartments.
Days on market for homes have fallen: The influx of people into the bayside area has meant increased competition and reduced stock levels, with many properties selling at or before auction. This has pushed days on the market down to 30 days for houses and 50 days for apartments.
If you've been contemplating putting your bayside property on the market then now is the time to make the most of the high demand and potential for price spikes that our fast growing area can offer.