/Bayside units and townhouses a top choice in 2018

Bayside units and townhouses a top choice in 2018

4 Moule Ave, Brighton

Bayside’s property market had slow growth in 2018.

First-home buyers and downsizers took advantage of slow growth in the Bayside market and broke into the area during a year where prices remained relatively steady.

While high-end properties struggled to secure sales, medium-density and single-level properties were in demand during 2018, agents say.

CoreLogic data shows the municipality’s biggest median price gains were notched by units in Hampton East and Brighton East, which increased by 47.8 per cent and 19.7 per cent respectively.

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4 Moule Ave in Brighton sold $1 million over reserve.

A-Grade properties struggled to secure sales.

Bayside’s overall median house price grew 2.8 per cent to $1.85 million in the 12 months to September.

WPB Group director Greville Pabst said while property value had declined between 5-10 per cent, there was strong growth in the downsizer market.

“The two most common buyers who have pushed good results along Bayside this year are first-home buyers and downsizers,” Mr Pabst said.

A luxury apartment at 11/8B Lindsay St, Brighton sold this year.

It sold for more than $4.5 million.

Townhouses and medium-density apartment buildings were performing well in the municipality because of demand from these buyers, he added.

Luxury apartments were also a major drawcard for downsizers looking for single-level properties.

A penthouse at 11/8B Lindsay St, Brighton sold for over $4.5 million. A single-level home at 32 Miller St also broke Highett’s family house price record when it sold for $2.401 million.

32 Miller St, Highett

A single-level home at 32 Miller St, Highett sold for $2.041 million.

32 Miller St, Highett

Single-level properties attracted a variety of buyers including downsizers.

Hodges Sandringham director Angus Graham said properties that appealed to downsizers pulled the best results in 2018.

“Also 1970s villas do really well … as they are an alternative to high-rise apartments,” Mr Graham said.

He added that Hampton was a particularly popular suburb, with buyers choosing it as an affordable alternative to Brighton. The new Beaumaris Secondary College was fuelling demand for A-grade properties south of Brighton.

32 Miller St, Highett

It set a new family house price record for Highett.

32 Miller St, Highett

Highett was a popular suburb in 2018.

“As Brighton remains an expensive suburb, buyers will veer towards good alternatives such as Hampton, which still provides Bayside perks just at a reasonable price.”

A family home at 12 Gillies St in Hampton sold “hundreds of thousands past reserve” for $1.485 million, Mr Graham said.

Hampton’s median house price sits at $1.905 million, CoreLogic records show.

12 Gillies St in Hampton sold for $1.485 million.

It sold “hundreds of thousands above reserve”, Mr Graham said.

But some strong sales for luxury family-sized homes were notched across Bayside.

A Brighton mansion at 4 Moule Ave was a standout auction, which pushed $1 million past its reserve to $6.1 million.

Nick Johnstone director Nick Johnstone said the sale injected confidence into the market after a tough winter.

Hampton was another popular suburb, as it is far cheaper than Brighton.

“The market turned after Easter and agents and vendors were largely unprepared for it, so urgent realignment was required,” Mr Johnstone said.

“But Hampton has shown strong capital growth over the last two years, Sandringham remains ever popular and Highett continues to be recognised for its amenities and location to the CBD and bay.”

CoreLogic records show Brighton remained Bayside’s most expensive suburb with a median house price of $2,437,500.

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