Bayside Property Market Update 2nd Half 2024
Bayside offers a tranquil coastal lifestyle with ample parklands and a laid-back atmosphere, perfect for those seeking a peaceful retreat. It is also ideal for sailing and fishing enthusiasts, with Moreton Bay’s beautiful marine parks and estuaries to explore.
Property Trends
In Q3 2024, Bayside recorded a median house price of $910,000 and a median unit price of $637,500. This represents annual (Q3 2023 – Q3 2024) growth of 7.7% for houses and a slight softening of -3.0% for units. Comparing Q3 2023 and Q3 2024, total sales decreased by -9.9% for houses (to 245 sales), and by -63.6% for units (to 32 sales). The house market is undersupplied, which created a buffer against higher interest rates – hence price growth. The unit market is also undersupplied, however due to a stronger preference for houses it is not as protected. That said, a more affordable unit market creates new opportunities for buyers.
Project Development
Redland City LGA plans to see approximately $257.7M of new projects commencing construction in 2024. With no stand-alone houses planned in the pipeline, the housing market is likely to remain undersupplied. This shortage is expected to drive up median house prices even further.
Rental Market & Growth
House rental yields in Bayside was 3.8% as of September 2024, lower than the Redland City LGA (4.2%) but higher than Brisbane Metro (3.2%). This was paired with a 7.7% increase in median house rental price in the past 12 months, at $700 per week, along with a 14.2% increase in the number of housed rented (to 242 houses in Q3 2024). Average day on the market has declined, by -9.1%, to a historical low level of 20 days. This suggests a highly demanded and competitive house rental market in Bayside, which is beneficial to investors.
Vacancy Rates & Property Investment
Bayside recorded a vacancy rate of 1.0% in September 2024, slightly below Redland City LGA (1.2%) and Brisbane Metro (1.1%). Vacancy rates have shown an increasing trend in the past 12 months, due to investors re-entering the market. However, a 1.0% vacancy rate is well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This suggests quicker occupancy of rental properties, thus a conducive environment for investors in Bayside, even with a higher entry price.
