Premium homes continue to perform well and withstand price fluctuations. With our borders now open, expatriate Australians and foreign buyers will further bolster demand for superior properties in coveted locations.
Buyers are placing increased value on their time and want to be in a position to move straight into a property without further work required. Inflation in the construction industry has also pushed renovators and those looking to build homes to focus on well-renovated premium properties. We see this trend continuing as labour prices and material costs increase further, and this will help cushion the local property market.
Previously high vacancy rates are beginning to trend downward, with the apartment market seeing the bulk of the benefit. Family homes also remain popular and we are seeing rental yield move back toward pre-pandemic levels.
Large-scale apartment blocks are out of vogue in Bayside, with developers now focusing on townhouses, and smaller boutique blocks targeting the higher end of the market.
This year’s edition of The Report investigates the five biggest influences shaping the current property market and details the key infrastructure improvements that will add to liveability in Bayside. Demographer Simon Kuestenmacher unpacks the movement of Victorians post-pandemic and what this means for our cities moving forward, and Jellis Craig CEO Nick Dowling makes his predictions about what is next for the property market.
We hope you enjoy our 2022 edition of The Report and we look forward to guiding you through the sale or purchase of your next home.