Architecture and Design Obsession
Cooling Bayside market puts buyers in the box seat this spring
32 Miller St, Highett in sold for $2.041 million during the winter lull this season.
SPRING is shaping as a property buyers’ bonanza in Bayside.
A cooler market, public transport upgrades and the new Beaumaris Secondary College have helped create the best buying conditions in years, experts say.
The home is listed by Buxton Hampton East, who had 28 auctions scheduled for September.
RELATED: Highett house taps record with bar fridge and beers thrown in
Proposed suburb Pennydale could become Bayside’s next exclusive pocket
Bayside buyers continue to stay close to home, sales data shows
WBP Group director Greville Pabst said undervalued suburbs Cheltenham, Beaumaris and Highett were perfect for buyers who wanted to take advantage of the softening market.
“This particular spring is probably going to be different to what we’ve experienced in the past five years, as it’s become a real buyers market.” he said.
“Many suburbs will still have really strong growth because of the relatively new Southland train station which runs right through a retail hub.”
Spring is predicted to put buyers in the box seat with more listings.
Mr Pabst said low clearance rates meant buyers were in a good position to negotiate after a pass-in at auction.
“Always do your homework, seek independent advice from a buyer’s advocate and make sure your finances are in order when bidding,” he said.
Buxton Hampton East director Adam Gillon said his agency had 28 auctions scheduled for September and a huge spring season ahead.
“The current market presents an opportunity for buyers who may have previously been priced out of A-grade homes,” he said.
32 Miller St broke the family home price record in Highett this winter.
The home passed-in for $1.961 million and sold after in post-auction negotiations.
He said warmer weather attracted more people to Bayside, looking for houses with swimming pools and that were also close to the beach.
“There are homes on the bay side of the Nepean Highway which offer a lot of value considering they’re zoned to some of the best schools in Melbourne,” he said.
Exclusive suburbs Brighton and Sandringham have seen median house prices dip by 8.6 and 1 per cent this year, according to CoreLogic data. Highett’s median house price continued to grow over the same period by 5.6 per cent.
MORE: Live it up like the Kardashians’ once did in this Thai resort
