Mid Year Bayside Report
The Top of the Top End market right now in Bayside is on life support, as it is barely breathing. This year I can think of only one sale over $5m in Bayside, and that was Marshall White’s $7.77 million sale on Brighton’s Golden Mile last month. Compare this to Stonnington and Toorak in particular, where it’s not that hard to rattle off 10 or so sales over $5m. In fact there were a good handful of sales over $10m around Easter in Toorak/South Yarra.
Bayside agents may say there has been a quiet sale we are not aware of, and perhaps that’s true. However, traditionally Toorak and Brighton are the absolute jewels in Melbourne’s Million Dollar crown and the fact is that in the year to date in 2012 one of those jewels has decidedly lost its sparkle.
What does this mean? Well, we do have to say that, having worked across a few areas, we have always found Bayside an area where there seems a little less in the way of substance and more in the way of bulldust when it comes to buying a home. And when facts and figures and truth are thin on the ground, buyers tend to freeze up and not act when they get nervous and the going gets tough.
On a more specific level, Sandringham started pretty well and has gone better than the rest particularly in that low $1 million dollar range. So business there hasn’t been too bad in 2012. However, in East Brighton the $2m+ transaction has moved from the norm in 2010 to a rare bird in 2012.
In Brighton, sales have been happening fairly regularly in the mid $1 million to mid $2 million range, but have been more difficult to achieve over $3 million.
Real Estate Agency wise, the market has knocked a few of the established agencies around and some newbies seem to be making solid inroads with Marshall White Boards popping up and the effervescent Nick Johnstone making more phone calls than a political leader counting his numbers.
What’s happening after the Winter break? Well, probably not much unless some good stock can be found, more vendors can understand the market has changed dramatically and the real estate banter can become less of spin and “they paid this a few years ago, so they will want this plus” and more of “well let’s see if we can find some common ground. We are thinking this but what’s your view on price Mr or Mrs Buyer?”
Enjoy the school holidays if you can!