Bayside Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
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 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.
CHANGE FROM LAST
YEAR
Redland City LGA plans to see approx. $257.7M of new projects commencing construction in 2024. Commercial $28.4M
Industrial $10.0M
HALF YEAR
Residential $98.8M
HOUSE SALE S
Infrastructure $97.1M
HOUSE ME DIAN PRICE HOUSE RE NTAL PRICE
Mixed-Use $23.5M
UNIT SALE S
A key infrastructure project in 2024 is the Redlands Coast Regional Sport & Recreation Precinct Stage 1 (Local Government, $30.0M). This project will construct bulk earthworks for entire site including the bike sub-precinct and recreation sub-precinct.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
Key residential projects include:
$ MARKET CONDITIONS MEDIAN PRICE Q3 2024
$910K
$637K
MEDIAN PRICE Q3 2024
$700
SALES
AVERAGE DAYS ON MARKET Q3 2024
34
57
HOUSE
U N I T
RENTALS
$600
•
219-221 Bloomfield Street Apartments Stage 4 (52 Units).
•
36-40, 42, 44, 48, 50, 52 & 56 Double Jump Road & Prospect Crescent Residential Subdivision Stages 2-12 (296 Lots)
•
297-299 Old Cleveland Road East Townhouses (23 Townhouses)
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.
AVERAGE DAYS ON MARKET Q3 2024
20
18
HOUSE
U N I T
138 Units/ Apartments
43 Townhouses 544 Lots