Our Bayside Has Been Discovered
House prices have skyrocketed, peaking in December 2021, with the critical driver being an overwhelming demand for lifestyle areas. As a result, Wynnum, Manly and its surroundings are forging their way to the front!
We caught up with Gail Gobey who breaks down the hottest questions on everyone's mind.
What's driving this trend?
We have a combination of First Home Buyers with aspirations of inner-city living. As they explore further afield due to the rising cost of homes, they have discovered Wynnum and our beautiful Bayside. Migrant enquiries continue to grow, and families who were comfortable purchasing in mid 8's to 9's now have to increase their budget. We see increased investor activity while First Home Buyers (young families) move toward unit and townhouse dwellings. Renovations are somewhat off-trend due to rising house prices and the challenges encountered in securing materials and trades.
How long will it last?
We have just endured a catastrophic chain of events. However, considering the most recent floods and those that occurred in 2010 and 2011, our Bayside has undoubtedly proved resilient, mainly escaping the devastation and damage we see around us. This will further attract buyers to continue looking our way as we are going through very unusual times. Therefore unless the Media intervenes, I see no reason for any significant change.
Is the market slowing?
I don't believe it is; we have been extremely short of stock, driven by overwhelming buyer demand, especially in the last six months of 2021. However, with a slow down on enquiries at the start of 2022, quality homes are holding their own, more stock is now coming to the market, which will offer exhausted buyers more choice.
Our beautiful Bayside should continue to see the influx of new interstate residents. Combining this with strong First Home Buyers demand, we expect the 2022 housing demand to remain strong, particularly in smaller centres and capital city outer suburbs. Demand will continue to put pressure on prices however should remain affordable in comparison to larger city centres such as Sydney, Melbourne, Brisbane, Gold Coast and so on.
The market is hot - now is the time to act!
Not selling but would love to understand where your property sits in today's market? Gail Gobey is a passionate, multi-award-winning Wynnum advocate, so if you are considering either, please get in touch with Gail Gobey on 0439 584 111 today!
