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With a new year comes new opportunity in the housing market and 2020 is set to be no exception.
Tim Lowe, Founder and Managing Director of Lowe Living, has over fifteen years of industry experience and is passionate about providing high-end residential apartments and townhouses to the owner-occupier and downsizer market. We asked Tim to reflect on the year ahead and how the current market trends may impact Bayside.
Tim says that while the market will continue to strengthen and recover from the soft conditions of early 2019, more specific trends will emerge over the next 12 months presenting downsizers with a golden opportunity to take the next step.
Bayside Melbourne will continue to lead the way this year, after playing a pivotal role in resurrecting the flailing property market in 2019.
CoreLogic data reveals that unit value in Sandringham and Black Rock skyrocketed towards the end of last year, with an 18.6 per cent increase to an $846,381 median, closely followed by neighbouring Beaumaris (up 17.1 per cent to $1.02 million) and Mentone (16 per cent to $624,396) .
Interestingly, Parkdale, home to one of Lowe Living’s most exciting pipeline developments, has also continued to surge in popularity .
Tim says that a combination of beachside luxury and lifestyle convenience makes Bayside the preferred choice for many homeowners.
“The long stretch of stunning coastline, proximity to quality schools and a thriving cafe and entertainment culture mean that more and more people are seeking a ‘sea change’ within striking distance of the CBD.”
While purchasers continue to flock to Port Phillip Bay, a rising demand for established homes combined with an excess in new apartment stock has created the perfect opportunity for downsizers to make their move.
The strong demand for houses and detached dwellings continues, with Melbourne’s house price index up by 3.7 per cent last year, compared to 3.6 per cent for attached dwellings .
“Downsizers will be rewarded for taking the leap now. They’ll be able to secure an apartment or townhome which might have previously seemed out of reach, while maximising their equity release. The time is now for downsizers to sell.” Says Tim
The access to direct street front, low maintenance yard space, size and relative affordability of townhomes continues to appeal.
With clever planning, townhouses can generate the community-feel lacking in traditional unit blocks, an element Tim says has been central to Lowe Living’s recent work.
“Our newest residences at Azura Aspendale in particular speak to this kind of engagement,” said Tim.
“We’re establishing a sense of community through the careful design of interconnecting walkways leading to the beach, while still maintaining residents’ privacy via the inclusion of separate entryways.”
The increased popularity of transit-based walkable neighbourhoods will see continued development in this space in 2020.
“Residents are looking for a home from which they can walk to their everyday activities,” said Tim.
“Having great cafes, schools, entertainment and leisure options within walking-distance makes a significant difference in terms of lifestyle, but also in terms of sustainability.”
“Our residences such as Azura Aspendale, Alamer Brighton and upcoming project in Parkdale are all great examples of establishing new homes that connect and contribute to the heart of local community.”
Tim predicts the use of sustainable materials, such as engineered wood and other cross-laminated timber, will continue to surge in popularity.
“As we become more environmentally-aware and mindful of our footprint, putting an increased focus on sustainable materials and design will be even more important,” said Tim.
“Exploring alternate materials is an exciting field for builders, architects, purchasers and the community in general. ‘Green Technology’ is gaining significant traction with applications such as; solar power roofs, onsite battery storage of solar energy, increased vertical landscape gardens and sustainable timbers. We’re pleased to be working with best-in-industry design teams that have sustainability at the core of their practise. As developers, we will continue looking to effectively integrate elements such as concrete, brick and timber to reduce reliance on artificial climate controls and minimise carbon footprint.”
Initiatives looking to increase efficiency and sustainability will influence every stage of the development process.
Tim also predicts a continued focus towards future-proofing, such as the provision for a car charging station in the garages at Alamer Brighton, and the continued use of premium energy efficient appliances.
“We will see more buyers prioritising sustainable-living, in a way that still delivers luxury and comfort.”
With the market thriving once again, the new year is full of expectation.
“For our customers, generally downsizers, there is significant opportunity,” says Tim. “While we know Bayside will continue to appeal, the unique set of circumstances around supply and demand mean that we anticipate a lot of movement in the market.”
“The increased focus on sustainable living as well as connection to community is something we’re really looking forward to,” says Tim. “We’re always looking for ways to innovate and to deliver the best product possible and the next 12 months are no exception.”
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*The views and opinions expressed here are those of the author.