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Following an unexpected year filled with unprecedented challenges, new opportunities have emerged in the residential property market making 2021 one of much needed positivity and optimism.
Tim Lowe, Managing Director of Lowe Living and Lowe Create has 18 years of industry experience and is passionate about providing luxury residences to discerning owner-occupiers and downsizers in Melbourne’s most desirable locations. We asked Tim to share his thoughts on the property market trends for this year and how they may impact Bayside living.
“The Bayside property market has remained surprisingly resilient and at Lowe Living we’re experiencing strong demand and positive growth. Almost 30% of apartments at Topaz Parkdale sold shortly after it launched in September, despite COVID restrictions remaining. The final of six luxury apartments at Lumiere Black Rock was sold the day after the extended Melbourne lockdown lifted,” said Tim.
Buyer confidence is currently at a level not seen since the onset of the pandemic. Low interest rates, tax breaks and government stimulus have created an environment that is now primed for rapid growth and investment.
While lower immigration may challenge inner-city living, Melbourne’s lifestyle suburbs, like Bayside, are set for positive growth. According to data from Real Estate Institute of Victoria’s quarterly December report, Metropolitan houses in Melbourne surpassed a median value of $900,000, jumping by 9.5 per cent from the September quarter (source: REIV). Brighton retained its exclusive status as one of Melbourne’s most premium suburbs with buyers spending more on houses here than any other suburb (source: realestate.com.au), while Parkdale and Chelsea have shown to be Melbourne’s most consistent markets (source: realestate.com.au). Lowe Living lead the market in property development and construction in these highly sought after suburbs, with current projects Sera Brighton, Topaz Parkdale and La Sal Chelsea all experiencing keen interest.
CoreLogic head of research, Eliza Owen, told The New Daily she expected house prices to continue to rise in the first half of 2021, ahead of the conclusion of loan payment holidays. This, coupled with stock on the housing market in December 2020 sitting about 20 per cent lower than where it was in December 2019, and 24 per cent below the five-year average (source: abc.net.au), creating buyer competition and an upwards pressure on prices, has made it a great time for sellers and provided a fantastic opportunity for downsizers.
Functional dwelling design and location have greater importance than ever
After experiencing a period of confinement to our homes and local community, the property market is being driven by lifestyle choices. Melbourne’s lockdown reminded homeowners about the importance of location and access to local amenities and outdoor recreation.
“The COVID-era has taught us that now more than ever, our immediate radius is critical to wellbeing and lifestyle,” says Tim. “Bayside is one of Melbourne’s most desirable lifestyle locations and at Lowe Living we acquire superior sites in these suburbs with walking access to cafes, restaurants, and shops, along with parks, beaches, walking trails and bike paths.”
Sera Brighton sits in the heart of Dendy Village, and a stone’s throw from Brighton’s crystal waters. Topaz Parkdale is located just moments away from the welcoming atmosphere of Parkdale Shopping Village and the calm blue waters of Port Phillip Bay. While Azura Aspendale gives residents rare and uninterrupted views of and access to one of Victoria’s most spectacular stretches of beach.
With new ways of living and working, buyers are seeking multi-functional homes with more space. There is a growing preference for distinct spaces such as home offices, studies, playrooms, workout rooms, and outdoor leisure spaces. With remote work set to go mainstream and a continued avoidance of public transport, features like sound-proofing, natural ventilation and parking spaces will be key.
Tim explains how Lowe Living is committed to delivering the best possible home for our clients. “Our boutique apartments and townhomes have a house-like feel which is often lacking in multi-residential developments. We place an emphasis on spacious interiors with generous air flow and natural light. We offer private outdoor areas with beautiful landscape design, where residents can retreat and relax.”
A greater appreciation for quality products and services
Spending more time in the home ultimately leads to a greater appreciation for quality construction and design longevity. In 2021 buyers will gravitate to projects that deliver on quality and care in every detail, rather than being distracted by sizzle and marketing hype (source: The Urban Developer).
With interest rates well and truly palatable, owner-occupiers are upgrading to better quality investments (source: Australian Broker). Downsizers are also seeking an ‘upgrading’ experience with good-sized kitchen and dining areas for entertaining friends and family in the home, as well as spacious master suites.
The industry experience held by the Lowe Living team guarantees the highest levels of design and construction services are achieved at every stage of development. We collaborate with best-in-industry architectural and design partners to create the best possible home for our clients, which is then delivered by our partner Lowe Create, who are dedicated to delivering on the design intent and have a strong reputation for meticulous construction.
Tim explains that Lowe Living takes pride in creating homes of exceptional design and superb craftsmanship. “We partner with market leading architects, interior architects and landscape architects that have a proven record of outstanding and timeless design. We are committed to producing high quality, beautiful residences that deliver enduring enjoyment for our discerning clients.”
A positive outlook for Bayside and Lowe Living
While there is still some uncertainty whether the current momentum can be sustained, as most stimulus measures continue, with interest rates set to remain low for a number of years and as Australia’s economy continues to reopen, buyer demand will likely stay at near record-high levels in 2021, driving strong demand for property purchases (source: realestate.com.au).
The reassessment of people’s lifestyles has buyers looking to the suburbs, instead of inner-city at the moment, which will continue to drive up value in Bayside properties. While townhouses and single-level units will also continue to gain value (source: realestate.com.au).
In conclusion, Tim shared this final thought “We’re mindful that 2020 was a challenging year for many and there’s still some uncertainty about the impact COVID-19 will have in the future. However, early signs and predictions from top industry voices are positive and we’re very confident in our market. Our product and service is perfectly poised to respond to the returning demand for high quality, trusted end-to-end development and construction of beautiful homes that afford exceptional living and enjoyment for years to come.”
Note that all sources have been acknowledged and remaining information is based on personal ideas and opinions.
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