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| Melbourne's Bayside has always had a pleasant ambience. Even in its murky past, when parts of it were "slummy"; its period houses, vibrant migrant atmosphere and of course the seaside meant that it had a place in the hearts of many. This popularity has made its jewel, Brighton, second only to Toorak's prestige. Here an average home will fetch around half a million. Clearly we are talking of an area where many wish to live. The rest of Bayside has recently not been slow to catch up; there is a boom going on. | |
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The question to ask is why has the boom taken so long coming? Try Comparing Bayside to harbour Sydney prices, then consider Bayside's small area of land, and it being close to both the city and the beach? One reason is maybe its flatness. Only those few properties with absolute water frontage can usually even get sea glimpses. Inevitably developers have wanted to build up, but have encountered fierce local resistance. High rises, it must be admitted, are out of character with the area's seaside resort ambience. Perhaps another factor has been the perception of "dirty" water. This nowadays hardly applies, with considerable progress having been made on the bay's cleanup. |
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| Gentrification is on the march. Pawnbrokers have given way to patisseries. And with this have come the price rises. You won't see properties selling less than $200,000 in Port Melbourne, nor less than $440,000 in Brighton. The dictates of fashion mean concrete "Grecian" balconies are being torn down to restore the original cast iron. For all this, speculators are hardly the mainstay of the Bayside market. Mostly private homebuyers are competing fiercely to live in the area, yet those who are already "in" are happy to stay. This means that the better properties - double fronted or family homes - are rare to come on the market. | |
| It is this lack of supply that should suggest caution about moving Bayside as an investment. With fierce bidding on few properties, it is hard to tell whether people are getting their monies worth. Furthermore, traditionally the Bayside market has been a bit of a wild card, reflecting the economy's health more than, say, the solid market of Toorak does. For all this it does seem to be about time. While lacking the knockout factor of Sydney harbor, seaside Bayside has the feel of a bargain still; on the doorstep of the CBD and right by the sea. |