If you compare the increase in value of investment property in Byron Bay, 2481 to the rest of Australia, it performed very well. The median increase in value, or capital gain property investors experienced for this NSW suburb was 37.61%.
When looking at the potential capital gains offered to property investors over the last 3 years, Byron Bay comes in at number 18th in NSW.
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.22% offered to property buyers. Sellers in Byron Bay itself are offering an average vendor discount of -7.54% to real estate investors.
Often selling an investment property can take time, and in Byron Bay the average time real estate has been on the market is 73.53 days.
Property investors who have had real estate in Byron Bay, 2481 should be pleased with this NSW suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 22.69%
Byron Bay,2481 has offered an average of 22.69% return per annum in house price rises to property investors over the last three years.
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.13% offered to property buyers. Sellers in Byron Bay itself are offering an average vendor discount of -4.70% to real estate investors.
At number 891 in a list of fastest selling suburbs, Byron Bay is just in the bottom half of suburbs in Australia with an average of days on market 81.9 for properties listed there.
Byron Bay is 101th on a list of best yielding suburbs for rents in NSW with a 4.89% return
Byron Bay has made quite an ascent from quiet surfer town in the 70s to its current status as a tourist and seachanger mecca, and its property market has reaped the benefits.Full summary
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Byron Bay has made quite an ascent from quiet surfer town in the 70s to its current status as a tourist and seachanger mecca, and its property market has reaped the benefits.
The boom started at the beginning of 1987, and Byron Bay’s median went on to almost triple in just over eight years, reaching $158,769 by March 1992 according to Residex figures. After a year-long flat spell, Byron Bay then went on to record an impressive 61 consecutive quarters of growth.
December 2006 to September 2008 saw the median rise by a staggering $199,220, to reach $911,054. Interestingly this coincided with a period of intense population growth, with the Byron LGA’s resident numbers swelling by 803 in two years according to ABS stats. (The figure for the previous two years was just 173.)
The GFC then saw the median drop and stagnate at around the $900,000 mark for a year and a half, before once again hitting a historic high in June 2010 of $915,336. September 2010 did see a quarterly drop of just under $2,000, but it looks like Byron Bay has survived the worst the downturn.
Raine & Horne Byron Bay principal Sophie Christou, believes that the pairing of a strong interstate demand and a short supply of properties will keep the local market healthy.
“Forty-two per cent of our owners are either interstaters of from overseas,” says Christou. “We’ve got a very green council, so not a lot gets approved and that contributes to capital growth.”