NSW has seen average median house prices change by 10.13% which means that Byron Bay, 2481 has done well for property investors by showing a capital gain of 48.19% over the last year
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Byron Bay has increased when compared to the 5 year average annual rate.
Byron Bay, 2481 is offering NSW ‘s 125th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 20% of discounts offered by this NSW.
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 28.51%.
Byron Bay,2481 was ranked 914 in Australia by increase in median property value over the quarter.
Property investors looking for a bargain in Byron Bay should be aiming for at least -4.56% off the asking price, which is the average vendor discount being achieved at the moment.
At number 1110 in a list of fastest selling suburbs, Byron Bay is in the bottom 30% of suburbs in Australia with an average of days on market 98.28 for properties listed there.
Byron Bay, 2481’s gross rental yield is 4.55%
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.”