With a capital gain of 21.36% for the last 12 months, Byron Bay, 2481 has performed for property investments than its average annual 7.75% property growth over the last 5 years.
Byron Bay,2481 has offered an average of 21.36% return per annum in house price rises to property investors over the last three years.
Property buyers and investors in Byron Bay 2481 should be seeing an average reduction in asking price of around -12.39% . This means that Byron Bay is holding prices well when compared to other suburbs in NSW.
At number 2459 in a list of fastest selling suburbs, Byron Bay is in the bottom 40% of suburbs in Australia with an average of days on market 95.37 for properties listed there.
The NSW suburb of Byron Bay, 2481 is in the Byron local government area.
Investment property in Byron Bay has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 16.68%
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.
Our latest figures would indicate that property sellers in Byron Bay are currently offering property investors an average price cut of -4.60% below the asking price at the moment.
Often selling an investment property can take time, and in Byron Bay the average time real estate has been on the market is 96.2 days.
Renters in Suburb are facing rents around $8040 per annum or $670 every week.
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.”