NSW has seen average median house prices change by 8.99% which means that Byron Bay, 2481 has done well for property investors by showing a capital gain of -0.50% over the last year
Byron Bay,2481 was ranked 3455 in Australia by increase in median property value over the quarter.
Sellers are offering property buyers an average discount of -9.38% to buyers in Byron Bay at the moment, which is less than average for the rest of NSW.
Using the current median advertised rental of $717.5 and the average annual increase in value of a median property of 6.46%, investors should hope to achieve an overall return of 3.73%
Property investors who have had real estate in Byron Bay, 2481 should be relatively 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 6.61%
Over the longer term, Byron Bay has seen property prices show investors a 30.32% return over the last 3 years. This is worse than over the last 12 months
Vendor discounting in Byron Bay is giving property investors an average Vendor Discount of around -5.92%. This puts suburb at number 78th in NSW when ranking the most discounted suburbs.
Property investors should expect to get $615 weekly from the median priced house in this suburb.
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.”