Byron Bay, 2481 ranked 74th in NSW when comparing growth in median property values or capital gain over the last 12 months. Byron Bay is one of 3163 in our list for NSW
Comparing Byron Bay,2481 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
The most recent median price for Byron Bay is $1300000, with sellers offering an average of -10.70% off the asking price.
Using the current median advertised rental of $900 and the average annual increase in value of a median property of 7.90%, investors should hope to achieve an overall return of 3.60%
Property value increases in Byron Bay have tracked higher than the NSW average of 5.88% over the last 12 months.
The five-year average increase in median property values for Byron Bay,2481 has given property investors a potential capital gain of 80.46% across each of those five years.
Sellers are offering property buyers an average discount of -5.12% to buyers in Byron Bay at the moment, which is less than average for the rest of NSW.
At number 1139 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 99.94 for properties listed there.
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.”