Byron Bay is in the bottom 10% in NSW when comparing median price capital growth over the last year. Byron Bay gave property investors a dismal capital gain figure when compared to the rest of the state, with -7.59%.
A 46.72% growth in median value for property investors in Byron Bay,2481 puts this suburb at number 823th in terms of best performing suburbs in NSW
Vendor discounting in Byron Bay is giving property investors an average Vendor Discount of around -9.61%. This puts suburb at number 56th in NSW when ranking the most discounted suburbs.
With the median price for a house in Byron Bay being $1005000 and the advertised rent reaching $700 the gross rental yield for property investors calculates out to be 3.62%
Property value increases in Byron Bay have tracked close to the NSW average of 6.59% over the last 12 months.
When looking at the potential capital gains offered to property investors over the last 3 years, Byron Bay comes in at number 299th in NSW.
At number 175th of NSW’s most discounted properties, Byron Bay is in the bottom 40% of the state/territory when listing in order of most discounted to least.
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.”