With a capital gain of 43.66% for the last 12 months, Byron Bay, 2481 has performed for property investments than its average annual 9.63% property growth over the last 5 years.
While Byron Bay,2481 ranked number 1001th in NSW for increase in median house value (annualised) increase, it is ranked 6th over the last 5 years.
LACK OF BUYER INTEREST may well be the reason that Byron Bay is offering property investors an average of -5.35. This rate of discount on properties puts Suburb at number 129th in terms of most discounted suburbs in NSW
Byron Bay is 822th on a list of best yielding suburbs for rents in NSW with a 3.06% return
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 27.82%
While Byron Bay,2481 ranked number 298th in NSW for increase in median house value (annualised) increase, it is ranked 140th over the last 5 years.
At number 164th 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.
In the last year 137 properties changed hands in Byron Bay, which puts it as the 112th most active market in NSW when comparing the number of sales per suburb.
With the median price for a house in Byron Bay being $792500 and the advertised rent reaching $700 the gross rental yield for property investors calculates out to be 4.59%
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.”