With a capital gain of 10.09% for the last 12 months, Byron Bay, 2481 has performed for property investments than its average annual 6.08% property growth over the last 5 years.
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.
Vendor discounting in Byron Bay is giving property investors an average Vendor Discount of around -11.01%. This puts suburb at number 30th in NSW when ranking the most discounted suburbs.
At number 2302 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 92.23 for properties listed there.
A $750 per week rent on the median house gives suburb investors a gross yield of circa 3.44%, without taking into account capital value appreciation, which has been averaging out at 6.08%.
Property value increases in Byron Bay have tracked just higher than the NSW average of 5.59% over the last 12 months.
Byron Bay,2481 was ranked 243 in Australia by increase in median property value over the quarter.
LACK OF BUYER INTEREST may well be the reason that Byron Bay is offering property investors an average of -4.45. This rate of discount on properties puts Suburb at number 184th in terms of most discounted suburbs in NSW
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.”