Byron Bay has had a pretty good year for property investment returns compared to the rest of NSW, giving investors a capital gain of 9.30% to date .
A 73.43% growth in median value for property investors in Byron Bay,2481 puts this suburb at number 181th in terms of best performing suburbs in NSW
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.49% offered to property buyers. Sellers in Byron Bay itself are offering an average vendor discount of -10.98% to real estate investors.
Residents and property investors in Byron Bay have been waiting around 89.41 days to sell a property.
Using the current median advertised rental of $800 and the average annual increase in value of a median property of 6.65%, investors should hope to achieve an overall return of 3.54%
Byron Bay is in the TOP 20% in NSW when comparing median price capital growth over the last year. Byron Bay gave property investors a very good capital gain figure when compared to the rest of the state, with 16.77%.
Byron Bay,2481 has offered an average of 16.77% return per annum in house price rises to property investors over the last three years.
Property buyers and investors in Byron Bay 2481 should be seeing an average reduction in asking price of around -4.93% . This means that Byron Bay is holding prices well when compared to other suburbs in NSW.
Residents and property investors in Byron Bay have been waiting around 95.66 days to sell a property.
Using the current median advertised rental of $665 and the average annual increase in value of a median property of 5.85%, investors should hope to achieve an overall return of 5.11%
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.”