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What’s wrong with Byron Bay?

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Your Investment Property | 17 May 2019, 08:40 AM Agree 0
The coastal town toppled Sydney as the most expensive place in the country, but its booming house prices have brought consequences to the local market
  • John Galt | 17 May 2019, 01:53 PM Agree 0
    I don't conform to this "social disadvantage" crap - What additional advantages did I or any other Australian have over the residents of Byron Bay? What disadvantage did they have that I did not? Those that have lived in the town all their lives should have seen the values of their family properties rise incredibly and be sitting on enough equity to live very comfortably in a very wide variety of places. Arguably, they have more advantage than others based on the luck of where they grew up. Spare me the bleeding heart rubbish!
  • Angalfaria | 19 May 2019, 04:33 PM Agree 0
    It always depends on the price of the property. Not for Sydney also whole over Australia.
  • Brad Scott | 20 May 2019, 08:09 AM Agree 0
    I agree with John Galt's comment and would also like to add that I'm only able to live in Sydney because I saved 50% of my income between the age of 15 and 21. I used my savings to buy a unit and was then able to continue to save, sell my unit and buy a home. I new from a young age that if i didn't save I wouldn't be able to buy in Sydney. My children have saved and are also able to buy in Sydney. Property prices have been increasing at a rapid rate all my life, 54 years, throughout eastern seaboard of Australia. It's taken me 14 home purchases/renovations to get into the position that I am today. I could have traveled like many of my teenage friends, spent my money, not saved and been in the position that they are know, RENTING. We live in the greatest country on earth, everyone wants a piece of it and our politicians allow not only Australian Citizens but other Citizens of the world to buy a piece of it. Therefore prices of properties are only going to continue to increase as parts of the world become richer (China, etc) visit Australia and want a piece of it.
    • Ben | 20 May 2019, 01:39 PM Agree 0
      Well, I didn't...I bought a land parcel at the bottom of the market, and then watched it rapidly rise in value, earning my deposit as it went. Then I built the house for half price myself, then watched it quadruple in value, because of its position and fabulous views. Meanwhile I spent all my wages on travelling and fine wine, and then when the GFC hit I lived off the capital gain for a bit. People ask me why I don't sell. I can't be bothered explaining it to idiots: but essentially the massive capital gain is the next deposit. This is a far better plan for today's young, because it'll take them all their lives to save that first deposit from their meagre wages, but, and this is a mighty big BUT: they need to know how to select their property, and when, without resorting to all the emotionally driven crap that people tell them.
  • Ben | 20 May 2019, 01:29 PM Agree 0
    From an investor's perspective its clear that Byron Bay is at the top of the market. A savvy investor buys low and sells high..obviously to make a profit. So its time to sell. Alternatively its time to hold and rent it out, if there is a long term strategy, but this depends on the quality of the particular property, noting that average prices are not the price of a particular property. The story is simply reporting that of the people who have lived there in the past, some have insufficient income to hold, and that some have insufficient income to rent in Byron and therefore have to move. This is not necessarily a disadvantage, especially if such people reinvest in the next (future) Byron Bay, with a plan to make capital gain over a long period, or move to rent somewhere else other than Byron and are able to retain their Byron property and rent it out whilst renting somewhere else, noting that negative gearing is to be retained by the incoming LNP government.
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