Over the last year, property investments in Byron Bay, 2481 have given investors a capital gain of -3.94%. This compares badly with the 0.15% for NSW as a whole.
If we look at median property appreciation over just the last three months, Byron Bay has given property investors a paper return of 6.64%. This puts Suburb as 142 on a list of fastest fasting appreciating suburbs in NSW
The most recent median price for Byron Bay is $1525000, with sellers offering an average of -10.35% off the asking price.
The NSW suburb of Byron Bay, 2481 is in the Byron (A) local government area.
Property value increases in Byron Bay have tracked just lower than the NSW average of -0.92% 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 258th in NSW.
State is the 5th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.01% offered to property buyers. Sellers in Byron Bay itself are offering an average vendor discount of -5.80% to real estate investors.
Situated 623.91km from the CBD, Byron Bay is one of Byron (A) localities in the postcode 2481.
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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.”