If you compare the increase in value of investment property in Byron Bay, 2481 to the rest of Australia, it performed quite well. The median increase in value, or capital gain property investors experienced for this NSW suburb was 5.00%.
Taking the average capital gain, or increase in median house value, Byron Bay,2481 has racked up an average of 5.00% over the period. This ranks it number 48th in the whole country for real estate investors looking at median house price increases.
State is the 2nd most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -7.34% offered to property buyers. Sellers in Byron Bay itself are offering an average vendor discount of -14.10% to real estate investors.
Advertised rents are around the $850 mark per week – giving a return of 2.81% based on the median price in Suburb
At number 487th in the list of Australian suburbs ordered by increase in median house value over the last year, Byron Bay, 2481 is in the top 40% with a property value increase of 1.95% recorded in median house prices.
A 38.46% growth in median value for property investors in Byron Bay,2481 puts this suburb at number 65th in terms of best performing suburbs in NSW
Our latest figures would indicate that property sellers in Byron Bay are currently offering property investors an average price cut of -6.82% below the asking price at the moment.
Situated 623.73km 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.”