Property value increases in Byron Bay have tracked lower than the NSW average of 5.53% over the last 12 months.
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.
Property buyers and investors in Byron Bay 2481 should be seeing an average reduction in asking price of around -7.85% . This means that Byron Bay is holding prices well when compared to other suburbs in NSW.
A $850 per week rent on the median house gives suburb investors a gross yield of circa 2.99%, without taking into account capital value appreciation, which has been averaging out at 8.37%.
NSW has seen average median house prices change by 2.79% which means that Byron Bay, 2481 has done well for property investors by showing a capital gain of -4.08% over the last year
A 68.45% growth in median value for property investors in Byron Bay,2481 puts this suburb at number 356th in terms of best performing suburbs in NSW
At number 75th of NSW’s most discounted properties, Byron Bay is in the bottom 20% of the state/territory when listing in order of most discounted to least.
A $800 per week rent on the median house gives suburb investors a gross yield of circa 5.28%, without taking into account capital value appreciation, which has been averaging out at 5.68%.
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.”