Property value increases in Byron Bay have tracked lower than the NSW average of 4.27% over the last 12 months.
While Byron Bay,2481 ranked number 200th in NSW for increase in median house value (annualised) increase, it is ranked 83th over the last 5 years.
At number 40th of NSW’s most discounted properties, Byron Bay is in the bottom 10% of the state/territory when listing in order of most discounted to least.
Often selling an investment property can take time, and in Byron Bay the average time real estate has been on the market is 102.733 days.
Byron Bay, 2481’s gross rental yield is 2.78%
Property investors who have had real estate in Byron Bay, 2481 should be unhappy with this NSW suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -9.09%
Comparing Byron Bay,2481 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
LACK OF BUYER INTEREST may well be the reason that Byron Bay is offering property investors an average of -3.89. This rate of discount on properties puts Suburb at number 186th in terms of most discounted suburbs in NSW
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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.”