Giving property investors a a solid capital gain of 39.09% for the last year, Byron Bay, 2481 is the 37th highest performer in Australia in this respect.
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 -9.03% . This means that Byron Bay is holding prices well when compared to other suburbs in NSW.
Residents and property investors in Byron Bay have been waiting around 70.61 days to sell a property.
Byron Bay is 791th on a list of best yielding suburbs for rents in NSW with a 3.06% return
At number 130th in the list of Australian suburbs ordered by increase in median house value over the last year, Byron Bay, 2481 is in the top 10% with a property value increase of 22.14% recorded in median house prices.
Byron Bay,2481 was ranked 891 in Australia by increase in median property value over the quarter.
Sellers are offering property buyers an average discount of -4.21% to buyers in Byron Bay at the moment, which is less than average for the rest of NSW.
With the median price for a house in Byron Bay being $800000 and the advertised rent reaching $750 the gross rental yield for property investors calculates out to be 4.88%
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
Information supplied by:
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.”