Byron Bay town centre continues with it’s strong buyer demand. Agents are competing over new stock and good listings are getting unprecedented online click through numbers.
Sydney at 16% capital gain for the 2015 financial year was left in the shade by Byron Bay real estate. The 90 sales in postcode 2481 for the financial year registered a median growth of 36% according to APM/Pricefinder. This is a rise from $725,000 to $956,667 and outstrips the Sydney median price. However do not get too excited. I believe many of these sales were top end properties waiting for a more favourable market to sell into. That market is now here.
Byron Bay region is also not an exception. Previous BPS blogs, as well as other commentators have mentioned how the mainstream media continues to concentrate on Sydney and Melbourne while the real action is occuring in the regions. Property observers are tipping S.E. Queensalnd for a rise, Tweed Heads, Lismore as well as top spots like Hunter Valley and Gosford. More local activity:
Byron Bay Heights
The area east of the CBD (Kingsley, Matheson, Patterson Streets) has consolidated itself as one of our premium hot spots. It has been favoured for sometime but this trend will continue and prices there could start to rival Wategoes or Belongil Beach. (Wategoes or Suffolk for some reason is not very active). Anywhere that has the combination of “walk to town and walk to beach” is popular. The demand is due to both the letting potential and retirees knowing what they want as well as it having height, aspect, good views and breezes.
Sunrise Beach is also experiencing a lot of interest. The new development at “Essence of Byron” (the old North Beach site) is now under construction, along with the proposed commuter rail. The Sun Bistro on Bayshore Drive is open and under new management and promoting a family friendly style. Further down the road, the Byron Habitat is under construction and will be a very interesting “Creative Industry” live/work, residential, commercial, retail complex. Next month I will be featuring this development in its own blog and happy to talk to interested buyers. All of this activity is making Sunrise Beach feel more integrated with the Byron CBD rather than an outer suburb.
A new eco development in Lismore looks particularly promising and stage one is currently selling. Altitude 2480 is a new development close to the Southern Cross University and Hospital on 32 acres of attractive land. Stage 1 is selling now with 1 bedroom units starting at $250,000 and 2 bedrooms come in at $280,000. Should be of interst to investors looking for rental due to high demand for student accommodation, as well as first home owners and young families. Please contact me if you would like to be sent the E-brochure.