Who wants a home in Byron Bay for under $300K?
A manufactured home in the Discovery Park on Ewingsdale Road, Byron has come on the market for $259,000. I site rental charge if $200 PW is on top of that though. Look out for potentially more of these "Manufactured Home/ Caravan Park Estates" coming online as a quick and simple way to alleviate the housing/affordable home shortage.
Keats Street Byron Bay
W.B Keats is one of my favourite poets and our forefathers named a great street after him. It is one of the cross streets over Bangalow Road just south of town. One of the older period houses is coming to auction soon expecting 1.2-1.25M. It is on 1271 M2 with an existing 3 bedroom 1 bathroom cottage. Suitable for reno or redevelopment.
On the other side of Bangalow Road, to the west, there is a small eco-village Community Title subdivision of six houses. One of these properties has been listed for a while and starting to look like good value at $1.05M. It is a modern two story, 2 bedroom, one bathroom home on 1050 M2.
Karen Heller from Parkinson Real Estate just listed and sold a property outside Bangalow last week. It was three seperate houses on a few hectares and sold at auction for $2.85M. Only thing of interest in that is that the same place, with no intervening renovation, sold only two years ago for $650,000 less. That is about right for the 23% increase we have had in two years on well located rural properties.
The former CEO of Channel Nine David Gyngell has teamed up again with his mate, local identity John "Strop" Cornell to expand their Brunswick Heads holdings. They've spent $3 million on a house on 1,012 M2 in the heart of Brunswick Heads (pictured above). It comprises two stories with four units in a fibro structure with a large back yard. It’s in the back lane behind the Brunswick pub, which they already own, and I am sure the duo will be doing something interesting with it.
There is outstanding demand for small rural acreages within 20 minutes of Byron Bay. I know of half a dozen small community title subdivisions in process with council but no more after that. The present council has shelved the draft Rural Settlement Strategy that was rushed through during the dying days of the last council. That’s fine but how long will the new draft take before it is ready?
The new council made it an election issue and they were solidly voted in so no one is disputing they have a mandate to protect the rural and agricultural priority of the shire. What makes our shire beautiful is being able to drive, walk or bicycle through our emerald green hills and valleys. The problem is what to do when everyone wants a piece of it. At present the only two options are to chop it up into little pieces and destroy it (which our present zoning does not allow so don't worry) or leave it as it is and those that have one are lucky enough to see it rise exponentially in value. Council will have to relook at the Draft Settlement Strategy soon and many will be looking on with interest to see how they can resolve this thorny problem.
Milton, NSW South Coast
It is worth noting that Byron Bay hinterland is not the only hot rural region in the country. Milton on the NSW south coast is also experiencing a boom. It had a 29% increase in the last 12 months easily beating Byron’s 11%. It has the advantage of being only half a day drive from Sydney. It also has the uncrowded and pretty beaches of Mollymook a stone’s throw away. A median price of only $649,000, a bit over half that of Byron, is also a big attraction.
Why the sustained demand for quality coastal real estate? Social demographer and commentator, Bernard Salt, had an interesting article in the weekend Oz. The idea is that every region has its desired destination for the uber rich. Dubai has boomed because the Saudi’s and other Middle East high flyers want to work and paly there. London is the chosen destination for the Russian Oligarchs. Sydney, and to a lesser extent Melbourne, are places that Chinese billionaires want to have a safe haven, have a holiday home and educate their kids.
Byron Bay and towns like Milton and Mollymook are the secondary beneficiaries of this largesse. Sydney retirees can sell up for big money and come to these lifestyle destinations for the good life. As long as China keeps growing and Australia maintains a stable currency, strong civil society and legislation this will probably continue.