Our local market has gone past a normal description like hot. It is hard to find the correct term: overheated, feverish, boiling, Over The Top. Just believe me that I have seen things I have never seen or heard about in my 30 years involved in local property. Lets hope that the Xmas break will impose a well-needed breather on the hysteria and things could return to some kind of normalcy in the new year.
Interesting Recent Sales:
158 Lighthouse Road, Byron Bay
Last month I mentioned an auction coming up on Lighthouse Road, Byron Bay. This strip of ocean-view properties looking over the Pass and north to Mount Warning has seen strong interest lately. This almost-tear-down property, land value only, saw intense bidding from many parties and finally settled at $6.2M.
Ian Daniels from McGrath was the agent responsible. He in July he took #134 Lighthouse Road to auction in September for $5.6M.
36 Marvel Street Byron Bay
This very basic property in the heart of town was sold to “interior stylist” Taliah Lowry in 2009 for $1.2M. Ms Lowry’s present occupation is now an “accommodation entrepreneur”. After doing an extensive makeover she was able to get it into glossies like Vogue Living and Country Style. A nifty new name is also de rigueur in these flips and the house was rechristened Pineapple Cottage. The backyard granny flat now answers to the name Chapel Studio, and I quote: “in the style of a New York loft apartment featuring soaring ceilings and recycled brick exposed walls”. Sue Reynolds from First National finished it off nicely by getting a cool $3M for the place only days after listing.
58 – 58A Jonson Street, Byron Bay
A piece of local recent history was under the hammer during November. #58 Johnson Street was once the Byronian Café (opposite the Post Office and beside Railway Park) and has been a local institution for many decades. It's now the Byron Café as well as a pop-up gallery and Patagonia clothes store. One section of it was originally the RSL hall up until the 70s when it moved to its new digs. For many a bunch of irregular guys would meet each morning for the Breakfast Club. A skeleton version still exits. This was where millionaires really would mingle with Creative Government Grant Recipients (PC for dole bludgers). It was owned at the time by ex-Mayor Tom Wilson. It sold for $4.725M with DA approved plans allowing for units and shops to three stories. I will soon be developed as that kind of price cannot be sustained on a commercial rental yield of 5%.
Interesting Current Listings:
There are a few but by the time I write this and you read it, they will be sold. So why bother?
Capital gain will next be found in the outer villages. The postcodes including 2479 to 2483 are over-cooked. Best to be looking at the next stage villages like Crabbes Creek, Billinudgel, Moobal, The Pocket, Corndale, The Channon, Eureka, Eltham, Tintenbar. I would be happy to take on clients who wanted to look here as I would know what to do.
It’s a sad thing that many of us are fascinated by what media people, actors and blowhards are doing with themselves, but that’s the state of the world we live in. Here is what is happening in the da hood:
Irish-flavoured comedian Jimeoin has listed his 7-acre property on the blue ribbon Coolamon Scenic ridge. It is a 3 bedroom home with pool and entertaining deck with expansive ocean views. He and his wife, actress and writer Catherine Arena, paid $1.35M for it in 2003. Liam Annersley from LJ Hookers Byron Bay is expecting in the range of $1.8 - $1.85M. Jimeoin has said that what he likes best about Byron Bay is that it is “full of rich people, poor people, and best of all - Swedish backpackers.”
“A” list actor Chris Hemsworth is planning a rebuild on his Seven Mile Beach property. Byron Shire Council has received a Development Application to demolish all the existing structures and rebuild the house, outbuildings and pool. Estimated expenditure to be around $8M with a major Sydney architecture firm getting the gig. That’s a shame as this region has some of the best architects on the country.
I happened to catch an international chat show where the star actor was showing pictures of his unusual houseguests at Seven Mile Beach - snakes, lizards and spiders, to many oohs and ahs. Even our wildlife and varmints are now getting attention. Mr Hemsworth is often around as a sequel to “Thor” is being shot on the Gold Coast. By all reports he is a really down to earth guy and not up himself so please don’t be an a’hole by hassling him or his family for a silly selfie.
National housing trends are shown here on these graphs from CoreLogic. Especially the second one where we see the median price growth within regions. Sydney and Melbourne have left the rest in the dust. Regional areas, with a median price of around $300,000, are at the bottom. Our region is an aberration and we would have trend line somewhere between Sydney and Melbourne.
That’s all for this month.
Watch out as the banks are putting up interest rates under cover of darkness and the silly season. This is outside of the RBA announcement and probably with the tacit approval of the Gov as a way to cool down sections of the property market.
Stay chilled, see you next time.
We are on holiday early January so expect a very curtailed report. I am never on holiday to your emails or texts though.
Happy Xmas and have a great holiday season from Michael Murray and all at BPS.