Interest rates on hold
The Reserve Bank has again decided to leave official interest rates steady over May. The last change was last August. Many of the banks have still raised rates slightly themselves, outside of the RBA rate. Retail spending has fallen and although inflation has increased, levels remain at near record lows.
Byron land block
A good indication of the Byron market over the last couple of years is 36 Carlyle Street. This is the heart of the Byron Bay golden grid, and this one last sold for $1,300,000 in April 2014. It is now back on the market for $2.6-2.8M – over double last sold price. This is land only as the house is fibro tear down and no work or improvements have been done over those few years.
Mullumbimby also is seeing no let up on demand. The biggest little town in Australia needs to watch out or it will become a BIGGER little town.
47 Station Street (opp Woolworths)
47 Station is for sale at $695,000 and listed with Chincogan. A bit more placid than in Byron – this one last sold in 2001 for $205,000.
Gordon Street, Mullum
There a few for sale in Gordon Street and I am surprised these are still on the market. I like Gordon Street as its pretty, treed and quiet.
17 Gordon is For Sale By Owner. Listed for $750-825,000 and been on the market for a while. It is on a corner and has some interesting aspects and would make a good reno job for the right architectural enthusiast.
10 Gordon is interesting. It has the original home at the front of the block – needs (a lot of) work. The back of the block has a new 1-bedroom studio which is already sold. The front house is available for $590,000
21 Gordon is similar to 17 Gordon in that would suit someone wanting to do a sensitive renovation. It is going to auction with Paul Prior on May 13th and looking for $760-830,000.
Myocum rural acres
The green hills of Myocum are still in great demand. Two houses side by side by are for sale in Myocum Downs Road. Both with southern access and with the well maintained garden acreages, pool and sheds etc. When I attended an open house it was very well attended and will be interesting to see what they get at auction. Over $1.5M is expected.
New Brighton – Commercial
Its the end of an era in New Brighton/Ocean Shores. Elders New Brighton REA is now closed and had has amalgamated with North Coast Real Estate based in Brunswick Heads. The old shopfront in Strand Street is now for sale and looking for offers. It was originally Rhonda Browning REA and started in the New Brighton store in 1979. Many of the original Ocean Shores blocks were sold out of this office. It moved to the distinctive blue Queenslander in 1985. The house sits on 850 M2 and is looking for the $850,000 range. The 900 M2 next door is also for sale and could be a good residential commercial development site.
Broken Head MO
There is a good looking property at Broken Head with a sale price $1.7M. Nothing unusual about that but this one is Multiple Occupancy, which means it is a cash buyer as MOs are very hard to get bank finance on. This shows that there is such demand for small acreages in the right location that Multiple Occupancies are on the rise as well. The idea that MOs are still a way to provide low cost housing options is no longer a reality. Any viable MOs in this shire should start the process to convert to Community Title.