BYRON BAY’S Property market is as strong as it has been for ten years, according to the Australian Financial Review.
The Review quotes CoreLogic figures showing the median house price in the Bay nearly doubled to $2.15 million in July from $1.24 million in June.
While figures like this in a market the size of Byron can be easily influenced by big sales, the numbers are part of a broader rise of property prices in the Richmond-Tweed region.
CoreLogic’s latest Regional Market Update says prices of both houses and units in the region rose 8.4 per cent in the year to June, 2016.
As a surge in Sydney’s house prices extends across the state, gains in Byron prices have been massive.
“It’s the strongest market in a decade,” said Chris Hanley, founder of the Byron Bay Writers’ Festival and real estate agent in town.
But Mr Hanley cautioned that the most recent jump in median prices was skewed by a relatively low number of high-end houses that were now coming on to the market late in the town’s boom.
“The end of the upward cycle is a time when there’s very little stock for sale,” he said. “The high end has taken a bit longer this time to join in.”
The town with about 9400 residents suffers from an affordability problem because it is so popular with cashed-up buyers from outside the region. Its beautiful beaches and relaxed atmosphere – as well as its affordability of homes relative to the large cities – draw many from outside.