BYRON BAY property market
The top end of the Bay, similar to Sydney top end (Eastern Suburbs, Harbour side and Northern Beaches) has remained strong even in the recent property downturn. In reality it is another example of the rich getting richer. A property worth $3M that increases in value 10% in a year is still a good return.
Over the last few years, mid level ($500K - $1M) Byron Bay real estate has been fairly stagnant while the top and bottom end has been moving a lot faster. Lately there has been some high profile sales. Paul Hogan's Possum Creek rural retreat sold for over $8 million. A Belongil property also sold for 8 million and a house at Wategoes for $16 million. These sales have more or less confirmed Byron Bay as a premium real estate enclave and there is no going back!
Other big ticket items out there;
- House in Brownell Dve, Wategoes - $6 million
- Palm Valley Drive, Wategoes - - $3.7 million
- 2 Bed house in Belongil - $3.9 million
These prices confirm the obvious, that beach side Belongil and Wategoes are premium locations. But its worth taking a look at other areas that may move into the top end bracket. I think the Upper Wilson's Creek valley and Broken Head will move into this league. Already there are several multi million dollar properties listed and the number should increase.
- 9 Bed house on 8 acres in Wilsons Creek - $3.45 million
- Koonyum Lodge house - $4 million
- Casa Bali - 4 bed residence in immaculate garden setting - $3.5 million
- Linnaeus Estate south of Broken Head - $3.7 million.
But how does this help the rest of us who still need to mortgage?
There are still a few places to buy that are under a million that I think may see a big capital gain in the next few years. For example, the Myocum hill area has a unique location and could become well sought after. This area, Tyagerah Road, Myocum Road, Benloro Lane, Manse Road and places around there have the advantage of 10 minutes to Byron, Mullumbimby, Brunswick Heads with good elevation. Old houses on small acreage can be had for for fairly good value here - $600 - 900K. Then with the possibility of spending 100 - 150K on renovation, landscaping and a pool its possible to expect to have a $2M plus property in a few years.
I know of 3 or 4 places on the market at the moment that could have this potential. Contact me if you would like more information.
Michael M Murray
Buyers Agent/Mortgage Broker