Mini Market Watch
It is a 99% certainty that the Reserve Bank will drop interest rates again today to the new record low of 0.5%. Whether this will be enough to stimulate the wider economy and not just the property market is an open debate. With the mounting woes of fire, flood, global virus and a tanking sharemarket, the assumption would be that is a drop in the proverbial bucket. On Saturday I do my usual Open House tour – you can see the video as I post it on my BPS Facebook and Instagram pages. Talking with the agents I was told they are experiencing no sign of a drop in numbers or of interest. I have had one client who has opted to sit on his hands for a while to see what happens next.
It is an interesting topic to consider what happens to Byron property during a financial meltdown – not that we are in one yet. In 2008 and the aftermath of the GFC, good properties in good locations in 2479 – 2481 help up very well. The drop in median house prices after a short time was only 5%. There was carnage with large trophy homes out in the hinterland that were overcapitalised and built on debt. Bargains were to be had with price drops of up to 40% with buyers forced to list who could not service that debt. In general, Byron holds up well and similar to other tightly held locations like the eastern suburbs of Sydney and the southern suburbs of Melbourne.
The Farm NOT For Sale
The big property news last month was actually fake news – The Farm is NOT for sale. Tom Lane (from the Oroton family) and wife Emma have been at pains to quell the rumour that it is for sale. They are looking for investors or equity partners to take the concept further afield than Byron. Apparently they already have interest but will be staying attached to the very successful entity they created in Ewingsdale
Byron will soon be home to another actor/singer/dancer/celebrity/etc/etc. Natalie Bassingthwaighte, former Neighbours star and X Factor judge, drummer husband Cameron McGlinchey and their two children, are looking to buy rural acreage in the Byron hinterland. ‘I’m ready for the next chapter in my life,’ she told her social media followers.
Bassingthwaighte has also closed her children’s clothing label Chi Chi. She soon finishes up as Roxie Hart in what she has described as her ‘dream role’ in the production of Chicago in Melbourne. They are selling in Melbourne’s bayside Brighton and are renting close to Tallows beach while looking for a permanent home.
Pat Rafter in Tweed Heads
Tennis legend Pat Rafter has paid $540,000 for a four-bedroom home in Tweed Heads West. He will lease the property as he still lives on the family’s 38-hectare spread inland from Broken Head. He purchased vacant land for $1.35M in Byron five years ago and has now completed a home, tennis court and a clubhouse for around $3 million.
Rafter previously lived on Queensland’s Sunshine Coast. Local architect John Burgess designed his Sunshine Beach absolute beachfront which he sold for $15.2 million in 2017. Still keeping fit, Pat and some mates often work out on the Broken Head beach some mornings.
Beach Hotel Update
Last September, the Beach Hotel was listed for sale and we bought you the story of how ‘the Beachie’ represents the changing fortunes of Byron. You can read that very interesting story if you missed it – ‘The Beachie’ here. Moelis Australia Hotel Management, a ‘leading hospitality operator and investment manager’ has now bought both the real estate and the lease of the Byron Beach Hotel for $104m. Moelis is part of the ASX 300 listed Redcape Hotel Group. MAHM CEO Dan Brady said that their business model is ownership of both the business and freehold property, with a focus on the community. ‘Pubs need their community,’ he said. ‘The Beach Hotel is a much-loved local institution and we are privileged to be its new custodians. There were problems with maintenance due to freehold ownership and pub lease being split.’
Bower Hotel, 28 Bangalow Road, Byron Bay
Following on from recent high-profile sales such as the Beach Hotel and Byron At Byron, The Bower is now also listed. The former motel at 28 Bangalow Road opened last year following an extensive New York-inspired makeover. It is jointly owned by local hotelier Sein Lowry and local emergency physician Dr Blake Eddington. Mr. Lowry and his wife, Talia, operate The Bower as part of their Byron Beach Abodes business, which specialises in upmarket accommodation. The listing price is $20M.
90 – 96 Jonson Street Byron
First it was the Mercato, now the old Woolworths site next door is being developed. The last piece of what used to be known as Woolies Plaza went on the market in November and is now Under Offer. These are the shops that include O’sushi, Woodie’s surf shop and the bottle shop on Jonson St.
8 Lawson Street, Byron Bay
The block of shops on the corner of Lawson and Fletcher Street is also for sale. The site includes the outlets Subway, Okanui and other shops on the Fletcher Street side. Listed with Tony Farrell LJ Hooker Byron Bay.
144 Broken Head Road, Broken Head
Properties in Broken Head have been tightly held of late and the neighborhood saw quite a bit of action with the Hemsworths and their extended clan moving in. It also boasts local green luminaries ex-mayor Jan Barham and Greens ex-MLC Ian Cohen keeping the scene clean and green. 144 BHR is a three-bedroom home on 605 sq m of land and a 25-metre walk through the reserve to the beach. It is listed with Tara Tokkola with Byron Bay First National with hopes of attaining $1.9M – $2.09M.
701 Left Bank Road, Mullumbimby Creek
Everybody wants a few acres on a hill not far from the beach and with a nice view. I went to see this property on the first open house and could not get in. There was literally nowhere to park. I finally got to have a look later and can report that it is quite nice. Five bedrooms, three bathrooms and three-car parking. Looking for $1.35 – $1.4M with Heidi Last from Byron Bay Mcgraths.
18 Coopers Lane South, Main Arm
Sorry, it’s official – Main Arm is being gentrified. That will upset a lot of people.
This property has potential in that it may go cheap but needs some work. The buyer here should be ready for a project but it is on a nice piece of land with north aspect and will benefit from a landscaping plan. It has three dwellings, all legal except for the kitchen in the studio. It will rent well while the work is being done to bring it up to scratch. It could be good buying at a smidgeon over $1M. That is proof that Main Arm is gentrifying when you pay over $1M in Main Arm for something that needs work. Listed with Nick Russo and Brett Connable at Ray White Byron Bay.