1. Michael’s December edition of Market Watch. Every 6 months Micheal brings you insider information on the real estate market in Byron Bay and surrounds. Michael Murray has been a Byron local for 35 years and property buyer’s agent for over 20 years. He has deep local knowledge of our property market and what is happening in our specific region and not just the national trends.

Price Rises Expected

2020-11-30 04:08

In September we viewed this chart showing the price surge that Byron Bay 2481 had between 2014 to 2017. Shire-wide was just as intense, with a 72% increase in just 5 years from an average price of $530,000 in 2014 to $910,000 in 2018.

 

Since 2017 there has been a downturn in 2481, but as suspected, prices have surged in the latter half of this year. some notable record breakers are in Wategos Beach as mentioned in the video.

Part of what is driving this surge is an influx of wealthy buyers who are willing to pay far over the normal market value, even for luxury properties. Unfortunately, this also carries through for properties under $1.5 million making them a very rare find.

No New Listings

2020-11-30 03:58

Previously, we noticed the start of a classic supply and demand squeeze. Byron Shire averages around 450 listings at any one time, post-covid that number dropped to around 250 and we are seeing this number falling further still. We have high demand from new buyers but very few locals are wanting to go anywhere.  I do not see this trend changing in the near future – at least till well after COVID-19 pandemic is behind us.

Local Concerns

2020-11-30 03:53

Last Market Watch it was noted that rental supply and housing stress issues will flare and we have certainly seen this in the community to an extreme extent. An influx of wealthy out-of-towners has pushed out local potential buyers, as well as causing the market to become fraught and move at lightning speed. Michael shares a few tips in the video that may help when navigating rapids of buying in the shire.

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