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Byron Bay is growing in Demand Property Prices are Booming

Posted by Orville Fogel on September 27, 2017
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The beachside haven of Byron Bay is growing in demand and it is no surprise that this is the case. Host to some of Australia’s most picturesque coastlines, world-class bars and eateries, access to a lush hinterland and just over an hour’s drive south of the Gold Coast, demand for properties within the Byron Shire continues to increase. And with this surge in demand comes an increase in house prices.

Drawing from house value data from view.com.au, the median house sale price in Byron Bay increased 32% in a year, from just over $970,000 in September 2016 to $1,287,000 in August 2017. Following suit, the median unit sale price also increased 32% from $620,000 in September 2016 to $822,000 in August 2017.

Despite this growing demand, there is still Byron Bay real estate for sale that is affordable and close to amenities, shops and the all-important beach. So, who already lives in Byron?

With two primary schools, two public high schools and an independent school all within the local Byron Bay area, just under 20% of the population are between 31 and 40 while their children and those under 18 make up just over 20%. Making up approximately 30% are those over 50, with the median monthly personal income at $1700.

Investment in Byron is driven not only by the weather and the beach but also by the high level of occupants renting, at 42%, promising low vacancy rate for property investors. Aside this, relative affordability has meant that the percentage of owners and those who own outright is relatively equal, at just under 30% each.

From this data it is clear that Byron Bay is in high demand for people from all walks of life and is attractive for property investors, families renting and retirees.

The council of Byron Bay is also seeking to drive the development of the area further, looking at redesigning the foreshore parkland, prioritising the town centre for pedestrians to help drive tourism further, upgrades to the main street and improving access to the town on Ewingsdale Road by introducing two roundabouts.

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