Buying property in the Byron Bay area is not easy. It is often in high demand and good properties for sale can often be fought over by multiple bidders. The market has seen a few periods of strong growth and the median house price in many of the towns and villages have overtaken Sydney as the highest real estate prices in Australia.
Byron Bay and the Hinterland are part of the Northern Rivers region. This includes the shires of Byron Bay, Ballina, Lismore, Kyogle and Tweed Heads. The areas that are the most sought after are postcodes 2479 (Bangalow), 2481 (Byron Bay), 2482 (Mullumbimby), 2483 (Brunswick Heads and Ocean Shores).
The strip of coast between Lennox Heads and Ocean Shores has some of the most beautiful beaches in the world. The region also boasts some excellent restaurants, venues and cultural activities like festivals, theatres and galleries. Many locals say it has all the benefits of living in a country town as well as the advantages of the city. This may be one reason why the area is attracting many high net worth individuals and well-known celebrities.
Like many popular international destinations, Byron Bay is popular with tourists and visitors so AirBNB and other home stay platforms are well used. This can be contentious with some locals who insist some housing is being removed from the community housing market. This is an ongoing issue and yet to be permanently resolved.
As well as homes or units close the coast, small acreages in the hinterland are also extremely in demand. Many “Tree Changers” escaping the city have a dream of a few acres with a good view of rolling green hills, 20 minutes from Byron Bay. Unfortunately, there not enough of these to go around. Something that fits this brief can now set you back $2 mil or more – and rising.
Finding a good real estate agent or buyer’s agent is a good idea. Many people moving to the Byron Bay region and not always up to date with the area and its vagaries, especially with rural properties as this involves a lot more issues than a simple purchase of residential home on a suburban block.
Michael Murray, from Byron Property Search has been living in the Byron Shire for over 35 years. His local knowledge is extensive which truly gives the property buyer an expert squarely in their corner.