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.
In Byron over the last few years, mid level ($500K – $1M) has been fairly stagnant while the top and bottom end has been moving a lot faster. Lately there have 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 Wategos 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, Wategos – $6 million
– Palm Valley Drive, Wategos – – $3.7 million
– 2 Bed house in Belongil – $3.9 million
These prices confirm the obvious, that beach side Belongil and Wategos are premium locations. But it’s 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.