Why the next 5 years will be high growth for Byron Bay

The popular tourist destination located on NSW’s north coast has long been one of the country’s favourite holiday havens.

It possesses a plethora of tourist offerings that exceed just the pristine beaches and coves littered in and around the bustling coastal town, with Byron Bay’s infamous lighthouse offering spectacular panoramic views of the ocean as well as of a litter of sea life, including whales and dolphins.

Yet in Knight Frank’s 2022 Wealth Report, the real estate firm listed it as one of its residential hotspots in the coming years, with several factors making it one of the hottest markets across the globe. Selected alongside the likes of Austin, Texas and the famous Como region in Italy, Knight Frank Australia’s Michelle Ciesielski has explained why the hometown of Chris Hemsworth was rated as one of the best “health and wellbeing” locations worldwide.

Following on from the 70 per cent growth recorded at the beginning of this year, it’s anticipated that prices in Byron Bay will increase by half, approximately 30 to 35 per cent, over the next five years. Ms Ciesielski put this down to the shire’s environmentally mindful council which has “limited the number of new homes built over the past few decades”. 

This has resulted in the speed of the region’s development being “more measured than in other tourist towns”.

“This is slowly shifting as the area’s housing shortage begins to impact on local residents, amplified by the recent influx of city dwellers switching to hybrid work styles.”

Byron Bay has experienced steady population growth across the past decade, rising to approximately 9,600 people by this year, yet it experiences an influx of nearly two million tourists each year.

It possesses a range of offerings for prospective buyers, with new energy-efficient homes at Harvest, a master planned and sustainable coastal community, starting at $2.5 million, while the median price for a three-bedroom home in the region rests at $3.25 million. A unit will set buyers back $1.29 million, on average.

Additionally, there are some luxurious homes on offer, including six-bedroom homes with a swimming pool on generous lots that can be up to 900 square metres, with Ms Ciesielski outlining that these spots are “ideal for entertaining and bringing family and friends together all year round”.

With a growing rate of Australians migrating away from the metropolitan regions to lifestyle locations facilitated by the changes to professional life that have been induced by the COVID-19 pandemic.

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