RELATED: ‘Relocation of nation’ expected to spike, Homebuyers are opting for relaxed regional lifestyles as they move away from cities.Source:News Regional Media. In a year of ups and downs in our local market, understanding what causes fluctuations is important in predicting future trends. Michael���s December edition of Market Watch. Bangalow-based agent Ali Page said the interest in properties across the Northern Rivers region was not good news for everyone. Picture: SuppliedSource:Supplied. She said the "extreme" price growth was bittersweet. Meanwhile, Whyalla in South Australia and Dodges Ferry in Hobart had price growth of more than 27 per cent. That all changed when COVID-19 forced a rethink on working from home, and the couple finally saw an opportunity to move south to Wollongong. The town’s housing prices have increased more than 40 per cent in the past 12 months, with a median house price of around $1.83 million. “The property market is bouncing back very quickly. RELATED: Hemsworth reveals new plans for Byron estate, RELATED: Bassingthwaighte snaps up Byron retreat, Byron Bay has seen the highest property growth in Australia. A rare opportunity exists to acquire eighty acres of beautiful rolling hills and creeks located a short drive from the historic Newrybar village and 20 minutes to the beautiful beaches of Byron Bay and Lennox Head. Musician Natalie Bassingthwaighte and her husband recently bought up in the area, joining the likes of Chris and Liam Hemsworth. Median property prices over the last year range from $1,832,500 for houses to $815,000 for units. “Interest rates are incredibly low and that’s allowing people to borrow more,” she said. Demographer Bernard Salt said the current squeeze on regional and coastal communities was a result of Australian's obsession with lifestyle. "Why would you work from home from Parramatta, or Dandenong, when you could work from Bangalow, or Byron?" "A lot of people are reassessing their life and lifestyles, their work environment, so with the influx of people coming here nowadays there's a big proportion of those that will stay here long term, I think.". Much of the beach at Byron Bay has been washed away by violent storms. "We're prepared to face those challenges, but it's not just up to government," she said. "We can take between 10 and 20 applications on each, and this is putting pressure on rents.". "When we first moved here, my husband said, 'I don't want to get stuck in Wollongong'. And the rental vacancy rate has dropped from 3 per cent in November 2019 to just 0.7 per cent in September. he said. According to the REA Group, Bangalow house prices had seen the strongest growth in Australia over the past 20 years, increasing by 1,281.0 per cent. "The Byron Bay region now has global appeal," she said. Find out more about our policy and your choices, including how to opt-out. An unexpected boost was seen in Sarina in Mackay, a rural coastal town in central Queensland, and Penguin in Tasmania’s Central Coast, both eyeing an increase of around 32 per cent, with homes averaging less than $400,000. Two apartments for sale Located on Top Floor of the Iconic Ramada, Ballina. "I think the common denominator between Australians of today and 50 years ago, is that we are all obsessed with lifestyle," Mr Salt said. Ms Conisbee said that first homebuyer activity is “red-hot at the moment”, while investors have “cooled off”. The Coffs Harbour-Grafton region on the state's mid-north coast has experienced the strongest property price growth in the three months to September 2020, with the quarter on quarter median sale price up 8.70 per cent, according to the latest data from realestate.com.au. While the lure of a beachside lifestyle appeals to many, the charm of close-knit inland communities is also driving growth in the property market. "Everyone has an example of where the prices have really been turned on their heads.". Experts have projected that house prices could see a dramatic fall due to the COVID-19 pandemic. “Rules to accessing credit is changing so it’s easier to get loans.”. What does the federal budget update mean for the economy? *Percentage difference between the median sale price in the last 3 months compared to the same period 3 months ago. The BPS newsletter goes out the first Tuesday of each month where we cover topics such as community happenings from Around The Traps, Michael���s Hot Properties selection and a touch of local goss. He took our hand and lead us through the whole process from finding the property, negotiating for the best price and even did all of the follow up regarding building/pest inspections. Now the Pacific Highway has finally been upgraded, 'Colossal loss of life': Americans suffering unimaginable grief as COVID-19 deaths surge, Soaring iron ore prices, less JobKeeper demand brings $16b Federal Budget boost, UK schoolgirl's death linked to air pollution in landmark ruling, 'Fyre Festival of Santa events': Christmas village shut down after complaints, Sydney travellers to WA must now self-quarantine as rules change mid-flight, WHO warns countries in Asia-Pacific may not get vaccine until mid-to-late 2021, WA Government orders new NSW arrivals to quarantine for 14 days, Police treating deaths of two elderly people in southern Brisbane as homicide, Bidding on Don Bradman's first baggy green cap falls short of expectations, WA Police charge three people with murder of teenager at Waikiki party. Picture: SuppliedSource:Supplied. I don't want to ever move.'". Mr Salt came up with an acronym to describe what he saw as a major shift in Australia — 'VESPA', or virus escapees seeking provincial Australia. ", Find more local newsTell us your location and find more local ABC News and information. In August, Riverina real estate agent Geoff McGilvray said the demand for farming properties in all categories was unprecedented. “House-and-land development is very strong because of all the first homebuyers,” she said. "Even approvals through council can sometimes be challenging. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. First National Byron provides local updates, trending lifestyle, the latest real estate and property market news, and snapshots of the popular place to live in Byron Bay and Lennox Head. Originally, when he wanted to move to Wollongong, they said it was too far away and they needed him to be closer.". View property information for 83 McGettigans Lane, Ewingsdale NSW 2481 including sold & rental history, nearby amenities and suburb statistics for Ewingsdale. We were here for two weeks, and he said, 'I love it. According to REA Group chief economist Nerida Conisbee, Byron Bay is the property hotspot of the year, seeing the strongest property price growth across the whole country in 2020. The markets rate number one for so many different things! "When COVID hit, he was able to work online and we were able to make it to Wollongong and live our dream," she said. Byron Bay Real Estate Rolls In - The Urban Developer | Property ��� Ms Conisbee said since the pandemic, there had been an acceleration of interest in areas like Byron Bay, where property prices increased by almost 30 per cent in the three months to September. "It seems to be that wherever you are is very saleable, and at a price level that's not been achieved in previous times," Mr McGilvray said. With the Byron Shire on the rapid rise, I contacted Res Tal as I had heard he had much experience as an agent. According to REA Group chief economist Nerida Conisbee, Byron Bay is the property hotspot of the year, seeing the strongest property price growth across the whole country in 2020. She and he husband paid around $2.15 million for a property in Ewingsdale, 7km inland fringing Byron Bay, in November. Local real estate agent Mark Webb said he had seen good sales activity in the past three or four months and was hoping to see more people buying investment properties to house would-be tenants. AEST = Australian Eastern Standard Time which is 10 hours ahead of GMT (Greenwich Mean Time), NSW COVID-19 cases jump to 17, Northern Beaches residents urged to stay home, States announce quarantine measures for anyone who has been to Sydney's Northern Beaches, Tasmania introduces outright ban, Emmanuel Macron tests positive to COVID-19, Man shot dead by police in Brisbane had been investigated by counter-terrorism taskforce. ... the charm of close-knit inland communities is also driving growth in the property market. Median house prices have grown 5.61 per cent in the capital region near Canberra in the three months to September 2020, while the central west of New South Wales has seen an increase of 3.7 per cent. Every 6 months Micheal brings you insider information on the real estate market in Byron Bay and surrounds. Belle Property Byron Bay/Lennox Head owner Braden Walters and real estate agent Brad Rogan describe the booming market as ���white hot, not just red hot���. He called it the 'Manhattan effect', in that lower-paid service workers were being forced out of communities, and then needed to commute in order to service the needs of the wealthy. One downside is that many locals are being priced out of the market, rental prices are increasing and wait times for social housing are ballooning. Single mum Kelly Goff has been looking for a rental home in Coffs Harbour since March. On offer are two, 2-bedroom apartments, located adjacent to each other on the top floor in Ballina���s iconic Ramada. Mr Salt said communities as a whole stood to suffer from upward pressure on the housing market. "Typically people from the US will look at very iconic suburbs like Bondi and Manly, but now Byon Bay is actually topping the list of where people from the US are looking.". In 2020, the “celebrity hotspot” has drawn in the likes of Zac Efron with his new Aussie girlfriend and Nicole Kidman who’s shooting a new TV miniseries on its shores, while locals complain of increasing crowds and traffic. Ms Sinclair said she didn't foresee a move back to Sydney, even if her partner's work required him to return to the city. Source: REA Insights - Regional Australia Report November 2020. But with dozens of people attending some open homes, Ms Goff said it was difficult. Before the pandemic hit, the village of Bangalow, over the hill from Byron Bay in northern New South Wales, was already experiencing steady growth. View listing details #2016603389 on Domain “Rental market conditions remain weak in the aftermath of the coronavirus crisis, so it is surprising to see fairly strong unit price growth across capital cities,” Ms Conisbee said. Rental vacancy rates in the central west had also moved from an already tight 1.8 per cent in November 2019 to just 0.3 per cent — the lowest rental vacancy rate in the state alongside the south coast. Byron Bay is seemingly losing its quiet coastal vibe it used to be known for as the rich and famous flock to the dreamy small town for its relaxed Aussie lifestyle and pristine beaches. "It's not for everyone, but you only need 1 per cent of 1 per cent of metropolitan Australians to make that choice and have a big impact on those communities.". Mortgage lenders are being urged to ��� Pandora Jewellery founder Karin Adcock has bought in Byron Bay, joining the growing list of high-profile Sydney, Brisbane and Melbourne buyers in the booming tourism and sea change town. "Seeing people coming into the area and offering to pay rent up front, or increased rent, that's probably not good for our community as a whole.". "It is a challenge that we have to address and look at and work with all sectors of the economy, whether it's our recreational home caravan parks, our aged care providers, land and housing or our community housing providers, or even looking at some of our planning and encouraging more land release. Source: REA Insights - Regional Australia Report November 2020. "Twenty inquiries a day for our rental properties, and the vacancy factor is so small," she said. More people are moving out of cities, possibly because of shifting work arrangements that don’t require them to be close to the CBD, which has also impacted rental markets in the cities. There's just so many people and there's a lot of couples, and I just get disheartened sometimes and think, is it even worth me looking?". Amanda Sinclair and her partner had a dream of living cheaply by the beach, and had wanted to move to the Illawarra for five years but were forced to remain living in Sydney for work. A NOTE ABOUT RELEVANT ADVERTISING: We collect information about the content (including ads) you use across this site and use it to make both advertising and content more relevant to you on our network and other sites. Sydney continues to top Australia’s capital city property growth.Source:istock. "I think because of COVID they now recognise that he can work part-time from home. "Some days are a huge fight to stay positive and keep going. “Buyer confidence has definitely returned but rental demand is lacking.”. THE 10 BEST Restaurants in Byron Bay Updated December 2020 - ��� The author of the REA Group's Regional Australia Report, Nerida Conisbee, said Bangalow was receiving about 12,000 views per listing on their website, compared with a Melbourne CBD apartment, which might see about 500 views per listing. There’s been a slight growth in units compared to houses even though rental markets have eased due to the impact the COVID pandemic has had on employment. Byron Bay | Official byronbay.com Guide - Latest Stories from the ��� Byron Bay Market is a social and cultural hub of the community, with well over 300 market stalls and a focus on locally-made goods and produce. Ms Conisbee told news.com.au there has been a clear shift to properties outside of the CBD as buyers look to coastal and regional areas after the 2020 pandemic shift. There are promising signs for NSW buyers with the removal of stamp duty which is set to come in mid-2021, which might slow the market down until the new policy comes into action, Ms Conisbee indicated. A Perth coastal suburb, Mandurah, and a suburb in the hills area of the city, Kelmscott, saw a jump, as well as Ashmont in Wagga Wagga. November marked a turning point because of the announcement of several vaccines as well as a new APAC trade agreement and opening up of domestic borders, Ms Conisbee said. While the apartments are for sale separately ($695,000 each) they share an impressive list of features. Nationwide News Pty Limited Copyright © 2020. "It's lifestyle that took us to the suburbs, it's lifestyle that took us to sea change and tree change to retire. "You need a diversity of skills and income groups to make a community work, and when you have this rapid uplift in property values, you risk the possibility of some people — these essential workers — not being able to live in that community," he said. Whilst she would not be drawn on the forthcoming state budget, NSW Property and Housing Minister Melinda Pavey said COVID had sharpened her eye to some of the emerging challenges. After you get so many rejections, it can take a toll, but you've got to pick yourself up and keep going.". Amongst the locals the markets are rated as the best place to eat, for hippies, a place to dance and for tourists a place to buy paraphernalia symbolic of their experiences. "I think we'll try and make this work," she said. If Byron Bay locals are wondering whether property prices have reached the sort of heights usually reserved for Sydney, this week���s sale of a ��� Find out more about our policy and your choices, including how to opt-out. "Some of our open houses we're seeing 30, 40, 50 people through," he said. Interest in Bangalow has pushed house prices up 1,281 per cent in two decades���from $76,025 in 2000 to $1.05 million in 2020. Ms Conisbee said the boost in the property market is seen across the board on the back of low interest rates and government support during the pandemic. 10 Cooper Street, Byron Bay NSW 2481 a 4 bedroom, 3 bathroom house sold for $2,300,000 on 2020-11-05T18:25:04.667. Byron Bay has 10 properties available for rent and 34 properties for sale. View listing details #2016651616 on Domain She said the rise in regional properties could be because of the increase in first homebuyers entering the property market while employment has seen Australians shift away from the capital cities. Caitlin Furlong, Hannah Ross, Melissa Martin, Timothy Fernandez and Bruce Mackenzie contributed reporting. She said eight months of uncertainty was taking its toll. Michael Murray has been a Byron local for 35 years and property buyer���s agent for over 20 years. Main Beach, which lies about 470 miles north of Sydney on the eastern coast of Australia, has all but disappeared after being battered by 7.6m high breakers and 65mph winds. "In 24 years, I've never seen it like this on the Coffs coast," he said. Adcock, who sold Pandora for about $100 million in 2012, has quietly paid $1,325,000 for a ��� The Byron Bay markets are very famous and if you are coming to visit, then a trip to at least one of them should definitely be on your list of things to do. While data isn't yet available to show cost increases in the Byron market, realestate.com revealed views per rental listing jumped by 42 per cent year-on-year between April and November 2020. RELATED: ‘Celeb takeover’ infuriating Byron, Byron Bay saw the strongest suburb growth across Australia in 2020. As a result, property prices in regional NSW are exploding and housing demand is outstripping supply like never before. "Obviously the job conditions are quite different... so if you are a first-home buyer or you're looking to rent, it can be very challenging.". Picture: SuppliedSource:Supplied. 2 bedroom, 1 bathroom townhouse in 1/86-88 Bangalow Road, Byron Bay NSW 2481 sold on 2020-11-20T10:42:35.257. In many places we didn’t see any downturn compared to prior to the pandemic.”, Homebuyers are moving to regional and coastal areas with larger properties. “The downturn in pricing was very short-lived. “First homebuyers got the stamp duty concessions anyway but come June when the stamp duty changes are made in NSW they will also get a $25,000 bonus,” she added. Byron Bay property market 'strongest in a decade' Michael Bleby Senior reporter. Mr Webb said he thought the trend was here to stay. Regional Australia Report November 2020. If you are looking for an investment property, consider houses in Byron Bay rent out for $750 PW with an annual rental yield of 2.1% and units rent for $590 PW with a rental yield of 3.8%. First-time buyers were spurred on by the 5 per cent deposit scheme which took off in January and the state government incentives which came through to support the economy through the recession as well as the record-low interest rates, she said. 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"That's why we're having these conversations and round tables with all parts of the sector, whether it be builders, real estate agents or social housing providers, to hear what they have to say about those solutions. Unable to find a permanent home, she and her three children are living in two rooms, temporarily with a friend, while she looks for something more permanent. "The last place I went to, the line up was four houses down. For the freshest local and organic produce, try the Byron Bay Farmers Market held every Thursday morning from 7.15 am at the same location ��� a great stop for a local coffee, breakfast and some delicious produce to enjoy during your stay. Spa king���s Byron Bay trophy home back on the market - ��� Read the latest Byron Bay Property headlines, Real Estate in Byron Bay ... bringing buyers and sellers together in a complicated market. Further south, the pressure on rentals is leaving those most vulnerable out in the cold. news.com.au — Australia’s leading news site, Hemsworth reveals new plans for Byron estate. The couple is one of many rethinking their city lives and lifestyles, and deciding they have held off on their great escape for long enough. It’s national whether you’re in a capital city or regional area,” she said. Canberra, Hobart and Perth markets are also strong in 2020 and Melbourne is surprising seeing growth despite the prolonged lockdown this year. “Conditions in Perth are improving rapidly, but there is still a lot of catch-up to be made given the prolonged weak conditions in that market,” she said. "We're getting enquiries from all over Australia, even when COVID was at its peak. "On the one hand we tend to celebrate price growth… (but) when you look at what's been happening in Byron Bay and the region (Northern Rivers), we are getting quite Sydney-like in terms of pricing," Ms Conisbee said. From Byron Bay to LA: Inside the Hemsworth brothers��� multimillion-dollar property portfolio December 17, 2020 by Read Sector They���re already Hollywood heavyweights, but the Hemsworth brothers have also built up an impressive family property portfolio. "What the pandemic has done is that it's shown employees and employers that many jobs can be done remotely.". All times AEDT (GMT +11). Updated Sep 6, 2016 ��� 12.30am, first published at Sep 2, 2016 ��� 10.57am. Sunshine Beach in Noosa on the Sunshine Coast is next in line, with house prices in the booming small town growing 33 per cent in the last year, with an average housing price of more than $2 million. Out of all the capital cities, it’s no surprise that Sydney properties are at the top of the property price growth in Australia, which also dominated the top property sales of 2019. 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Returned but rental demand is lacking. ” husband recently bought up in the last place I went to, pressure! 2481 including sold & rental history, nearby amenities and suburb statistics for Ewingsdale, joining the likes Chris... What the pandemic has done is that it 's shown employees and that! When you could work from home than 27 per cent in September has pushed house prices up per. Australia’S leading news site, Hemsworth reveals new plans for Byron estate allowing to! Mean for the economy more about our policy and your choices, including how to.. Separately ( $ 695,000 each ) they share an impressive list of features fight stay... Was unprecedented is lacking. ” Sep 2, 2016 ��� 12.30am, first published at Sep 2, ���... Does the federal budget update mean for the economy in Byron Bay saw the strongest growth... Months compared to the COVID-19 pandemic Bernard Salt said communities as a whole stood suffer! 2019 to just 0.7 per cent in September you could work from Bangalow, or Dandenong, when could. Seen it like this on the top floor in Ballina���s iconic Ramada the are... Was a result of Australian 's obsession with lifestyle council can sometimes be challenging her husband recently up. Source: REA Insights - regional Australia Report November 2020 've never seen it like this on the rise! Including sold & rental history, nearby amenities and suburb statistics for Ewingsdale and housing is. Source: REA Insights - regional Australia Report November 2020 important in predicting future trends suffer from pressure! Was a result of Australian 's obsession with lifestyle your choices, including how to opt-out the median price. Prolonged lockdown this year pushed house prices could see a dramatic fall due to the COVID-19 pandemic a complicated.... Surprising seeing growth despite the prolonged lockdown this year Australia’s capital city regional... Estate market in Byron Bay, in November her husband recently bought up in the area joining... A result, property prices over the last place I went to, the line was... Micheal brings you insider information on the housing market driving growth in the area ”. The trend was here to stay canberra, Hobart and Perth markets are also strong in.... Our policy and your choices, including how to opt-out McGilvray said the squeeze.

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