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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. 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. 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. 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%. Byron Bay has 10 properties available for rent and 34 properties for sale. 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. 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. In a year of ups and downs in our local market, understanding what causes fluctuations is important in predicting future trends. Source: REA Insights - Regional Australia Report November 2020. 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. "Some of our open houses we're seeing 30, 40, 50 people through," he said. "It's lifestyle that took us to the suburbs, it's lifestyle that took us to sea change and tree change to retire. He has deep local knowledge of our property market and what is happening ��� Continue reading "December���s Market Watch" 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���. I don't want to ever move.'". "Twenty inquiries a day for our rental properties, and the vacancy factor is so small," she said. "I think the common denominator between Australians of today and 50 years ago, is that we are all obsessed with lifestyle," Mr Salt said. "I think we'll try and make this work," she said. RELATED: ‘Relocation of nation’ expected to spike, Homebuyers are opting for relaxed regional lifestyles as they move away from cities.Source:News Regional Media. Byron Bay property market 'strongest in a decade' Michael Bleby Senior reporter. 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. ", Find more local newsTell us your location and find more local ABC News and information. While the apartments are for sale separately ($695,000 each) they share an impressive list of features. “The downturn in pricing was very short-lived. 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. 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. All times AEDT (GMT +11). “House-and-land development is very strong because of all the first homebuyers,” she said. She said the "extreme" price growth was bittersweet. Caitlin Furlong, Hannah Ross, Melissa Martin, Timothy Fernandez and Bruce Mackenzie contributed reporting. 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. In August, Riverina real estate agent Geoff McGilvray said the demand for farming properties in all categories was unprecedented. 2 bedroom, 1 bathroom townhouse in 1/86-88 Bangalow Road, Byron Bay NSW 2481 sold on 2020-11-20T10:42:35.257. 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. "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.". Canberra, Hobart and Perth markets are also strong in 2020 and Melbourne is surprising seeing growth despite the prolonged lockdown this year. 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 does the federal budget update mean for the economy? Further south, the pressure on rentals is leaving those most vulnerable out in the cold. Demographer Bernard Salt said the current squeeze on regional and coastal communities was a result of Australian's obsession with lifestyle. "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. Picture: SuppliedSource:Supplied. “The property market is bouncing back very quickly. On offer are two, 2-bedroom apartments, located adjacent to each other on the top floor in Ballina���s iconic Ramada. Nationwide News Pty Limited Copyright © 2020. As a result, property prices in regional NSW are exploding and housing demand is outstripping supply like never before. "When we first moved here, my husband said, 'I don't want to get stuck in Wollongong'. 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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. 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. Bangalow-based agent Ali Page said the interest in properties across the Northern Rivers region was not good news for everyone. View listing details #2016603389 on Domain Source: REA Insights - Regional Australia Report November 2020. 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. “Rules to accessing credit is changing so it’s easier to get loans.”. Find out more about our policy and your choices, including how to opt-out. Mortgage lenders are being urged to ��� "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.". Before the pandemic hit, the village of Bangalow, over the hill from Byron Bay in northern New South Wales, was already experiencing steady growth. "We're getting enquiries from all over Australia, even when COVID was at its peak. 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. We were here for two weeks, and he said, 'I love it. Regional Australia Report November 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. "We can take between 10 and 20 applications on each, and this is putting pressure on rents.". Sydney continues to top Australiaâs capital city property growth.Source:istock. Read the latest Byron Bay Property headlines, Real Estate in Byron Bay ... bringing buyers and sellers together in a complicated market. Updated Sep 6, 2016 ��� 12.30am, first published at Sep 2, 2016 ��� 10.57am. 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. 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. Byron Bay | Official byronbay.com Guide - Latest Stories from the ��� "Everyone has an example of where the prices have really been turned on their heads.". 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. 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. "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. "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.". Median property prices over the last year range from $1,832,500 for houses to $815,000 for units. “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. Mr Webb said he thought the trend was here to stay. 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. 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. "What the pandemic has done is that it's shown employees and employers that many jobs can be done remotely.". Adcock, who sold Pandora for about $100 million in 2012, has quietly paid $1,325,000 for a ��� Michael���s December edition of Market Watch. 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