NSW A lot of Sydney buyers are buying in the Byron bay & Mullumbimby area

I've heard from numerous sources that Sydney investors are buying houses / land in the Byron shire causing prices to rise. This is resulting in price rises in Byron bay, Mullumbimby, Brunswick heads. I've looked at several agency websites and noticed the lack of listings compared to say 5 yrs ago where the opposite situation occurred with numerous listings and no buyers around. Prices were a lot lower then.

Its all good as they say...

 

ripple effect?
Cheaper entry level, no idea?
Down sizing taking gains from Syd?

Interesting, hope it continues so prices soar

 

One agent told me that he's had several clients say how cheap prices are 'up here'

 

buy the time I can afford my beachfront land I will be looking at a tropical island in a 3rd world country lol thousands of mile from OZ.

 

That would have to be North Island of NZ... (ducks)

 

yep. the city slickers and corporate hippies are ruining the area!
I got "hurry up flashed" by a modern volvo when going through lennox head main street, I was doing a tad under the speed limit! ...40km/hr! so much for chilled out beach lifestyle! road rage onto to get your soy latte!! "Bringing Sydney to the beaches"

 

With these prices you can be rest assured the hippies aren't taking time out of their day from Nimbin to go house hunting.

16 Burns Street, Byron Bay, NSW 2481 - Property Details

67 Shirley Street, Byron Bay, NSW 2481 - Property Details

 

I visited both towns at Easter time. Mullum seems to have a lot of bogans and Byron a lot of hippies

Nice holiday spot, don't really see the merit of investing there other than as a speculative play.

 

Could be a bit of E Change too - those who work online jobs that have the ability to work from anywhere.

Cheers

Jamie

 

Only an idiot would make a comment like that, every area needs to be looked at on it's merits & every property looked at even further, cheap houses are everywhere.

 

Yes, its a fair comment.

I think the point is that the Byron shire does have a lot of cashed up Sydney buyers who do think the property market is cheap in comparison to the big city. It does explain why prices have risen in the area. Its certainly changed since 5 yrs ago.

 

Yes, but it is a very simplistic way at looking at things.

If I lived in a 40mil Harbour mansion, I could walk around Sydney making stupid statements about how cheap it is in Mosman, Brookvale, Kingsgrove etc, but is it ?

There are no shortage of fools, anywhere in fact it seems

 

Funnily enough my parents are doing just that..
Well that originally planned to head Byron way,
Now looking near Sunshine Coast.
Theyll be able to pick up about $1M mortgage
free and are moving up to basically retire.
Seems they aren't the only ones...

 

My house in Byron has doubled in the last 4 years, but the rent has only gone up 10%. Downside is much higher land taxes coming. Parents house has gone up over x150 (15,000%) in 45 years. Now the area that house is in is full of multi millionaires, often absent. When I was a kid there were a lot of other kids & young families around living there enjoying the beach, now there are none (except for visiting grandchildren of the few permanents still there), sad in a way, I don´t see the astronomical price rises as all good.

Also a lot of places have become tourist rentals, furthering disintegration of communities (although Byron still has a strong community). I rent my place out to local workers rather than tourists, I think there is a case for taxing tourist rentals higher than permanent leases, believe the situation is quite bad in some parts of Sydney with airbnb.

 

Last time I was up that way I remember driving down the main drag and braking to a sudden stop. Reversed a little back and yep I read the shop sign correct...."Hemp Cafe". So I hopped in and had a strong brew lol.

 

So what do you suggest buying ?

Houses ?
Units ?
Existing crop plantations ???

 

Lol, this article on Domain made me laugh. I wonder if the author was paid off. It seems a bit desperate?

Why you couldn't pay me to move to Byron Bay

I'm pretty sure a lot of the negatives mentioned exist in the outer suburbs of Sydney too.

 

what is the value of your house now? what is the vacancy rate like?

 

ahem, I think you mean INNER city

 

To be honest, when I was young, some time ago, a lot of people where I grew up were what I called "dopes", they were smoking weed all the time, including before school or at the beach skipping school, all of them would talk of or be traveling to Byron and surrounds.

I like the area geographically, but I think it may have many people who may be a bit odd let's say