Byron Bay more expensive to buy than Sydney as Richmond-Tweed home values soar during pandemic
Byron Bay is now more expensive to own a home than Sydney, as a mass exodus from capital cities causes regional home values to soar.
CoreLogic reports the cost of the average home in the Byron Bay region, which has become a celebrity hotspot in recent years, is now $1.4m тАФ significantly higher than the $1.147m a buyer needs to buy in Sydney.
MORE: Inside Karl StefanovicтАЩs waterfront mansion
Nicole Kidman leads celebrities moving to this NSW region
Kyle Sandilands buys tropical holiday home
Unprecedented demand from those lured by a promised тАЬattractiveтАЭ coastal lifestyle in Byron Bay has seen the Richmond-Tweed region record the strongest price growth of any regional town in the country for both houses and units. CoreLogicтАЩs Regional Market Update reports house values have risen there by 21.9 per cent and units 15.5 per cent in the year to April.
This home at Wategos beach has reportedly sold for a record-breaking $22 million.
CoreLogic research director Tim Lawless said it was no surprise the Richmond-Tweed area was the strongest performing market as buyers searched for more lifestyle destinations.
тАЬThis region includes high profile beachside destinations such as Byron Bay, Suffolk Park and Lennox Heads as well as popular hinterland villages such a Bangalow,тАЭ he said.
The report revealed the regional housing market outpaced value growth across AustraliaтАЩs capital cities in the last 12 months, rising 13 per cent compared with a 6.4 per cent gain in capital city values.
Mr Lawless said the regional property market had benefited from a number of factors including more people having the ability to work remotely.
This block of land at 30 Kendall St, Byron Bay, has a $4.2m guide.
тАЬNo doubt the more affordable housing options across many of AustraliaтАЩs regional markets is another incentive,тАЭ he said.
тАЬIn April there was a $247,400 difference between the median value of capital city dwellings and regional dwellings.тАЭ
Mr Lawless said the regional market was well placed to record higher than average levels of demand in the year ahead.
тАЬThose markets that are located close enough to capital cities to provide a commuting option, and those lifestyle markets that are popular with sea and tree changers.тАЭ
Realestate.com.au reports the Byron Bay town centre has seen even stronger price growth than the wider area with the median house price now $2.65m тАФ up from $1.45m a year ago.
Pacifico Property director Christian Sergiacomi said the heated competition for homes in the Byron region remained strong, but was not as intense as last year.
Byron Bay has been popular with many homeowners this past year. Picture: Supplied.
тАЬWe saw plenty of panic buying last year from buyers who were prepared to pay anything to get into the market,тАЭ he said.
тАЬMany had thrown their lengthy wish lists out the door to be ready to transact.тАЭ
Mr Sergiacomi said the likes of Chris Hemsworth who call the area home had helped to market the area as an attractive destination to live.
тАЬByron Bay markets itself, but having someone like Chris living in the area has created a spike in more people researching and discovering all the good things that Byron Bay has to offer,тАЭ he said.
Bunbury in Western Australia was the worst performer across both house and unit markets, with 3 per cent and -4.4 per cent yearly growth respectively. The town had also seen the highest change in sales volume тАФ up 51.4 per cent from the previous 12 months.
