2/64 Blackbutt Lane, Broken Head is set on half a hectare.
Agents selling homes around Byron Bay can’t see an end to the boom that’s seen prices outstrip Sydney, with Covid encouraging buyers to change their lifestyles.
The median price in the town that Hollywood celebrities such as Chris and Liam Hemsworth and Zac Efron call home has jumped to $2.7m, according to realestate.com.au data.
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That’s up from $1.42m last year, making Byron Bay the fastest-growing regional market in the country.
And the median price now dwarfs Sydney’s $1.2m.
McGrath Byron Bay principal Nick Dunn, who’s marketing a home in the same neighbourhood as where Chris Hemsworth built his $30m mega mansion, isn’t expecting prices to flatten out anytime soon.
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“It’s become such a popular destination and that did accelerate with Covid,” Dunn said.
“And, more importantly, properties like this one and hinterland properties have made it more favourable.
“People can grow vegetables and be a little bit more sustainable than at the beach or residential blocks.”
Dunn says half of Byron’s sales continue to be locals upgrading or downsizing, with 25 to 30 per cent coming from the northern and eastern suburbs of Sydney.
A quarter of the buyers come from Victoria and a smaller percentage from elsewhere.
Dunn’s expecting the four-bedroom, three-bathroom residence on half a hectare at 2/64 Blackbutt Lane, Broken Head that’s just hit the market to be popular.
The price guide in an eight-week expressions of interest campaign is $3.25m to $3.5m.
Designed by an architect from the Yamba region, Paul Witzig, the property is being offered for the first time in 24 years and is close to Broken Head Beach.
It features four separate wings of accommodation and living space, all wrapped around a central courtyard and surrounded by bushland.
There’s even a timber bathhouse.
Dunn says supply can’t keep up with demand in the Byron Bay area.
“Because it’s a green council, we don’t have big land subdivisions and things like that,” he explained.
He says there’s now nowhere where you can buy a house under $1m. The more affordable towns in the district are Mullumbimby, Ballina, Bangalow and Lennox Head.
Adriano Talone of Elders Real Estate Bangalow agrees that the Byron Bay region will continue to be popular, particularly with more people able to work from home.
“So many more people are able to work remotely and technology has moved on,” he said.
“We have mountains, nature, national parks and multiple beaches where you don’t have to sit in an hour of traffic to get to.
“We have town culture and events and the place is very authentic.
What a spot to take a bath
“People respect each other’s privacy, that’s why big names like to come here because they can settle in and be normal.”
He adds that a lot of expats are choosing to settle in the area when they return from overseas.
“It’s a very Australian place — you don’t have to put a lot of effort in you simply go out and enjoy what the area has,” Talone said.
“It’s becoming more and more desirable, free and open.”
