Is the water still warm in Byron?

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From: Mathew Poxon


This is my first post here. Thanks to all the great contributors!

I have some good friends in Byron Bay and have been staggered at the rapid escalation of property prices there in last 4 years and 12 months especially. Does anyone have much experience of the Byron and surrounding areas for IP's? If so, what is your general advice and also what do you think will happen to property prices (in Byron) once the building moratorium is lifted in (?)2003 once the sewage problem gets sorted?

Thanks,

Bagg
 
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Reply: 1
From: Sergey Golovin


Matthew,

According to information published in the Australian Property Investor magazine December/ January issue, which comes from Residex (?)

Byron Bay - Median sales price $202,000; Capitol Growth 7.66%; Annual sales 44.

Is there any industry in Byron Bay (except tourism, agriculture and McDonalds) or any employment opportunities at this stage or in near future?

Serge.
 
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From: Sergey Golovin


Same magazine, same place, but previous issue October/November -

Median $333,000; Capital Growth 14.24%; Annual sales 102.

Looks like it has picked already.

Serge.
 
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Reply: 1.1.1
From: Mathew Poxon


Thanks Serge,

Just on the stats, I agree it looks to have peaked. There is very little industry. Prices are driven by lifestyle and "coolness" of the location. Lots of celebrities etc. However I remember thinking 5 years ago that it must have peaked also!

Matthew
'Still working on a pithy saying'
 
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