Byron Bay Real Estate Explodes

With the influx of celebrities like Chris Hemsworth and Matt Damon, as well as wealthy urban buyers, property prices in the northern NSW town, Byron Bay, have exploded.

In late 2016, the median housing price in the town was approx. $1.1 million, two years earlier, it was half that. This was mainly driven by the Sydney property boom, with Sydney siders cashing up and retreating to the resort town.

Whilst most would think that would have been the peak for the Byron market, since 2016, the real estate market in Byron Bay has been like a tidal wave. As of August 2021, the median housing price was $2.55 million. The Covid Pandemic sent property prices up 70% in the past year. Many Byron property owners in the last 12 months have made more money from the increase in their property’s value then they could have possibly ever saved. The question is though, how will Byron Bay and regional housing markets perform after the covid pandemic. Will prices drop? Or continue to explode?