PHOTO: Byron Bay. SUPPLIED
Byron Bay has taken the crown for the highest house price growth of any suburb in the country last year, with house prices soaring by an astonishing 37 per cent.
In the small coastal town of roughly 10,000 people, the median house price has shot up to $1.68 million, Domain’s latest House Price Report shows.
While agents report demand has remained strong into the new year, the latest figures have prompted speculation the local market could be nearing its peak rate of growth.
“The change in price in Byron is pretty eye-watering,” Domain senior research analyst Nicola Powell said.
Dr Powell said there had been progressive hype around Byron Bay before the onset of the pandemic saw an influx of new buyers and investors.
“The celebrity pull, the lifestyle pull – it was almost the place to be seen,” Dr Powell said.
The rapid growth has prompted a spillover effect in neighbouring towns, with the median house price in the Byron Shire – which stretches from Broken Head to Mullumbimby – rising 26 per cent in 2020.
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