As 2021 reaches a close, we leave a year behind us that’s seen words like “crazy”, “mad”, and “insane” used to describe the prices being paid for property in Byron Bay.
At the start of the pandemic, everyone feared the economy would take an enormous hit. And property prices along with it. Yet, this hasn’t happened. Instead, we’ve seen an unprecedented rate of growth, with many property markets performing far better than anyone could have expected.
Property values in Byron Bay are reported to have grown by close to 40% in 2021 alone. But it’s not just Byron that’s seen massive price hikes. Property prices in Bangalow, Lennox, Mullum, Ocean Shores, Lismore and Yamba have also been boosted along the way.
Right now, the question everyone’s asking is, ‘how long is it going to last?’ And the answer probably goes along the same lines as all the other predictions we’ve heard during the pandemic so far. Who knows!
Property prices are difficult to forecast at the best of times. However, if the trend to leave the cities behind is anything to go by – and demand continues to outweigh supply – then prices will remain high.
At the same time, the boost in property values means that many people are looking to upgrade their lifestyle. And they may choose 2022 to do just that. In fact, it’s fair to say that if coronavirus has taught us anything, it’s the value of living in the right property in the right place. And this has led to a flood of people moving to Byron Bay.
Byron is an incredibly liveable location. Its natural beauty and reputation as a wellness centre has had its appeal for many years. But the Pacific Motorway upgrade, two airports within easy reach, and a shift to working from home now make it a viable choice for a whole new group of people, previously tied to the city.
An increased focus on liveability has resulted in Harvest, Byron’s new masterplanned sustainable community, receiving considerable interest. And it’s this kind of lifestyle – sustainable living, spending time living closer to nature, connecting with a like-minded community – that people are looking for.
The beauty of living in Byron is that you’re surrounded by nature while enjoying many of the benefits that the city brings – festivals, fine food, and theatre, to name a few. And if you can live, work, and relax within minutes of some of the best beaches in Australia, why wouldn’t you?
That said, the influx of people moving from the cities and the massive rise in property prices has significantly impacted our town. Consequently, many locals are priced out, renters are moving further afield, and lockdowns and restrictions have taken their toll. As a result, many businesses have struggled to find staff, and some have sadly closed their doors.
With the international border open to students, and many restrictions lifted, people are coming back into town, and they’ll fill jobs and boost tourism along the way. This, of course, will help many businesses get back on their feet. All the same, our community needs our continued support more than ever, particularly those who have been hardest hit.
2021 has challenged us all in different ways, so here’s to next year being easier for everyone.
Wishing you and your family all the best for the festive season and a happy and healthy new year.