THE REAL estate saying that prices double every seven to 10 years has been proved overly optimistic for most property markets — but Byron Bay is an exception.
The typical value of a house in the popular northern NSW holiday spot has more than doubled since 2007, with much of the biggest boost in prices occurring over the past five years, according to CoreLogic data.
Part of the growing popularity of the area has been its strengthening holiday home market. Holiday rentals make up a significant part of the local housing market and are one of the reasons typical rental returns on properties are on the higher side for NSW at 5.3 per cent. The average rental return on a Sydney house, by comparison, is 2.9 per cent.
This home at 23 Marine Parade is located near Byron Bay’s iconic lighthouse.
It has rare views across Byron’s world famous beach.
There are two bedrooms, but the property is also being sold with development approval for a six-bedroom house.