23.8 C
Byron Shire
February 23, 2024

McGrath moves into Byron

Latest News

An adventure of a different kind

Two years ago adventurer Emma Scattergood discovered that a journey doesn’t always involve travel. In 2022, Emma was told she had stage 3 invasive lobular breast cancer. 

Other News

Byron: flats and highrise?

Where are the residents of Byron Bay who are concerned about where we live and the changes afoot? At...

Affordable housing summit next week

As the affordable housing issue shows no signs of easing in the near future, key figures in the housing, property, and finance sectors will come together to tackle the country’s housing challenges at the ninth Affordable Housing Development & Investment Summit

Cartoon of the week – 21 February, 2024

Send to Letters Editor Aslan Shand, email: [email protected], fax: 6684 1719 or mail to The Letters Editor, The Echo, 6 Village Way, Mullumbimby, 2482, NSW, Australia.

Cinema: Poor Things

With so many shades of Frankenstein, and featuring Emma Stone, Mark Ruffalo, Willem Dafoe and Ramy Youssef, Poor Things is set in Victorian London. Medical student Max McCandles (Youssef) becomes an assistant to the eccentric surgeon Dr Godwin ‘God’ Baxter (Dafoe) and falls in love with Godwin’s ward, Bella (Stone), a childlike young woman…

Police confirm two babies dead on February 11 in Mullumbimby

NSW Police have confirmed that at about 2am Sunday 11 February, emergency services were called to a home in Mullumbimby following reports of a concern for welfare.

Tallowood Estate open space deal on hold

Byron Shire Councillors have deferred a decision on whether to accept an offer on a large parcel of forested ridgeline land above the Tallowood Ridge Estate near Mullumbimby.

[author]Simeon Michaels[/author]

Real estate tycoon John McGrath sees a market recovery for the Byron region in 2012 and is putting his money where he mouth is by moving into the local market.

McGrath recently used a breakfast function attended by a who’s who of Byron’s real estate investors to announce his intentions.

McGrath has chosen long-time Byron agent Paul Nicholls to spearhead its service. ‘We foresee opening an office in Byron, but at present we will continue to operate out of our existing [Ballina] location,’ said Nicholls.

John McGrath spoke of trends that his company gleans from auctions nationwide, some of which take months to make their way into official statistics. ‘Darwin and Canberra, with their high proportion of government and defence employees, are the strongest markets in the country.

‘It’s business as usual in Sydney, and Melbourne and Brisbane are showing first signs of recovery,’ he said, contrasting these growth areas with the Gold Coast, down 50 per cent, and an overall national drop of 12 per cent since the GFC.

McGrath commented that regions usually lag behind the major cities by 12 months, leading him to predict that Byron will experience a recovery some time in 2012.

‘Asking a real estate agent if they think the market is improving is a bit like asking a barber if you need a haircut,’ he said, ‘but at the moment everyone is waiting to see if prices drop further. Unless something drastic happens with the euro, prices will stay stable, then we’ll be surprised by how quickly people return to the market.’

McGrath identified seachangers, mainland Chinese investors and self-managed super funds (now allowed to gear their investments) as new categories of purchasers in our region. While the market may be showing its first green shoots since the GFC, ‘there over 900 properties up for sale in Byron, a backlog which will take two to three years to clear at current rates,’ he said. Accordingly, McGrath believes it’s a good time for buyers, but vendors should hold on for 12 more months if they can afford to.

McGrath’s expansionary aspirations follow a notable thinning of agencies servicing Byron, with Belle Property closing, and Ed Silk entering administration prior to being acquired by Gail Fuller and partners to form Byron Coastal Real Estate.

First National and Ray White remain the largest agencies in town, First National claiming 42 per cent of settled sales this year.

Previous articleLandslip poses new problems
Next articleDeputy mayor

Support The Echo

Keeping the community together and the community voice loud and clear is what The Echo is about. More than ever we need your help to keep this voice alive and thriving in the community.

Like all businesses we are struggling to keep food on the table of all our local and hard working journalists, artists, sales, delivery and drudges who keep the news coming out to you both in the newspaper and online. If you can spare a few dollars a week – or maybe more – we would appreciate all the support you are able to give to keep the voice of independent, local journalism alive.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Police confirm two babies dead on February 11 in Mullumbimby

NSW Police have confirmed that at about 2am Sunday 11 February, emergency services were called to a home in Mullumbimby following reports of a concern for welfare.

Just what the doctor and nurses and midwives ordered

It seems like nurses and midwives are always struggling under the weight of poor patient-to-staff ratios. It is hoped that an influx of new workers could help ease the load. This will be a welcome relief for local staff.

Affordable housing summit next week

As the affordable housing issue shows no signs of easing in the near future, key figures in the housing, property, and finance sectors will come together to tackle the country’s housing challenges at the ninth Affordable Housing Development & Investment Summit

Lorikeets on the mend as paralysis season eases

A poorly-understood phenomenon where lorikeets in the region becoming paralysed and unable to fly is thankfully coming to an end for 2024, says WIRES wildlife vet, Dr Tania Bishop.