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November 29, 2021

Byron median house prices higher than Sydney

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Equivalent to Sydney prices: buyer's agent Michael Murray.
Equivalent to Sydney prices: buyer’s agent Michael Murray.

Chris Dobney

The median price of homes in the 2481 postcode is now higher than the equivalent in Sydney, according to two property price monitoring companies.

According to RP Data’s latest report, the Sydney median home price is now $914,056. Its most recent report on Byron Bay, taken in January, pegged it as $915,000.

Meanwhile APM/Pricefinder estimates Byron Bay’s median house price to be $936,660.

The principal of Byron Property Search, Michael Murray, told Echonetdaily this placed Byron Bay at the level of some of Sydney’s ‘blue ribbon’ suburbs.

‘It’s a much smaller demographic so it’s not like comparing applies with apples.’

By comparison, he added,‘in other rural towns, your buy-in would be $300,000 or $400,000. Even out at Lismore or Tweed, you’re comparable to a lot lower.’

The buyers’ agent is finding it increasingly difficult to find places to suit young buyers hoping to move to the area.

‘I get young couples saying, “I can’t buy in. I’m trying to find something at Sunrise or West Byron and I get pipped all the time by investors. I can’t find a home. I have the money but when I go up there to an auction I can’t even buy when I try to.”’

Nevertheless, Mr Murray was sceptical about the touted sale price of $850,000 for properties at West Byron, as proposed by developer Terry Agnew in The Australian newspaper on the weekend.

‘I think that’s a bit high, what Terry said.

‘I’m assisting people to get into get into Tallowood, that’s about $300,000 for the land.

‘My main comment and annoyance about that is that all that people can afford, once they buy their vacant block for $250-$300,000, is to get a project home for $250,000. Because if you start looking at architect-designed home on a block like that it’s at least another 50 to 60 per cent higher.

‘I look at the brick-and-tile tracts that greenfield developments turn into and it’s not so much the choice of the owners but an economic factor.’

While Mr Murray believes West Byron won’t necessarily solve affordability issues in Byron he says ‘it’s one of the only levers we’ve got’.

‘You can imagine any state or federal government is not going to stay in power if they start to manoeuvre levers to lower the median house price because everybody sitting on their assets are going to panic.

‘And that’s the only way that you’re going to lower house prices. To get more affordable housing means that the vast majority who are sitting on an asset of a house are not going to be happy. How do you please everybody?’


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2 COMMENTS

  1. West Byron estimate can’t be that far off the mark. When you’ve got buyers willing to spend 700K plus on a fibro health hazard with a groovy paint job what is the premium for a new house closer to the CBD, in a clean street, without the asbestos legacy?

  2. Thanks Serge, I also said in the interview that West Byron will at least alleviate the supply side of the problem. Yes it comes with its own set of difficulties and problems to solve. But you have to remember that every LGA (Local Government Area) is required to release a certain proportion of new land stock otherwise miss out on state and federal funding. Byron Shire is continually behind on this score.
    I am a buyers agent and not a listing agent so have no vested interest here. I only see the difficulty younger less wealthy people have when they try to secure a property here. Don’t even start to talk about renters.

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