Menu

It’s official: Byron has most expensive house prices in the country

Paul Bibby

Well, it’s finally happened.

For years locals have been saying that Byron is the most expensive place to live in the land of beer and bananas.

Now it’s official – well, as far as buying a home is concerned.

Last week market research firm Propertytology reported that the Sydney had ceded its mantle as having Australia’s most expensive median house price to, you guessed it, the Byron Shire.

Alternative homes like this one, which featured in Lismore Gallery’s recent Not Quite Square exhibition, could provide a way out of Byron’s escalating property prices. Photo Sharon Shostak

Do we get a trophy of some description? A scale replica of the disco dong perhaps?

Propertytology (which is a little too close to ‘proctology’ for The Echo’s liking, but anyway) reports that as of December last year the Shire’s median house price was $987,500.

‘Byron’s median house price increased by a whopping 64 per cent over the past five calendar years, propelling it to the top of the national table,’ the firm’s chief proctolo… sorry, managing director said.

‘Sydney and Melbourne both produced a 44 per cent increase over the same five years to be $950,000 and $772,500, respectively.’

And as if we hadn’t had enough good news, Mr Pressley informs us that Byron is likely to extend its lead over Sin City because while prices there are falling, ours are continuing to climb.

‘Byron’s median house price has increased by an average of 10.1 per cent over the past 20 years – the highest rate of growth of any Australian town or city,’ he says.

‘It’s staggering that Byron has averaged double-digit growth every single year for two decades. I doubt whether there’s another city anywhere in the world that has done that.’

‘Back in 1998, the median house price in Byron Bay was just $140,000.’

The driving force behind all of this? Again, few surprises – it’s cashed-up silver-haired folk moving up from Sydney and Melbourne.

‘Demand is primarily driven by the affluent, middle-aged, Australian-born couples,’ Mr Pressley says.

‘Census data shows Byron’s median household age is 44 – compared to the national average of 38 – and there’s a below-average number of children per household as well.’

Our older population means less babies are being born here, and that is keeping a lid on the rate of population growth.

‘Byron’s average annual population growth rate of 0.9 per cent is well below the 17-year national average of 1.5 per cent,’ according to our learned friend.

‘Byron’s status is the ultimate proof that the size of a city’s total population or the annual rate of population growth are not the biggest drivers of property prices …’

Proof at last that, as far as Byron is concerned, size doesn’t matter – except when it comes to our bank balances.


2 responses to “It’s official: Byron has most expensive house prices in the country”

  1. Ilan Menahemi says:

    Well the echo is part of this look at the middle pages of your paper where you give a platform for all the rip off dealing in houses

  2. Peter Crowley says:

    I bought my house 100000$ 35 years now say worth 3 mill plus yes Byron soon become only for the mega rich an holiday people place for fun

Leave a Reply

Your email address will not be published. Required fields are marked *

 

Become a supporter of The Echo

A note from the editorial team

Some of The Echo’s editorial team: journalists Paul Bibby and Aslan Shand, editor Hans Lovejoy, photographer Jeff Dawson and Mandy Nolan

The Echo has never underestimated the intelligence and passion of its readers. In a world of corporate banality and predictability, The Echo has worked hard for more than 30 years to help keep Byron and the north coast unique with quality local journalism and creative ideas. We think this area needs more voices, reasoned analysis and ideas than just those provided by News Corp, lifestyle mags, Facebook groups and corporate newsletters.

The Echo is one hundred per cent locally owned and one hundred per cent independent. As you have probably gathered from what is happening in the media industry, it is not cheap to produce a weekly newspaper and a daily online news service of any quality.

We have always relied entirely on advertising to fund our operations, but often loyal readers who value our local, independent journalism have asked how they could help ensure our survival.

Any support you can provide to The Echo will make an enormous difference. You can make a one-off contribution or a monthly one. With your help, we can continue to support a better informed local community and a healthier democracy for another 30 years.”

Echonetdaily is made possible by the support of all of our advertisers.