Byron Bay Rents Surge
The coveted coastal location saw rents rise by 32% in 12 months.
The coveted coastal location saw rents rise by 32% in 12 months.
Renting in regional locations has surged in the last 12 months, with the celebrity-filled Byron Bay seeing a rise of over 32% in rents in the past 12 months.
The result is five times the annual rental growth of the past five years with higher demand and limited stock fuelling the rise.
Over the past 12 months, weekly rents in Byron Bay climbed to $1150 for houses and $806 for unites – overtaking the $1083 and $797 rents for Sydney houses and units respectively, according to analysis by CoreLogic.
The sharp increase is caused by a lack of rental property supply with the area seeing just 60 properties available last month, compared to the 177 available in April of 2020.
It’s not only the Byron Bay market feeling the pinch with tight vacancies and strong demand also seeing sharp increases for houses in locales like Ulladulla on the NSW South Coast. Here, rents grew by 28.4% over the year due to rental listings falling from 228 in April of 2020 to just 73.
Outside of NSW, Broome in the Kimberley region of Western Australia notched a 28.1% rental rise while Buderim on the Sunshine coast saw rents climb 26.1%.
Further, locations like Kingscliff on the Tweed Coast (28.1%) and Noosaville on the Sunshine Coast (25.3%) are also experience rental rising.
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The luxury segment recorded a robust third quarter
Deep-pocketed buyers were busy this summer in the Hamptons, as sales of luxury homes in the affluent New York vacation-home market soared, according to third-quarter reports released Thursday.
“Every price range experienced increases in the number of sales in the third quarter, but the transactions over $5 million soared,” Robert Nelson, executive managing director of Brown Harris Stevens of the Hamptons, wrote in the brokerage’s report.
There were 55 transactions above $5 million, up from 31 a year earlier, marking a 77% increase, according to Brown Harris Stevens data.
The 16 ultra-luxury home sales, defined as properties over $10 million, accounted for 4% of sales, but made up 19% of the total dollar volume last quarter.
The median price of a luxury Hamptons home was $8.5 million in the third quarter, surging 38% from a year ago, according to a separate report from Douglas Elliman, which defines luxury as the top 10% of the market.
More properties in the beach towns are joining the $5 million club every year, according to Douglas Elliman, as this category has continued to double in market share.
The Hamptons has been surprisingly unaffected by this pre-election season that tends to temporarily dampen sales, said Philip O’Connell, executive managing director for Brown Harris Stevens in the Hamptons. Instead low rates have fuelled the market, enabling year-on-year sales to climb back up every quarter.
“A large segment of our buyer population comes from New York City. I think they see a bright future economically, which is driving their confidence in the market,” O’Connell said. “We have the expectation that the market will continue to be very active.”
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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.