Byron Bay property markets starting to decline: HTW National Property Clock
Houses and units are both in decline across the Byron Bay and Ballina regions, according to valuation firm Herron Todd White.
Their September national property clock for houses and units have suggested the northern NSW areas are starting to decline.
Herron Todd White suggest the downturn in Sydney and Melbourne has finally hit the Byron market.
"As these interstate markets have seen recent downturns, it is only in recent months (since the commencement of 2019) that the flow on effect into our market has seen a slight change in this price bracket [$850,000 to $2 million]," the report noted.
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"Time spent on market would be the first observation, while no significant change in price levels has occurred as stock levels have remained relatively low."
The Byron Bay decline cycle might not run for long, given the bounce back in markets in Sydney and Melbourne.
Herron Todd White, who had Sydney approaching the bottom of the market last month, suggest the market, for both houses and units, has bottomed.
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