Ballina and Byron Bay market remains stable: HTW residential
The coastal region spanning Ballina to Ocean Shores is tracking well, according to the latest Herron Todd White (HTW) residential report.
"As Sydney and Melbourne markets have significantly cooled off, this market has steadied given the lack of interstate buyers entering the market, which has been the case for the past few years," the valuation firm said.
Whilst this market has steadied there is no evidence to suggest that it has fallen.
However, longer time periods are being spent on the market in the current conditions.
Price sectors for entry to mid-level buyers seem to be faring well, as new home buyers enter the market and local purchasers trade up.
The report suggests that the prestige market and rural residential market however appear to be slowing with a lack of transactions given interstate money has predominantly exited this price point.
Houses and more importantly houses that include a dual occupancy, appear to be faring better than most given the rental potential of a secondary dwelling and its ability to help service the loan.
As land has rolled out in the past 12 months in these areas, it is apparent that a large percentage of new builds are including a secondary dwelling (dual occupancy) for this reason.
"Some extra special information to share in this particular region is that Byron Bay is faring better than anywhere else in Australia," the valuation firm said.
"People have continued to migrate from capital cities into these coastal resort towns for work and lifestyle balance."
A Byron Bay pavilion style house characterised by clever design elements was sold for $1.22 million in May.
The designed home at 11 Oodgeroo Gardens (pictured above) features open plan living with high ceilings, gourmet kitchen, three bedrooms, and entertaining deck.
It's close to Byron town centre, beaches, schools, restaurants and cafes.
Another three bedroom villa at Ballina has recently been traded for $610,000.
Located at 1/7 Vera Street (pictured above), it comes with open plan living, dining and kitchen, three bedrooms, and outdoor entertaining area.
It is within a kilometre of amenities including shops, sporting fields, North Creek Canal and medical services.
