Byron Bay

Prominent luxury property developer Luxcon Group are set to break into two new markets.

The Sydney-based developer, who has a string of high-end projects across Sydney's eastern suburbs and Melbourne, is set to launch two new high-end projects in Surfers Paradise and Byron Bay.

The two projects, Escape in Surfers Paradise on Garfield Terrace and Bohemian in Byron Bay on Jonson Street, located on the popular tourist spots most sought-after streets, will be part of Luxcon's new Coastal Collection.

Escape, Luxcon's first project in Queensland, will comprise 28 full floor and dual level penthouse-style residences, each with four bedrooms. There will be two floors of amenities including a pool, gym, sauna and spa.

[smartcode_project:default project_id=113448 project_image_fid=206730]

Sydney architecture firm PBD Architects suggested in their design statement submitted as part of the development application process back in July that Escape&nbsp;will be an iconic tower overlooking the ocean from the coast of Surfers Paradise, towering out amongst the Gold Coast cityscape as a new destination for those looking for resort-style luxury living.

"Its uniqueness is comparably contemporary and "edgy" amongst a sea of beachfront architecture incorporating coastal curvature and sleek ripple effects in their designs. It also creates a highly sophisticated urban design," PBD noted.

[smartcode_project:default project_id=113448 project_image_fid=206732]

"Inspired by the natural transition or movement from the coast to the air by the cooling coastal breeze, Japanese art of paper folding, origami, a simple rectangular paper begins to articulately transform into a sculptural object."

PBD were also in charge of the designs for&nbsp;Bohemian at 96 Jonson Street Byron Bay. That will home 44 two and three-bedroom apartments, at the heart of Byron Bay’s main strip and just moments to the beach.

[smartcode_project:default project_id=108275 project_image_fid=206721]

The Byron Bay project will sit above a 1,750sqm retail shopping and international food plaza and will also include a rooftop terrace with infinity edge pool, gym and spa.

Both developments will feature VZUG Swiss appliances and interiors by Coco Republic.

The Bohemian and Escape developments will see prices start from $2.2 million.

[smartcode_project:default project_id=108275 project_image_fid=206722]

Highland Project Marketing CEO David Highland, who secured quick-fire sales at the Sydney-based Sammut's Coast development down the road, said&nbsp;it is a pleasure working alongside such a highly credentialed developer to bring the exclusive range of apartments to market.

“It is incredibly rewarding to be collaborating with Luxcon to deliver these projects and doing the unveiling at Margaret was phenomenal,” Mr. Highland said.

“We never expected anything less from Neil Perry, but with Margaret he raised the stakes and having him there on the night was just wonderful.”

Luxcon Director Ilya Melnikoff said the team are excited to have launched the projects to market and look forward to what is to come.

“We have worked closely with PBD Architects to evolve a design that is both sophisticated and functional, capturing the essence of true coastal luxury living,” Melnikoff said.

Luxcon Director Ilya Melnikoff said the team are excited to have launched the projects to market and look forward to what is to come

Joel Robinson

Luxcon launch new Coastal Collection apartments in Surfers Paradise and Byron Bay

Byron Bay's only beachfront backpacker hostel is set to make way for a new luxury off the plan apartment project.

Vitale Property Group are behind the plans for the luxury development which will comprise just 26 three-bedroom apartments across three separate three-level buildings on an amalgamated site incorporating Cavvanbah, Milton, and Shirley Street's.

Hayball has designed the project with apartments starting from 130 sqm internally and ranging in size to as large at 170 sqm internally. Each apartment will have large outdoor areas, with balcony space starting from 50 sqm and ground floor terraces from 71 sqm, the latter each with their own private lap pool.

The eight apartments that will sit on the third level of the project will have two levels, the upper level featuring 125 sqm plus roof terraces. Every apartment will also have parking for three cars.

There will be extensive central landscaping on the ground floor, nearly 1,400 sqm, which will incorporate a resort-style pool set beside an established Moreton Bay Fig.

<img alt="The luxury Byron Bay pool area" data-entity-type="file" data-entity-uuid="741df418-5be9-45da-9f10-5af4596f9c17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202022-10-11%20at%2010.32.42%20am.png?VersionId=V_6F8uM6i_DzTZ8VYcZxuggC.QgQ.Gz5" />

The rooftop will also have resident amenity in the shape of more landscape gardens.

Development site amalgamation specialists GV Property Group put together the site.

The Brisbane-based Vitale Property Group led by husband and wife team Chris and Letitia Vitale, are behind the Burleigh Heads hotel and apartment development The Mondrian. That will home Australia's first Ritz Carlton hotel as well as 84 luxury apartments.&nbsp;

The new Byron project is a rare opportunity to buy an off the plan apartment in the tourist mecca.

Earlier this year Sydney developers Podia launched The Barbotine, a collection of hotel-style apartments which operate in a similar vein to Airbnb, but will be managed more like a hotel when the apartment owner isn't in residence.

[smartcode_project:default project_id=112757 project_image_fid=203482]

Podia had The Calile Hotel, Brisbane designers, Richards &amp; Spence, create the project at 116-118 Jonson Street, next to Mercato on Byron, the most used gateway into town. There will be just 41 apartments on offer across three low-rise levels, anchored by a landscaped central courtyard which will meet a mix of public retail, wellness and dining venues.

Vitale Property Group are behind the plans for the luxury development which will comprise just 26 three-bedroom apartments

Byron Bay's Backpackers Inn to become new luxury apartment development

Most known for where Chris Hemsworth lives, Byron Bay is set for a rare apartment development which will benefit the part-time investor, part-time holiday maker.

The Sydney developed Podia has launched The Barbotine, a collection of hotel-style apartments which operate in a similar vein to Airbnb, but will be managed more like a hotel when the apartment owner isn't in residence.

Podia had The Calile Hotel, Brisbane designers, Richards &amp; Spence, create the project at 116-118 Jonson Street, next to Mercato on Byron, the most used gateway into town. There will be just 41 apartments on offer across three low-rise levels, anchored by a landscaped central courtyard which will meet a mix of public retail, wellness and dining venues.

There are two, three and four-bedroom hotel-apartments, which offer an alternative to Airbnb ownership. Buyers will be able to own their own hotel residence to use as both a part-time personal Byron retreat and also use as an income stream when not using the property.

<a href="https://www.urban.com.au/new-apartments/the-barbotine-116-118-jonson-street-byron-bay"><img alt="" data-entity-type="" data-entity-uuid="" height="1064" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-07-25_at_9.41.54_am.png" width="1452" /></a>

Podia director Michael Grassi said The Barbotine intentionally redefines the hotel experience and curates an unforgettable destination in Byron Bay that can be enjoyed by everyone.

“The Barbotine is a new concept catering for guests who want the intimacy and home away from home feel of an Airbnb, but with the service of a boutique luxury hotel; and for investors who want the returns of an incredible holiday property but without the hassle of upkeep and security," Grassi said.

The dual key apartments allow apartments to be divided into two completely separate apartments, while also cater for larger groups.

<a href="https://www.urban.com.au/new-apartments/the-barbotine-116-118-jonson-street-byron-bay"><img alt="" data-entity-type="" data-entity-uuid="" height="1098" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-07-25_at_9.41.59_am.png" width="1658" /></a>

The hotel will be managed by Jeremy &amp; Jones, purveyors and operators of independent luxury hotels and deliver a guest experience unlike any other that is expected to make it a premier accommodation choice in a town where hotel-style tourism accommodation is scarce.

Jeremy &amp; Jones Director Jeremy Holmes said this is apartment living delivered through the lens of a hotelier.

"Not only will guests enjoy the kind of luxury personalisation you’d expect of a hotel, but owners visiting for the weekend benefit from a concierge they can instruct from afar to have a surfboard tucked away in their room ready for their arrival,” Holmes said.

<a href="https://www.urban.com.au/new-apartments/the-barbotine-116-118-jonson-street-byron-bay"><img alt="" data-entity-type="" data-entity-uuid="" height="1110" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-07-25_at_9.42.06_am.png" width="1996" /></a>

A communal rooftop crowns the building and features a central swimming pool set amid landscaped surrounds, with private rooftop terraces adding further amenity.

Construction is expected to commence mid-2022, targeting a completion in late 2023.

The Sydney developed Podia has launched The Barbotine, a collection of hotel-style apartments which operate in a similar vein to Airbnb, but will be managed more like a hotel when the apartment owner isn't in residence.



Rare Byron Bay off the plan apartment development an alternative to Airbnb management

Byron Bay has enjoyed a COVID-induced boom, with capital city holiday makers and investors driving the housing market&nbsp;in the small northern New South Wales town.&nbsp;

But the area is set to welcome a new breed of holiday maker. There&#39;s rare plans for new apartments on Jonson Street, the main street on the way in to town.

Low-key Melbourne investor Adam Garrison&nbsp;and Singaporean real estate tycoon Dr Stanley Quek are behind&nbsp;$52 million proposal for the&nbsp;mixed-use precinct at 90-96 Jonson Street, with local architect Harley Graham Architects designing the three-level building.

That&nbsp;includes ground level&nbsp;retail, some 1,750 sqm which will&nbsp;incorporate&nbsp;a spice alley. There will also be a cascading pool in the landscaped piazza by Daniel Baffsky at 360 Degrees.

Baffsky was&nbsp;given an extensive brief to green the structure in keeping with local subtropical climate and the buildings orientation.

<img alt="" height="674" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/90-96_jonson_st_byron_bay_2_0.jpg" width="1200" /> 
The plans submitted to the Byron Shire Council. Source: Harley Graham Architects

Levels one and two will be a mix&nbsp;two and three-bedroom apartments, ranging from 90 sqm to 120 sqm. Each will have a front terrace and a rear balcony, and most will have an internal lush lightwell.

Crowning the development will be a resident only rooftop, with swimming pool, pool deck, residential lawn, solar farm, yoga deck and native walking gardens.

There was a pre-lodgement meeting in March where it was revealed that when the notification to local Byron residents was distributed, there were three&nbsp;individuals expressing interest in the residential apartments, with two further sales enquiries received after the consultation closed.

They wanted to be kept updated on the proposal, however, were advised that a number of assessments and plans were yet to be finalised and that their interest was premature.&nbsp;

<img alt="" height="658" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/90-96_jonson_st_byron_bay_3_0.jpg" width="1200" /> 
The plans submitted to the Byron Shire Council. Source: Harley Graham Architects

There&#39;s concerns from locals the apartments will just become lucrative holiday lets and not address the chronic shortage or housing in the area. There are some 3,500 properties listed on Airbnb in the Byron Shire,&nbsp;

It&#39;s the second plans lodged on Jonson Street this year.&nbsp;

Developer Podia has <a href="https://www.urban.com.au/news/nsw/27-million-byron-bay-serviced-apartment-project-lodged-by-podia">proposed a $27 million development including serviced apartments</a> at the Holiday Village Backpackers site in Byron Bay.

The project is proposed for 116 and 118 Jonson Street, Byron Bay, currently the Holiday Village Backpackers.

DESIGN SUMMARY

The overall design aims for an environmentally and socially sustainable development. Delivering an integrated experience between the architecture, landscape and varied public and private activates of the site, creating a vibrant precinct to live and visit. This is achieved through multiple devices, including;

&bull; Improved pedestrian connection 
&bull; Activated public frontage 
&bull; Inclusion of fine grain retail spaces 
&bull; Contemporary residential amenity 
&bull; Connection to public amenity including greenspace and transport 
 
The landscape is conceived as a holistic urban garden. The landscape is a counterpoint to the modern architecture and a complement to the district &rsquo;s vernacular. It is a juxtaposition of a wild oasis and a familiar domestic courtyard. It is both elevated and vertical, and being integral to the architecture, demonstrates a progressive whole-of-building approach to the urban landscape that breaks free of the typology of peripheral and interstitial boundary treatments and singular ground floor or podium landscape. The whole of building landscape approach seeks to create a cohesive environmental and socially sustainable landscape and living building.

The sequence of landscape components (streetscape and piazza, retail lane, podium gardens, and residential amenity) combine to create an integrated, verdant and diverse sequence of spaces that contributes to both the private domain of the building&rsquo;s residents and the public domain of the broader Byron precinct.

The overall design aims for an environmental and socially sustainable landscape and an integrated landscape experience with the buildings architecture and function, activating the site and creating a vibrant precinct and place to live. The podium gardens have been designed with the intention to form a focus on the development and provide complete site cover of landscape. These spaces also provide social and recreational opportunities for residents, while contributing to the urban character, visual quality and biodiversity of the area.

This development demonstrates a progressive approach to landscape integration with residential development. In this project, the garden contributes as much to the character of the street and broader precinct as it does to the enjoyment of the buildings tenants. The studied integration of landscape and architecture also provides environmental benefits including reduction of the heat island effect, stormwater absorption and creation of urban habitat.

Fundamentally the Landscape Architectural design sets out to provide a stimulating environment responsive to the scale of the development that adheres to the local planning controls, including ESD initiatives and native planting requirements. Environmentally, the diversity of landscape expressions and significant site coverage will help reclaim a site that is predominantly carparking into a habitat for local flora and fauna.

Levels one and two will be a mix two and three-bedroom apartments, ranging from 90 sqm to 120 sqm

Byron Bay set for new apartments as plans for $52 million mixed-use Jonson Street precinct lodged

Developer Podia has proposed a $27 million development including serviced apartments at the Holiday Village Backpackers site in Byron Bay.

The project is proposed for 116 and 118 Jonson Street, Byron Bay, currently the Holiday Village Backpackers.

Byron Shire Council has placed the proposal on public exhibition.

It&nbsp;involves 41 serviced apartments, ground-floor retail and dining spaces, plus a communal garden.

The proposed three-storey building has been designed by Richards &amp; Spence Architects lead by architect Ingrid Richards.

There will be a rooftop pool and basement carparking.

The application notes the process of urban renewal presented the town with an opportunity to address the major environmental challenges including climate change; health and wellbeing and resource depletion.

&quot;These sustainability principles give effect to this broad agenda for a more sustainable, attractive and competitive town,&quot; the application advises.

Katie Wilson, the proprietor of Byron Bay Backpackers, wrote a letter of &ldquo;unwavering support&rdquo; for the proposed development, according to the Byron Shire News.

&ldquo;Our family have owned and operated at this site for 38 years and it is quite emotional letting go, however, we are so pleased with the architectural design and overall vision for the site that we are very seriously considering our association with the property by purchasing one of the apartments within the development,&rdquo; Ms Wilson wrote.

The Sydney developer Podia paid $18.55 million in February to buy the 4287 sqm site after 150 buyer inquiries.

Head of development at Podia, Michael Grassi, said the firm was &quot;passionate&quot; about Byron and want to contribute positively to the Byron Bay town centre.

&ldquo;We wanted to open up the site, maximising solar access to the internal public park so locals, guests and visitors have more green space in the centre of town to lie under a tree and take a break,&rdquo; architect Ingrid Richards told the local paper.

&ldquo;Merging private and public spaces, the courtyard is pivotal.&rdquo;

Richards &amp; Spence are best known for their Brisbane project, Calile Hotel.

Podia is currently constructing 25 apartments in the Premier Place development at 14-20 Premier Street, Neutral Bay.

It has been designed by architect ess lifestyle, with interiors by Richard Stanisich, and landscaping by Dangar Barin Smith.

Premier Place comprises a mix of two and three-bedroom apartments, including garden homes and a spectacular penthouse with city, skyline and Harbour Bridge views.

The last four three-bedroom apartments were priced from $3,700,000-$3,900,000, with two two-bedders priced from $2 million through Atlas by LJ Hooker.

Last July Podia took a put and call option over 18 strata lots at 45 McLaren Street, North Sydney with plans to build a larger mixed-use development.

The structured deal was worth more than $55 million, according to market sources, with the Australian Financial Review reporting it was contingent upon the site being rezoned to allow for higher density development.

The 1792sqm site is located 100m from the future Victoria Cross Metro station.

The $27 million development at 116 and 118 Jonson Street proposes 41 serviced apartments, plus retail and dining spaces and a communal garden

jchancellor

$27 million Byron Bay serviced apartment project lodged by Podia

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The popular ARIA-award winner Tones and I has returned to her roots where she made her name as a singer.

The pop singer, whose real name is Toni Watson, has spent $3.3 million on two holiday rentals on the same block just out of town. The homes, known as Starr Cottage and Skye Lodge, share the 1010 sqm parcel.

She's understood to be honouring rental bookings for the properties, with Starr Cottage still available to book at $880 a night. However, despite bookings coming up, Skye Lodge is no longer available for further bookings.

Skye Lodge (pictured top and below) is the grander of the two homes, comprising six bedrooms and three bathrooms, a media room, games room and its own pool. 

<img alt="" height="796" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/skye_lodge_2.jpg" width="1200">

Starr Cottage has four bedrooms and two bathrooms, including a private parents retreat upstairs with ensuite. The lounge opens to private backyard with a swimming pool set in established gardens.

On the property is a separate self-contained one bedroom managers quarters with its own private courtyard and entry. 

Marketed as ticking all the boxes for an investor, owner occupier or holiday maker, both homes have been renovated in keeping with their heritage features including tongue and groove VJ walls, double hung timber windows, ceiling roses and hardwood timber floors.

Watson bought the property in a company name, Johnny Run Away, the name of her debut single released last year. The music video depicts her time busking in Byron, with her CD’s available at $10.

Last year Tones spent $5.1 million on a five bedroom mansion in Melbourne Mt Eliza, the suburb where she was born.
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The pop singer, whose real name is Toni Watson, has spent $3.3 million on two holiday rentals on the same block just out of town



Tones and I spends $3.3 million in Byron Bay

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Australian actor Liam Hemsworth has paid $6.5 million for his Byron Bay retreat.

It was a former wedding venue at Newrybar.

The youngest brother of Luke and Chris secured the 3.87 ha hinterland property in November.

The home, marketed in 2011 as one of the finest homesteads in the Byron Bay hinterland, was built in a U-shape around a central swimming pool and pavilion. It was restored and re-designed by its former owner, architect and Hollywood production company director Jason Schepisi.

<img alt="" height="820" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/hemsworth_2_new.jpg" width="1200">

Schepisi had paid $1.3 million for the property before undertaking a full scale renovation. It was sold in 2013 for $1.8 million to the Rooke family. 

It has five bedrooms and two living areas.

Across the garden courtyard there's a second residence, a two bedroom apartment.

Now all three Hemsworth brothers, and their parents, have a Byron Bay property.

It all kicked off in with the purchase at Broken Head by Chris Hemsworth and Elsa Pataky in 2014 for $7 million.
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The former wedding venue comes with a five-bedroom house plus a detached entertainment pavilion and a synthetic grass area.

Actor Liam Hemsworth secures $6.5 million Byron Bay retreat

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The Nick Scali boss Anthony Scali has continued his weekender splurge amid his booming furniture retail business.
Anthony spent $9 million on the Iluka Road dress circle at Palm Beach earlier this year, expanding his footprint on the exclusive street to three properties.
And now he’s emerged as a buyer in Byron.
Opting for the hinterland, Scali has paid $4.2 million for a 53.4 hectare in Wilsons Creek.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/12/Scali%203.jpg" alt="">
It had been marketed earlier this year as a unique hinterland estate with Byron Shire’s best views, with 270 degree panoramic views from the private property near Mullumbimby.
The three bedroom home was built on the top of the mountain ridge, in around 8,000 sqm of landscaped surrounds which include a 12 metre pool.
The three bedroom pavilion style home was built from Oregon and blue stone.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/12/Scali%202.jpg" alt="">
There’s also a two bedroom, two bathroom guest house with separate spa room.
It sold with concept plans to turn the home in to a world class resort style home. 
Scali’s Sydney home has been on the Point Piper waterfront Wunulla Road since 2008.
 
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jrobinson-rf4aSBido9

Nick Scali boss Anthony Scali buys Byron weekender

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Byron Bay's hot property market has continued its bull run, with a Wategos Beach home reportedly smashing the township's price record after less than a week formally on the market.
The luxury home at the pricey end of town secured just shy of the top end of its $20 million to $22 million guide.
The Marine Parade property was listed by the recruitment industry veteran Geoff Morgan, co-founder of Morgan &amp; Banks, and his wife Roslyn.
It was a second record for the home, which topped the Byron Bay price charts when the Morgan's bought it for $1.24 million in 1994.
<img src="https://www.urban.com.au/images/2020/10/2/Marine%203.png" alt="">
They had architect Timothy Moon redesign the home on the 665 sqm, toward the coveted end of Marine Parade facing Wategos Beach.
The property, set in landscaped gardens with manicured lawns, now spans two levels and has five bedrooms, a number of indoor and outdoor living areas and a heated infinity pool.
<img src="https://www.urban.com.au/images/2020/10/2/Marine%202.png" alt="">
It features recycled one hundred year old timber throughout.
The sale, secured by LH Hooker Byron Bay agent Glenn Irwin and LJ Hooker Avnu agent Michael Coombs, in conjunction with Helene Adams and Vanessa Cole, of First National Real Estate Byron Bay, tops the previous high, set last year when Eli Havas, the wife of F45 founder Adam Gilchrist, paid $18.85 million for Wategos House, down the road, from developer Danny Goldberg.
The whisper of its sale leaked so quickly the national listing sites still had it available for sale.
 
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Byron Bay record broken with near $22 million sale

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As Covid-19 travel restrictions have eased, property sellers and real estate agents in Byron Bay have heaved a collective sigh of relief, according to the August Herron Todd White (HTW) residential report. 
The valuation firm presented an 'investor playbook' of real estate performance within each service area this month. 
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"Property sales have kicked upward over the last month in the Byron Shire as intrastate and interstate travel brought non-local buyers back into the fold. But in the blink of an eye, we are faced with border closures on the Murray River and hot spots in Sydney restraining the market once more," the valuation firm said. 
It is truly a fluid situation and one that will develop further as rates of Covid-19 infections wax and wane, the report noted. 
The COVID-19 issue is of particular relevance to the Byron Shire market as many of the transactions that occur are for investment purposes with many of those investors originating from Sydney, Melbourne and Brisbane with a smattering of buyers from overseas. 
The absence of these buyers from the market because of coronavirus has caused much angst to sellers. 
"In turn, some absentee investors have resorted to purchasing properties sight unseen in what must be an indication of their strong desire to invest in the Byron Bay area. Maybe it’s a bit of FOMO?" the valuation firm said. 
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There are some locally-based investors active in the area as well. 
There is very little new land being released in the Byron Shire but with a growing population there’s increasing pressure on housing affordability, particularly for first home buyers, and with a large portion of the population unable to afford a unit or house (see last month’s topic “lazy $700,000”) and a steady turnover of short- to-medium stay holiday makers utilising AirBnb style properties, there is consistent, if not strong, demand for rental accommodation.
Because of the high buy-in prices of property in the area, investors are looking to maximise returns by utilising the holiday market or by purchasing properties with multiple letting opportunities such as dual occupancy properties, the report noted. 
A three bedroom house in Mullumbimby with possibility for dual occupancy development has been sold for $857,000.
Set on a 854sqm block, the home at <a href="https://www.realestate.com.au/sold/property-house-nsw-mullumbimby-133587634" target="_blank">8 Myokum Street</a> (pictured below) is only two blocks from Mullumbimby town centre. 
It comprises three bedrooms, open plan lounge and dining, and huge backyard. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/14/mullumbimby.jpg" alt="">
Yields for investors in the area can appear to be relatively modest. For example, a one-bedroom unit in a new development on the northwest fringe of Byron Bay recently sold for $610,000 and was leased for 12 months at $550 per week, or $28,600 per annum, gross income.
That reflects a gross yield of 4.68 per cent. Costs such as rates, body corporate fees, management fees and incidentals will eat away at that before the buyer has to meet their mortgage payments.
A one bedroom loft apartment in Byron Bay has been listed for rent with a price guide of $570 per week.
The <a href="https://www.realestate.com.au/property-unit-nsw-byron+bay-430095174" target="_blank">39 Easy Street</a> top floor home (pictured below) comes with one bedroom with built-in, mordent bathroom, kitchen and private balcony. 
It is situated within close proximity to cafes, restaurants and the beach. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/14/byron%20bay.jpg" alt="">
The relatively modest return is a reflection of the popularity of the area, the report noted. 
"In the more central and beachside locations of Byron Bay, yields are firmer still. It’s a good thing we still have negative gearing, right?
"Many of those absentee buyers are not, however, investing for the rental returns alone. The properties they buy are seen by many investors as a future retirement destination or as a holiday home, so rental return is but one facet of some investor’s decision process," the valuation firm said. 
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