WHERE IS THE NEXT BYRON BAY ?
Byron Bay prices surged over 70 per cent over the past 12 months and the median is now more than $ 2.5 million . It ’ s now cheaper to buy in some of Sydney ’ s beachside suburbs , even though Byron Bay is not within commuting distance from any major CBD or large employment centre .
There is a lot to like about Byron Bay but many features certainly aren ’ t unique . It has beautiful beaches , low rise development and a laid-back retail core . It has never been a particularly cheap town to buy in but what is unique is how quickly it has grown to global prominence and how quickly prices have risen as a result . So with so many people now priced out , where could be the next Byron Bay ? Do you need a Hemsworth to take the title ? And can you use a numerical approach to do the analysis or is there something mystical about Byron ’ s popularity ?
For my highly scientific analysis , I am putting in the following criteria :
• It needs to be by the beach
• It can ’ t be within easy commuting distance to a capital city
• It has to be priced under $ 1 million
• It has to be achieving decent price growth already , at least 20 per cent
• Rental growth also has to be strong , at least five per cent per annum
• Long term growth has to be solid with annual growth of more than five per cent per annum over 10 years
• I haven ’ t visited all beachside areas with this criteria so I am relying on internet searches to see whether the area is particularly attractive .
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