Standard Byron Bay home options at $700,000 plus: HTW

A standard dwelling in Byron Bay will cost between $700,000 and $1 million, according to Herron Todd White’s (HTW) latest monthly market report.

The property advisory firm says that for the same price range for a standard dwelling in Byron, a buyer could get a good quality home newly renovated in nearby Lennox.

In Mullumbimby and Ocean Shores the most favoured price point is between $500,000 and $750,000 for a standard dwelling.

An example would be a three bedroom home at 6 Hibiscus Place (pictured above) that is for sale for $649,000.

The main demographic for this price point is owner occupiers, predominantly a mix of local buyers trading up and people relocating from the major cities.

The main reason that this price point is so favoured is due to this bracket offering an affordable coastal living family home to middle income earners who want to enjoy the resort style of living, HTW said. 

The slowest price point in the region are for prestige properties priced $4 million and above.

These properties are pretty much only available to the rich and famous and are either owner occupied or kept as holiday accommodation.

Although there are more transactions taking place at the moment, it is still a very thinly traded sector of the market with a high level of volatility.

Another slow price point is secondary rural residential areas. The buyers in this range tend to be local buyers, however, due to these locations being that little bit further away from the towns and airports, they trend towards the slower price point category.

The most favoured price points in Ballina are between $500,000 and $650,000 which tends to be owner occupiers, particularly young families.

"You will get a standard dwelling in this price bracket which includes recently built houses," the report noted.

These are considered the most affordable dwellings in the region for families.

Families priced out of this bracket in Ballina can move slightly further inland to Wollongbar where they can build a new standard home for between $450,000 and $550,000.

The slowest price point for the area is anything priced over $1 million.

Although the area has seen a few good sales over the $1 million mark, transactions are limited.

Professional couples are the most likely buyer group over this price point, HTW noted.