Byron Bay and Ballina reap rewards of strong coastal retail market; HTW Commercial

Byron Bay and Ballina reap rewards of strong coastal retail market; HTW Commercial
Byron Bay and Ballina reap rewards of strong coastal retail market; HTW Commercial

The coastal retail markets have been more resilient with lower vacancy rates and stronger demand from tenants, particularly in higher profile locations, which has resulted in maintenance to upward pressure on rents in Byron Bay & Ballina, according to the latest report from valuation firm Herron Todd White.

“Ultimately this is the result of a more dynamic and healthier tourist industry which has seen accommodation facilities experiencing higher occupancy rates. The current significant concerns surrounding coronavirus are likely to impact the tourist market,” the March report found.

“This is likely to initially adversely impact markets dominated by the Chinese outbound market.”

The local market is not reliant on this component and as such is less likely to have any obvious downturn and the locality could experience a rise in the domestic tourist market as Australians opt against long flights or cruises etc.

The report ultimately concluded that the market is likely to remain stable, and value levels will hold as supply and demand are likely balanced to a slight undersupply of quality investment product.

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Byron Bay Herron Todd White

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