Wet weather no dampener on Byron Bay sales activity

It's been a wet winter so far, so I hope you've been able to make the most of our blue sky and sunshine glimpses.

I'm pleased to report that the weather hasn't dampened property sales during the winter months. In fact, despite plenty of anecdotal opinion to the contrary, this past June was the best June for our team since 2007 and selling conditions have been at a six-year high!

It's especially good news for anyone selling a house in the 2481 postcode. Our research attests that Byron Bay, Ewingsdale and Suffolk Park are leading the local real estate recovery.

In a nutshell:

• The Byron Bay property market experienced a 30% increase in the number of sales over the past 12 months

• During 2012-13, Byron Bay First National sold more than 30 properties valued at more than $1m and many properties above $2 million

• The property recovery is being driven from the bottom up (ie by properties valued between $300,000 and $750,000)

• The number of settled sales in the 2481 postcode rose from 264 in 2011-12 to 341 in 2012-13

• The number of settled sales in the 2481 postcode rose after five years of subdued activity

• Our company sold one in every three properties listed in the 2481 postcode during 2012-13.

The story has been a little different in Mullumbimby and, to a lesser extent, in Bangalow:

• Settled sales in the 2482 postcode (Mullumbimby) dropped from 93 in 2010-11 to 89 in 2011-12 and fell further to 77 in 2012-13

• Settled sales in the 2479 postcode (Bangalow) dropped from 105 in 2012-2011 to 79 in 2011-2012, rising to 81 in 2012-13.

We strongly believe that Bangalow and Mullumbimby will follow Byron's strong property market recovery, based on previous experience and a recent surge in internet inspections for properties in this region.

Our research also tells us that the average price has decreased steadily across all towns, making it an equally great time to buy!

The average price of a property sold in the 2481 postcode dropped from around $850,000 in 2007 to $720,000 in June, 2013.

Facts for buyers and sellers:

• For the first time in years, a reduction in real estate stock is putting upward pressure on prices

• The number of days on market has been decreasing steadily during the past 3-4 months; a welcome surprise for this time of year

• Internet and open house inspection numbers continue to rise, along with the number of contracts issued for auctions by our company.

Chris Hanley is principle of First National Byron Bay.