Interest in luxury houses is starting to filter back into the market, with more than $20 million of top end beach homes sold in Byron Bay over the last few months.
Of the recent sales, two beach houses were recently sold for a collective $3.29 million in Kiah – a beachfront development in the heart of Byron Bay.
The director of the property development company Cove Group, Kerry Dunn, said activity in the top end of the market was increasing as confidence returned to the industry.
“Interest has remained strong in Kiah Beach Houses and these latest sales are a direct result of the renewed positivity in the market,” he said.
“Enquiry has been steadily lifting in-line with emerging news about the first signs of economic recovery.
“There has been a definite turn-around in thinking, with many buyers now of the opinion this is the ideal time to buy, particularly given the fact interest rates have begun to trend upward.
“Those who in the last 12 months may have viewed a Byron Bay beach home as a luxury, are now seeing it as a prime investment as it ticks all the right boxes – a sought-after location in a traditionally undersupplied market.”