Byron Bay is more than just a relaxing holiday destination; it’s also fast-becoming a millionaire’s real estate hub, with the town’s last beachside shack to be auctioned off for an expected $2.5 million.
The two-bedroom timber cottage sits on a piece of prime real estate in Lawson Street, directly opposite the popular Clarkes Beach.
Nearby is a strip of road otherwise known as ‘Millionaire’s Row’, which boasts many ostentatious dwellings overlooking exquisite Wategos Beach.
David Gordon of Elders Byron Bay, the selling agent, told The Northern Star he had been “overwhelmed” with inquiries, including one from overseas and several from metropolitan areas, including Sydney and Brisbane, as well as some local interest.
While the value of residential, commercial, industrial and rural land within the Byron Local Government Area (LGA) has dropped slightly over the past 12 months, beachfront properties continue to hold their value, according to the NSW Land and Property Management Authority.
Valuer General Philip Western valued the beachfront land market in Byron Bay in excess of $2 million from 1 July 2009.
According to Mr Western, a typical property on Lighthouse Road in Byron Bay could sell for upwards of $2.6 million.