REA chief economist Nerida Conisbee presenting at the Kickstart 2020 at the Ramada in Ballina.
REA chief economist Nerida Conisbee presenting at the Kickstart 2020 at the Ramada in Ballina.

Byron knocked off its perch as real estate top dog

BANGALOW has edged property hotspot Byron Bay off its popularity perch according to REA Group chief economist Nerida Conisbee.

She said Bangalow was seeing 6000-7000 views on listings, making it one of the most popular and sought after areas on the Northern Rivers, even more than Byron Bay.

"What I have been looking closely over time at is somewhere like Byron which is always number one and then I looked at the data today and I saw Byron was number two and Bangalow was pushing up and I think that is something we will probably continue to see as pricing, congestion continues and people are looking to get a bit of space," she said.

Interestingly, East Ballina also features higher than Byron Bay in the realestate.com.au list for the highest views per listing in the six months to January 2020.

Presenting at the Kickstart 2020 at the Ramada in Ballina, Ms Conisbee highlighted how the Northern Rivers was a rapidly changing part of the Australian residential market and that they had been seeing for some time there was very strong rental demand in Northern NSW due to its attractiveness to young people.

"It's been interesting to see quite decent price growth as well," she said.

"I guess that growing popularity of the hinterland is really changing things."

Ms Conisbee said Ballina and Suffolk Park where featured as strong performers in price growth with Ballina median price at $597,500 with 8.6 per cent growth in 12 months to January 2020 while Suffolk Park saw an average price of $1,297,500 at a rate of 12.8 per cent growth.

South Lismore was an unexpected performer against Kingscliff, Bangalow and Lennox Head with a growth rate of 5.9 per cent and a median price of $307,500.

Ms Conisbee said the number of views on rentals in the six months leading up to January 2020 saw Mullumbimby as the region's most sought after rental capital, followed by Byron Bay and then Lennox Head.

But it was Brunswick Heads which showed the strongest rental growth in the 12 months to January 2020 with median rent reaching $750 but a 28.2 per cent growth in rent price.

A house for rent in Ewingsdale came in at a whopping $970 a week showing growth of 17.9 per cent.

West Ballina featured in the strong rental market with a median price on units at $440 a week and reflecting growth of 14.3 per cent.

Ms Conisbee said the most popular streets per listing by view on realestate.com.au included Butler Street in Byron Bay, Henderson Drive in Lennox Head and Hickey Street in Ballina.

Byron Bay had three of the top 10 most popular streets on the listing.

Ms Conisbee, who has more than 20 years of property research experience throughout Asia Pacific, said they witnessed an interesting trend after tracking IP addresses of people searching for property in Australia from the UK, which could number as high as a 100 a day.

"UK property seekers love beaches and Manly is always number one and when the Hemsworths moved to Byron and there was a lot of publicity about it we saw it kick up into the top three."



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