After peaking at 44 per cent growth, is Byron Bay’s property boom over?

 Byron Bay’s property boom has begun to slow down, as new figures show its rate of house price growth has halved and experts say prices could plateau or fall later in the year.

The regional coastal hotspot skyrocketed in popularity when the pandemic hit Australian shores in March 2020 as home buyers left the major cities in droves for warmer climates, driving prices through the roof.

As a result, it consistently featured among the top areas for price growth, clocking double-digit gains within the first months of the pandemic that outpaced Sydney, and attracting celebrities and business moguls.

But its rapid growth has come to an end. Byron Bay council area’s annual house price growth reached a peak of 44 per cent in the March quarter and more than halved in the year to June to a still-sizeable 19.9 per cent.

Read More: https://www.smh.com.au/property/news/it-was-extreme-price-growth-is-byron-bay-s-property-boom-over-20220803-p5b6z2.html



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