This article is from the Australian Property Journal archive
LOCAL and international interest is expected to come for Byron Bay’s largest land release in recent times, which hits the at as the influencers’ playground is bursting at the seams.
The land amalgamation totalling nearly 68.9 hectares across five lots, known as the West Byron Amalgamation, has approval for a master-planned community with over 150 lots, including 124 residential lots, 25 super lots, two neighbourhood centre lots and multiple light industrial zoned lots.
According to Domain, Byron Bay house prices eased in 2022 by nearly 10% to $1.49 million. But median values have surged by 75.3% over five years, as the once hippy enclave minted its transformation into a playground for Hollywood A-listers such as Chris and Liam Hemsworth and a multitude of millionaires, sports stars and social media influencers. That growth was given an extra charge by the seachange phenomenon seen during COVID lockdowns.
CoreLogic shows Byron homes now cost $200 a week more to rent than those in central Sydney’s trendy Newtown.
Byron saw its most expensive house sale ever late last year, with a luxe three-bedroom hinterland home trading for $26 million, while this year has seen a Wategos Beach house trade for nearly $22.5 million and pub baron Justin Hemmes snap up a Belongil Beach beachfront home for over $17 million.
Knight Frank’s The Wealth Report forecasts price growth of 30 to 35% over the next five years.
Commercial property in Byron Bay has also proved extremely popular.
The land that has just been brought to the market, along Ewingsdale Road and Melaleuca Drive, have through an approval process for over 10 years with the owners receiving development consent early last year.
The properties will be taken to the market individually or in one line via an expressions of interest campaign run by Tim Holtsbaum and Blake Goddard of Knight Frank.
Goddard said the approved masterplan is a true rarity and will provide the incoming purchaser the opportunity to leave a legacy within the region for generations to come.
“With the area in need of more housing availability, it will provide years of much-needed supply to Byron Bay,” he said.
The approved plans include 2.5 kilometres of internal designated cycleways and a village centre to service the new community, communal parks and gardens.
Holtsbaum said the West Byron Amalgamation offered a coveted opportunity to developers, being in a premium location and on a scale unlikely to be seen again the Byron Bay region.
“Byron Bay presents one of the most sought-after investment locations, driven by restricted supply and continued demand,” he said.
“It is expected that the West Byron Amalgamation will be one of the most desirable development offerings to the market not only in northern New South Wales, but Australia-wide.”
Buyers looking at individual holdings to develop either a residential or commercial project, as well as larger developers looking to create a major master-planned community, are tipped to show interest.
Goddard said the land parcels presented an exceptionally rare opportunity of scale in the Byron Bay market to deliver a mixed-use community for developers to deliver upon.
“Its prominent location makes it highly desirable for the broader demographics for the end market, as well as a diversified development outcome incorporating the strong light industrial market within Byron Bay, to mixed-use retail offerings and of course premium residential living.
Byron Bay was named as one of 12 hotspots around the world in The Wealth Report, alongside the likes of Knightsbridge in London and the famous Como region in Italy, chosen for its health and wellbeing elements.
The West Byron Amalgamation follows the Flannery family’s KTQ Group putting a former Belongil Beach golf course site with 1.1 kilometres of beach frontage to the market with hopes of more than $160 million, an a 40-acre rural estate in the hinterland lobbed to the market with price tag of $25 million to $30 million.
