WWhen I started working as an agent in Byron Bay in late 2016, median home prices were around $ 1.1 million, rising rapidly due to the spillover from Sydney’s real estate boom.
Everyone was in awe. Two years ago, the value of assets in Australia’s region began to recover from GFC, which was half that amount.
From 2016 to the end of last year’s blockade, Byron Bay sold an average of 74 homes annually, with graph lines continuing to rise, occasionally slowing and declining.
As of August 2021, the median home price was $ 2.55 million, up 70% in a year. If you owned property before this boom, you probably made more money in the value of your home than you could make in your entire life by saving your money Probably.
In the suburbs of Byron Bay, there are agents who “specialize” in selling more than 60 real estates, and not many real estates are sold. As a result, many of the agents here hate each other.
Prior to the pandemic, the majority of people buying and selling here were locals.
Interstate highways and the influx of people from wealthy foreigners have prevented local owners from trading homes.
People who buy and sell in the market are competing with more economically competent and enthusiastic buyers. If they can’t buy without selling, they run the risk of missing property or, worse, not finding it, as prices go up every month.
The rental market was horrifying to the community. With the blockade in 2020, the holiday rental property was emptied and the owners were making incredibly affordable short leases.
People jumped at these options, but when the lease expired they joined the influx of everyone else fleeing to the Australian provinces (including filmmaking that needed a separate bathroom for their employees). That is, there is a 5 bedroom house where 2 people live).
If the price went up significantly and the lease expired, the owner either moved in or the rent went up beyond what was payable. You may end up in a caravan park. A single mother who wanted to keep her children in the school district ended up in such a place, and her residence became unstable.
Byron is a close community. It’s still a rural town. Everyone talks to each other. Obviously more people want to live here because it’s a beautiful place to live. But it’s changing, it’s constantly changing, and the influx of people and money has made it significantly superficial.
The prominent age group here is 20-29 years old. It’s now unfair to pay $ 350 a week for an average room in a share house, as people with money can’t fly abroad temporarily.
Street performers and backpackers have left and the festival has been cancelled. What used to be an international community now has a Sydney feel, especially in the blockade.
The last three school holiday blockades have affected Byron. Retail stores and restaurants have been hit hard by the downturn in one or all of the major markets such as Sydney, Melbourne and Brisbane, as well as the influx of wealthy Europeans each year.
Restaurants and shops are struggling to retain and attract service staff as most workers are not available due to lack of rent and high prices.
If our borders don’t open properly until at least next year, it may be time for Australia to make a little effort to remedy some of these issues. Like my girlfriend, I did around the house and garden during the recent blockade. Why is Australia so few of our occupied territories? What is preventing us from building more homes? Aside from the financial benefits of affordable housing, housing is the basis of your well-being.
People need infrastructure and housing.North New South Wales Medical hubs cost billions of dollars. If the border is closed continuously and arbitrarily, people should be able to receive treatment without being expelled from Gold Coast hospitals.
Sadly, owning property here is cultural. We are a middle class society and owning your own home is the pinnacle of our hopes and dreams.
The vast number of agents everywhere, not just Byron, is evidence of low barriers to entry to become a real estate agent. This can only be a factor in the very difficult process of buying real estate.
The communication process is sneaky and can be a protracted competitive threat or a gloomy aura that overshadows what should be a highly transparent transaction.
You have to deal with an agent who has an insanely low priced guide on the property, which probably means you’re missing out ($ 500 for pest and building reports and in the process Lose shipping costs).
You will need to be flexible in your payment time, and if that means securing property before the price goes up further, many buyers will.
If, like me, you can spend months deciding on a particular bag or jacket to buy, don’t carry that hesitation when buying a home. Most people spend 10 minutes and millions of dollars looking at a property, sometimes not directly.
I saw people pay $ 14 million for real estate, which should be $ 7 million on paper. It’s not really new-why the property is worth the mystery-but what’s new is the number of people who can spend more if it feels special.
These levels of wealth, which we often consider to be confined abroad, are here in Australia, with a particular focus on Byron Bay.
“Scary for the Community”: Byron Bay Realtor Confession | Travis Lipschus
Source link “Scary for the Community”: Byron Bay Realtor Confession | Travis Lipschus