Yamba tipped to be the next Byron Bay after 35 per cent price growth in a year By Matt Bell
Kicking yourself for not buying in Byron Bay 10 years ago? Well this coastal town in northern NSW is tipped to be the next big thing with prices up 35 per cent in the past year.
If you’re kicking yourself for not buying in Byron Bay 10 years ago, then this coastal town on the NSW North Coast could be the next big thing.
An analysis of property data by Australia’s largest real estate agency, Ray White, has revealed Yamba is forecasted to record similar price growth to Byron Bay.
Byron Bay has been popular for tourists and house hunters during the pandemic, with dwelling values up 70 per cent over the past 12 months and the median is now more than $2.5 million
Ray White chief economist Nerida Conisbee said it was now cheaper to buy in some of Sydney’s beachside suburbs, even though Byron Bay is not within commuting distance from any major CBD or large employment centre.
“There is a lot to like about Byron Bay but many features certainly aren’t unique,” Ms Conisbee said.
“It has never been a particularly cheap town to buy in but what is unique is how quickly it has grown to global prominence and how quickly prices have risen as a result.”
Ms Conisbee said Yamba was tipped to be the next Byron Bay because it had low home values, had enjoyed price growth of over 20 per cent, strong rental demand and solid long term growth.
“Although prices have increased a lot, the median is still under $750,000 and there is no doubt, it has lots of lovely beaches,” she said.
“It also has a lighthouse, has regular farmers markets and what looks to be a lively main street which makes it already very Byron Bay-like without too many adjustments required.”
Realestate.com.au reports Yamba has recorded an average annual price growth of 6.1 per cent for each of the past 10 years. During this period, the typical house has gone from $415,000 to $749,000.
Yamba had also seen its median house price climb by over 35 per cent in the past 12 months to $749,000. Unit values have risen 25.3 per cent during this period to $530,000.
Ray White Yamba principal Daniel Kelly said demand for property in Yamba had boomed during the pandemic.
“There is no doubt that property values have increased since the start of COVID-19, and statistics show that this uplift is around 30 per cent,” he said.
“Despite this sudden upward shift, Yamba is still very affordable relative to other coastal areas.”
Mr Kelly said the future outlook for the coastal area was also very positive in his eyes.
“The geography of Yamba being surrounded by national parks and the river means that we can’t physically be overdeveloped,” he said.
“We are still considerably more affordable than areas such as Byron Bay that we are constantly compared to, but we are also very different to those areas.”