Byron Bay prices plummet in ‘reverse Hemsworth effect’
Zac Efron had reportedly rented a $22m mansion in Byron Bay in 2020 while dating local waitress Vanessa Valladares beforeWhile he still owns the land, he no longer calls nearby Byron Bay home, and is now living out of a van, according to various media reports.Recent analysis from property valuers Herron Todd White points to a 15-20 per cent price decline across the Byron shire in 2022.
This followed a surge in values throughout 2020 and 2021 that saw Byron Bay become the fastest growing property market in the country.Property Valuer and report author Mark Lackey said the region had been greeted with an “unprecedented reversal of fortunes” in 2022 as a result of inflationary pressures and a subsequent onslaught of interest rate hikes.
“It is likely that there is still some room for the market to decline further, albeit at a less scary pace,” he said.But while he suggested now could be the time “to buy one of those oversized coffee mugs that says ‘Keep Calm and Carry On’,” he said the slowdown could be good news for local buyers previously priced out of the market.
“We have just ticked over into the Chinese year of the rabbit, but maybe 2023 will turn out to be the year of the buyer in the Byron Shire,” he said.villages. I foresee that in July 2023, there will be considerably better pickings for Byron Shire“When the big money from out of town slows down, the local buyers should be better able to sniff out a property for themselves. So may it be in 2023.”
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