$11M SALE: Byron hills are alive with property boom
A PROPERTY near Bangalow has sold for $11 million proving you don't have to be near the beach in Byron shire to achieve astronomical prices.
The hinterland areas of Byron are proving especially buoyant during the pandemic with 72 properties sold there in the space of six months.
In Ray White Byron Bay's Hinterland Quarterly Market Report it says that one listing had 100 email inquiries and was short-listed by 430 people.
There has also been an increase in interest from overseas, with one buyer making offers on property sight unseen from Los Angeles.
"Traditionally, we see many buyers looking to migrate from the cities to regional areas, but interest has heightened recently as people look to get a foothold in the Byron Shire," Ray White's report states.
"However, the push has not just come from the cities. Many of our recent results have been long term locals looking to gain a bit more space and privacy.
"Some of the strong results have occurred with multiple buyers negotiating for the one property pushing up prices and exceeding expectations.
"Interest is not confined to one or two areas within the shire. The demand is strong throughout the shire."
The 24-hectare property in Fowlers Lane, Bangalow sold late last month for $11M.
The seven bedroom, six bathroom contemporary home with views of the ocean across green rolling hills, was listed through Byron Bay Property Sales.
It had previously changed hands four years ago for $2.4 million.
According to Ray White's quarterly report, the lowest sale price in the hinterland area in the last six months was $400,000 and the median sale price in the same period was topping the $1.5 million mark.