Byron Bay apartment sells for record $5 million

FEDERAL Budget cuts and local job losses have made no dent in the aspirations of the elite Byron Bay seachange set.

PLAN SALE: A Byron Bay unit has sold for $5 million. Picture: Contributed

FEDERAL Budget cuts and local job losses have made no dent in the aspirations of the elite Byron Bay seachange set.

The Bay's high-end property market could be headed back into the stratosphere with a record $5 million for an off-the-plan apartment.

The sale price smashed the previous record of $2.7 million, set before the dreaded Global Financial Crisis.

But this isn't just any old apartment.

Fortyfive Lawson is the first luxury development in 30 years fronting Main Beach, just a short walk across the lawn.

The owners of its nine apartments will enjoy a host of perks, including private pools, stone fireplaces, under-floor heating, and European appliances - and when they're not around, $20,000 a week rent in peak season.

A Brisbane family bought the creme de la creme - a four-bedroom, 405sq m penthouse with wraparound balcony and plunge pool - to live in permanently.

Byron Bay Property Sales agent Graham Dunn said the buyer knew Byron well and "appreciated the old adage: position, position, position".

Developer Jim Goldburg, who co-founded Flight Centre, said the five apartments sold to date had netted $19 million, with most buyers from Sydney and Brisbane.

"There continues to be strong interest in the remaining four apartments including the last available penthouse, which is listed for $4.5 million," Mr Goldburg said.

On the wider market, Mr Dunn said every area except for Wategos was back to pre-GFC levels and above.