Byron Bay beachfront shack set to fetch around $20m as regional demand remains strong
Bought for just $196,000, this two-bedroom shack is now set to break property records in the trendy shire.
A northern NSW beachfront property with a timber shack owned by Griffith University Emeritus Professor Ralf Buckley is set to fetch one of Byron Bay’s highest sale prices.
Described by the selling agent as the “last of its kind”, the Childe St landholding houses a two-bedroom beach shack and has a 20m beachfront span with views of Byron’s world famous Julian Rocks.
Professor Buckley paid $196,000 for the 1500sqm level block fronting Childe St back in 1991, according to CoreLogic.
He now stands to make around $20m for his Belongil Beach waterfront block near the Byron Bay township through McGrath agents Ian Daniels and Susan Whyte along with Byron Bay Real Estate Agency’s Tony Farrell.
A sale price of around $20m would be enough to secure the second highest sale price recorded in Byron Bay, in addition to a 10,000 per cent profit on the original purchase price for Professor Buckley.
The current $22m Byron Bay benchmark was set in October 2020 with the sale of a Wategos beachfront residence to Rip Curl co-founder Brian Singer.
With the sky’s the limit for the future homeowner, Ms Whyte adds that a future luxury residence on the residential-zoned block could fetch $3000-$4000 per night as a holiday rental.
Ms Whyte said there had been strong interest from traditional buyer pools in Sydney and Melbourne after a holiday home, plus Byron Bay-based house hunters.
“It’s the last beachfront property of its kind, so to get something like that if you have the budget allows you to build it how you want and to your tastes,” she said.
The listing comes after a Covid-driven housing boom saw house prices double in the past two years.
PropTrack data shows that between May 2020 and May 2022, the median house price in Bryon has increased by 105 per cent to $3.09m.
Ms Whyte said while the heat had come out of the Byron Bay market, a strong buyer pool remained.
“Inquiry levels are lower with lookers and dreamers not around, but we are finding that the buyers looking are serious and ready to spend,” she said.
Data released on Wednesday by PropTrack shows dwelling prices in regional NSW rose 0.24 per cent to $667,000 in May, taking the total annual growth to 22.45 per cent.
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