Byron Bay is in favour with cashed-up buyers

The trendy northern NSW outpost of Byron Bay remains popular with cashed-up Sydney and Melbourne buyers.

The Tuscan-inspired property at 70 Foxs Lane, Tyagarah, including an orchard and two-bedroom cottage, is expected to sell for more than $9.75 million.

The trendy northern NSW outpost of Byron Bay remains popular with cashed-up Sydney and Melbourne buyers, particularly those keen to relocate from Victoria amid the latest Covid-19 outbreak.

A young Melbourne businessman has just forked out $14 million for coal tycoon David Knappick’s 25ha estate at Coorabell in the Byron hinterland, slightly under the $15 million initially sought.

Local Hollywood star Chris Hemsworth is poised to lodge plans to build another mansion on a 70 acre (28.3ha) site on Broken Head Rd he quietly purchased near the Linnaeus Estate last year for $4.25 million.

Atlas Real Estate Group’s Michael Coombs has been shepherding Sydney and Melbourne buyers willing to spend $10 million to $20 million on luxury property up to Byron Bay on a weekly basis and has opened a satellite office in the booming township, which accounts for some of Australia’s highest priced residential sales.

Coombs says inquiries have tripled from Melbourne buyers, not only looking at relocating to Byron Bay, but also to Sydney and South East Queensland due to the latest pandemic-driven Victorian lockdown.

“I know a lot of agents in Melbourne, I get a lot of referrals, close to a dozen agents reach out to me, inquiry has tripled from Melbourne people looking to Sydney, Byron and Noosa,” Coombs says.

He came to national attention for managing the record $22 million sale of Geoff Morgan’s former holiday home at Wategos just outside the Byron Bay township to Brian Singer, a co-founder of Rip Curl late last year.

But Coombs admits the market has softened in Byron Bay since the heady days of late last year as it heads into winter.

“The market feels like it has slowed down. Coming into the winter months the market does slow down. There is some feedback that the market is turning. At the start of the year there was a feeling from buyers, there was a bit of rush, and the normal Easter rush was enhanced with some buyers missing out on property,” Coombs says.

“Now there is a feeling from buyers that the market is too inflated so they are happy to take their time. While there is a bit of a slowdown, the market is still there, it doesn’t mean the market will drop off, they’re a bit more cautious and not feeling rushed.”

70 Fox’s Lane Tyagarah.

Coombs says buyers are doing a lot more research on house and land values before they take the plunge.

“There was a big spike and a big rush, a reflection of 5 per cent of the market,” he says. “I think the market will soften a little bit, we will still see strong prices, (but) we may not see the 20 per payments above the reserve, prices will be steady and a bit stronger.”

But another Byron agent, contacted by The Weekend Australian, says he does not believe the market is slowing down.

“It is certainly not coming off, it is just having a breather, which is good, we don’t want the market to keep racing. It needed a breather.”

Meanwhile, Coombs has just listed 70 Foxs Lane, Tyagarah, which he says will make you feel ‘’as if you are in Italy”.

With 360-degree views and idyllic natural surroundings, this family retreat developed by the Picone family is a peaceful oasis with low-maintenance grounds, only a short distance from Byron Bay, he says.

It features a northeast facing Tuscan-inspired house designed by architect Ron Johnson and completed in 2010. Set on 127.5 acres (51.5ha) with 850sq m of internal living space, the property has a well-established fruit orchard as well as a two-bedroom self-contained cottage. There are plans to build more cottages.

Coombs is expecting $9.75 million-plus for the five-bedroom property.