Home News The Industrial Town That’s Become Australia’s Hideout for the Ultra Wealthy

The Industrial Town That’s Become Australia’s Hideout for the Ultra Wealthy

by admin
0 comment

if you’ve ever met that name Byron Bay, You’d be forgiven for thinking that this little laid-back surfer town is within driving distance of Hollywood.

After all, actor and Australian native Chris Hemsworth, his wife, actor and model Elsa Pataky, and their three children (perhaps the most famous family in town) moved to Byron, Australia in 2014. Set up shop in the bay and eventually A$30 million private 4.2 hectare site Features six bedrooms, media room, gym, spa, games area and expansive outdoor living and play space.Hemsworth’s brother and fellow actor Liam i live around the cornerand this humble, beach-filled hippie town has, at various points, been home to Matt Damon, Nicole Kidman, Melissa McCarthy, Zac Efron, and Natalie Portman.

Hollywood glitz aside, Byron Bay and neighboring Bangalore are full of Australian influencers, local actors, developers and operators. They are drawn to its white beaches and lush subtropical landscapes, which have contributed to Byron’s growth as one of Australia’s most desirable property markets.

more: The Hunter Valley is more than Australia’s oldest wine region

Last March, Knight Frank said Byron Bay’s luxury home prices were expected to rise by 30% to 35% over the next five years in 2022, with Byron the top global ultra-high-net-worth housing hotspot. was selected as asset report.

“The views from the vast hinterland to the iconic lighthouse to Brunswick Heads are unparalleled,” said James Elliott, Associate Director of Residential Project Sales at Knight Frank. “Some of these best views can be seen from the homes of Wategos Beach’s strictly held Marine Parade or further inland along the Coolamon Scenic Drive.”

It is not uncommon for wealthy residents to buy or own multiple properties in the area. In November, family members Emma and Tom Lane of the Oroton fashion empire put their hinterland retreat The Range up for sale, with a buyer reportedly offering her A$40 million (US$28.1 million).

It was the second Byron home for the couple. they used to Luxury Accommodation AmilekaLane was purchased in 2011 for A$4 million.Last year it was sold again (via another owner) power couple Spotify’s Australian head Mikaela Lancaster and her husband Marc Britt, founder of video streaming platform iflix, for A$9.5 million.

more: A typical home on Australia’s most expensive road costs A$33 million

Wategos Beach, dubbed the ‘multi-million dollar sector’ by realtors, is also a favorite, with homes selling for over A$18 million. Wategoth Houseis a 6-bedroom beachfront property on 1,500 sqm diagonally across from popular restaurant Raes on Wategos, which sold for a record A$18.85 million in 2019.

If privacy is a priority and you want to settle in Byron for the long term, Mr. Elliott suggested the Coorbelle region, which offers panoramic views of the Byron Bay hinterland and mountain ranges, vast meadows and the Pacific Ocean.

From industrial heartland to luxury destinations

Half a century ago, the place where Beach was a quiet little industrial city with whaling, pig farming, slaughterhouses and sand mining in the backseat was unkindly described as “stinking from stench.” But…their effluents color the seas and wash up on the shores.” I got it By Byron Historical Society.

Byron’s industrial heyday (1947-1966) marked a period of mass influx, including the return of soldiers from World War II, immigration from Europe, and the beginning of the baby boomer generation. New subdivisions were planned and developed to accommodate this new housing demand.

more: Should you pay stamp duty or opt for NSW ongoing land tax?

Wategos – A small protected beach area perched atop Cape Byron, 2 kilometers east of Byron Bay town center, today dominated by several bodies of water. best sales It was the first area developed in the 1960s.

Gradually, Byron’s clean air, stunning scenery and expansive beaches caught the eye of those wanting a change in lifestyle, transforming the town from its industrial roots into an economy based on services and tourism.

According to CoreLogic’s head of research, Eliza Owens, Byron’s global appeal began in the 1990s when the late Australian actor, author and producer John Cornell (a friend of “Crocodile Dundee” actor Paul Hogan) discovered The Beach. It all started with the purchase of a hotel. 9 million AUD I spent the next few years promoting it as well as the town itself.

“John and his wife, Delvine Delaney, [an actress and singer] Donald Morgan, president of the local Byron Bay Historical Society, who has witnessed the town’s transformation, said: “They worked quietly, developed respectfully, and changed the style of the Gulf for the better.”

more: World Cup-worthy property in Brisbane, Australia asks for A$15 million

Cornell’s media ties meant that Byron Bay was quickly being featured as a travel destination in weekend magazines, Morgan said.

“This meant the money started coming in, and so did the development,” he continued. Maughan isn’t against the development, but said it’s important for the town to stay connected to the community.

Published an article in 2019 with celebrities such as Mr. and Mrs. Hemsworth vanity fair To put this once humble town on the world map. Carina Chocano, the writer who threw herself into the life of (the portmanteau of) ‘Murfer’ Mom When surfer) caused a storm Pretty, stylish, entrepreneurial, creative with multiple kids whose laid-back, unstructured life makes for a dizzying combination of FOMO and team goals for Instagram influencer Courtney Adamo after assessing the “class of young mothers”.

Aerial view of Byron Bay’s famous surf beach, The Pass.

Ana Flores / unsplash

When real estate agent Paul Bannister first moved to Byron 30 years ago, it was filled with wooden cottages and fiber homes. Now, Bannister says he’s seeing more and more “of these amazing architecturally designed mansions,” especially in town centres. According to CoreLogic data, the average home in the area is still around three bedrooms, but the median price has ballooned to A$1.46 million.

“We have people coming here from Sydney trying to recreate what they have in the heart of the city, especially in the CBD around Johnson Street,” he says. “It’s a far cry from the fishermen’s huts where people fled.”

escape from lockdown

The pandemic year only boosted Byron’s popularity. Warm weather, beautiful beaches, art and culture, trendy boutiques and restaurants and, perhaps crucially, minimal lockdowns have allowed city dwellers to escape the gray areas and head to this rural town in northern NSW. settled down.

During this time, the Byron market “has seen a 57% increase in value between May 2020 and April 2022.” This was probably one of the biggest gains nationally, according to Owens, compared to his 28% trough-to-peak move in Sydney and 48% in New South Wales.

Knight Frank’s Elliott said that with New South Wales closing its borders during the pandemic, many of Sydney’s ultra-wealthy population fled to the northernmost tip of the state to enjoy the warm weather on the beaches or into the luscious rainforests. Said it was surrounded by an enclosed rainforest. hinterland.

more: Australian ranch reminds me of ‘Lord of the Rings’

“Additionally, with the emergence of a work-from-anywhere culture, a one-hour flight from Sydney puts you close to one of Australia’s best lifestyles, boasting cosmopolitan cafes and top-notch restaurants. , all of which were within reach of a wonderful spacious luxury home surrounded by endless water views,” he added.

And while Byron is not immune to falling prices due to sharp interest rate hikes and extreme weather events such as flooding (home prices are down about 25%, according to Owens), the pandemic has set in on the upswing. remains 17% higher than when

Byron Bay properties are still admired and sought after, according to Elliott, with Knight Frank clients seeking spacious luxury homes on sprawling plots of land with spectacular gardens and rare properties within walking distance to the beach and village. I am still looking for luxury apartments. and nightlife.

“In mid-2019, it took an average of four months to put a home on the market, but the new norm is stabilizing at two months,” he says.

Click to read more Australian luxury property news

You may also like