Jaw-dropping price set for Byron Bay block
One of the last remaining beachfront lots in Byron Bay with uninterrupted ocean views is set to sell for 40 per cent more than what it might have fetched a year ago.
The 822sqm parcel on Kendall Street is across the road from Belongil Beach and has an impressive $4.2m price guide. The block is the last unsold parcel in a 1.62ha site that consists of 11 lots.
The listing comes at a time when Byron Bay has experienced an unprecedented property boom driven by an influx of buyers from Sydney and Melbourne.
The overwhelming demand combined with a shortage of stock has resulted in unbelievable sale prices for the blocks of land surrounding 30 Kendall Street in the past year.
CoreLogic records show a 916sqm parcel at 20 Kendall Street sold before the pandemic and the boom in February 2020 for just $2.8m, which at $3056 per sqm, might have seen 32 Kendall Street sell for around $2.5m at the time.
In August a 751sqm parcel at 36 Kendall Street sold for $2.225m, while a 746sqm lot at 32 Kendall Street sold in December for $3.05m and $3.835m was paid for 22 Kendall Street, which is on 950sqm.
This corresponds with realestate.com.au revealing the median house price in the once sleepy beachside town has nearly doubled in the past year from $1.4m to $2,293,500.
First National Byron Bay agent Paul Bannister said lots have progressively sold for more after they first began to rolled out to the market in the weeks before the national lockdown in March 2020.
"We initially had the lots for sale just before COVID-19 and started selling them from $2m and overtime the prices have progressed higher to $3.8m in December," he said.
"In a short period of time we have seen massive price increases, which has been driven by a lot of people wanting to buy and not enough homes for them to buy."
The 822sqm block is a 15 minute walk to the Byron Bay town centre and is close to the popular Treehouse restaurant and Belongil Bistro.
Mr Banister said the purchaser would be able to construct a two-storey dwelling on the block, this is compared to homes closer to the beach who are only able to be one-storey in height.
Originally published as Jaw-dropping price set for Byron Bay block