A real estate agent has spoken out to theaustralian.com about the popularity of Byron Bay and how many overseas buyers are flocking over to invest in international real estate there.
Real estate agent Graham Dunn, principal of Byron Bay Property Sales, says that more housing is needed to satisfy retirees from across Australia and the rest of the world.
Many high-profile investors have been attracted to the area; for example, Jim Goldburg, an entrepreneur and a co-founder of Flight Centre, is to develop a luxury apartment complex worth more than $20 million near Byron's Main Beach.
Property is so popular in fact, it is being sold to exclusive people at exclusive prices. Another co-founder of Flight Centre, Graham Turner, has also entered the market. His wife recently purchased a beach shack for $2.77 million on the Belongil peninsula.
Mr Dunn says that thanks to the property shortage and strong demand, Byron Bay is going to see a real estate "party" this year.
Eddie Phillips, a Byron Bay property developer, agreed that the area is becoming more attractive to overseas buyers.
"We have a lot of interest in one of my properties, which I will auction in late October. I have had more overseas interest than before. Byron is becoming more of an international market," he said.
It's not just Byron Bay that's seeing a rise in property demand either. Recently, investment bank UBS said the whole Australian housing market is warming up, with the rise being led by Sydney, reports propertyobserver.com.