Hello All,
In Melbourne, Byron Bay is currently a hot topic in the news due to a local celebrity, Rex Hunt and his faimly being beaten by a group of youths late last week (allegedly)
I listened to talk back radio where Byron locals were interviewed and noted that there is an “us and them” attitude between locals and tourists as a result of loutish behaviour (due to alcohol mainly).
I’ve visited Byron a few times and enjoyed it. (My wife would move there in a heartbeat)
These reports can’t be good for the local property market. Does anyone have IPs there? What is your experience?
Has this over tourism resulted in a negative impact to Byron?What other areas of Australia are facing/experiencing this kind of problem?
I’ll guess the Gold Coast (with Schoolies etc)Manly I’m sure (with more pubs and a rise with assults).
Im sure alot of tourist towns go through something similar.
In terms of prices of property I don’t think there will be much change. People still want lifestyle. There might be higher vacancies perhaps… (But probably not).
Hellman
I recall there were rumblings a while ago about the council in Byron thinking about some sort of special levy on home owners who rented their homes out during the summer holidays. This may have been just a rumour.
If this did in fact happen (and there would be huge opposition to it), it would increase demand on genuine rental properties.
I think one challenge for investors in Byron is whether they go for a full time tenant, or furnish the place and hope for a year’s income over the summer holidays.
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