Byron Bay attracts all sorts of people from the very wealthy to just everyday folks wanting a change from their current lifestyle situation.
What I have noticed though over the 15 years I have been working in the industry specialising in all sectors of Property Management, Holiday Rentals and Sales is that there are a large number of people living in this amazing place with very little income and homely goods. A large majority of people residing in rental properties live within a level of poverty. Many mattresses are on the floor in the bedrooms , very simple furnishings scattered throughout the house.
Why do we live in a way that possibly at times does not support us? For the simple reason to say we live in Byron Bay or a certain area. Notably though the beaches and spectacular climate make living here a delight and the sights on a daily basis with the people and tourists always assure entertainment.
I speak to many people who come to the region deciding that they want to buy, again for the simple reason to say they own a property in Byron Bay. Some don’t look at the financial impact of this decision as the returns can vary greatly from year to year, especially on the holiday/short terms lettings. Over the years we have seen many businesses and people, come and then move on after a relatively short period of time. Byron Bay is an area where you need support behind you and a good business background to make it successful. Even though we have high tourist numbers, it does not equate at times to profit, with overheads such as rents comparable to city prices.
Real Estate has been a way for many Australians to save for retirement, but I am seeing a changing market where possibly the growth of the past 20 years may not be as strong and steady. People are opening to the possibility that they are buying a home for the simple reason to enjoy supporting the family and not just for financial gain. Sure the market will go up, and it’s still a very secure investment, but let’s start looking at our home as a place to reside to nurture and support us and start living within our true means.
For more information go to: www.byroncoastal.com.au