|NEWS UPDATE – THE NSW QLD BORDER BUBBLE|
Today, Byron Bay is one of the most up-market residential areas on the Australian east coast. The growth in multi-million dollar mansions is now pushing way beyond the median value of house sales. Here are some reasons why there is a sense of optimism;
- The consumer sentiment index is at decade highs while business confidence is at 31-month highs.
- Unemployment levels are low.
- The RBA Governor has committed to leaving the cash rate at 0.1 percent till 2024. Businesses, households, and governments are borrowing money at rock bottom.
- Underlying inflation is expected to hold near 1-1.5 percent over 2021 broadly.
- The success in suppressing the virus has enabled our states and territories to ‘re-open their economies.MId
At Byron Bay Real Estate Agency, we are experiencing a boom in the local property market driven by underlying economic factors. The coronavirus pandemic has forced all Australians to reevaluate how they live their lives.
We don’t have a crystal ball, but it’s likely that the trend for people to work from home will continue providing them with the opportunity to live anywhere there is an internet connection.
Last year during the first wave of Covid, Australia experienced a sharp recession followed by an equally sharp V-shaped recovery. Many of the government support measures that were put in place last year were discontinued. There seem to be many reasons why we can remain optimistic about the property market in particular ‘lifestyle’ locations such as the Northern Rivers.
With many people now working from home and the investment in IT, interstate migration is on the rise. According to the bureau of statistics, in the March 2021 quarter, 104,100 people moved interstate. The highest number since 1996. For more details https://www.abs.gov.au/statistics/people/population/regional-internal-migration-estimates-provisional/latest-release#key-statistics
From the 13th of September, the New South Wales and Queensland border bubble is in place. The 12 LGAs included are Ballina, Byron Bay, Clarence Valley, Glen Innes Severn, Gwydir, Inverell, Kyogle, Moree Plains, Richmond Valley, Tenterfield, and Tweed. Workers, volunteers, and students that cannot perform their tasks from home can now enter Queensland for the first time in a month as restrictions ease. For more details, click here: https://www.qld.gov.au/health/conditions/health-alerts/coronavirus-covid-19/current-status/public-health-directions/travelling-to-queensland#non-restricted-border-zone-resident.
We are open for business Monday to Friday from 8:30 to 5:00 pm, and if you are curious about the value of your property or what we have coming up for sale, we’d love to hear from you.
Byron Bay Real Estate Agency