Property www.echo.net.au/echo-property solidation of the gains that have been made over the last two years and, despite the Shire’s two main festival the slowing property market sites. There are so many fac- in the capital cities, that tors that make it appealing,’ the demand for property in says Peter. Byron Bay will continue to strengthen. Michael Gudgeon from Ray White Byron Bay, as According to Tara Torkkola well as sharing his market of First National Byron Bay predicition, shared one of the record prices that Mul-
Property insider What’s the market going to do in 2016? Here’s what a few of the local agents think: Tracey Wild from Elders Bangalow says demand is still strong and stock is tight in Bangalow, which means that the strong prices achieved particularly in the second half of 2015 will continue to hold into 2016. Did you know Peter Browning from L J Hooker Brunswick Heads is also a qualified butcher by trade? However it is his 21 years in real estate in Brunswick Heads that make him qualified to share his thoughts on what the property might do in 2016. Peter says that around late September / early August 2015 the market in Bruns just took off with demand outstripping supply. There was one day when three properties came onto the market and all three were sold within two hours! Peter can’t see the market in Bruns being anything but strong in 2016. ‘Brunswick Heads is a scenic seaside location that has maintained its fishing-village charm. It is located on a beautiful tidal river and equidistant from
lumbimby town and its hinterland have been experiencing should hold in 2016. One of the main reasons for this, Tara says, is that Mullum appeals to a wide market. This makes the demand for property in the area high. ‘Looking at the diverse demographics of people buying in Mullumbimby, those moments as a real people at completely differestate agent that make it very rewarding. Michael was ent ages and stages in their lives find Mullum has appeal helping an old-timer with the sale of his home. He was for them. People move the 95 and was being pulled this area because of the culture, the diversity, the fantastic and that way with advice schools, the ease of living from an emotional family. and of course the north In the midst of the chaos the old-timer leant over the coast lifestyle.’ Michael and said, ‘Mike, just Of course Tara should know, get me out of this place and having become a Mullumdon’t worry about them. I’ll bimby local herself in 2015. buy you a beer when you do.’ Michael says that beer tasted There are some pitfalls that really good. seasoned property buyers
time, do your homework so payments if the interest rate you avoid mistakes that can was to increase significantly. Rates fell quickly and they cause financial hardship. can rise just as quickly. Firstly look at your finance Staying with finance, first because often the most basic thing, such as finance home buyers frequently underestimate the full costs approval is overlooked. of buying a home. You need You need firm approval for to take into account costs your finance. Using a bank’s such as mortgage insurance, on-line mortgage calculator stamp duties, and costs at to determine you are able settlement such as legals, to afford the repayments on rates and body corporate a loan does not constitute fees. finance approval. Another thing that leads to Assume interest rates are go- poor decisions in first home As for Michael’s prediction know to avoid but remem- ing to increase and build in buying is being bedazzled by an affordability buffer. Make property make-overs. A first on the Byron Bay market: he ber if you are entering the property market for the first sure you can afford the re- home whilst a home that reckons we will see a con-
you want to feel comfortable in, is often a stepping stone to future investments. Make sure that you are not so enamoured by a shiny makeover that you buy in a position that is not going to increase as much in value as the properties around it and leaves no room to add value of your own. HAVE ANYTHING TO LET US KNOW ABOUT? Any new faces? Career milestones? Exceptional results? Market observations? Have you had anything quirky or unusual happen to you out in the field? Email propertyinsider@echo.net.au.
Happy 2016
heanesbuilt.com.au 14 December 30, 2015 The Byron Shire Echo
Byron Shire Echo archives: www.echo.net.au/byron-echo