$2.83m price tag a record
A 40-YEAR-OLD house in Byron Bay's Paterson Street has gone under the hammer for a record $2.83 million. The auction of the three-bedroom beach house, built in 1966, smashed the reserve price by $300,000. The previous record for a home in Paterson Street, arguably Byron Bay's most excusive address outside of Wategos and Belongil, was $2.52 million. Elders Byron Bay sale consultant Matt Towner, who handled the auction, said the popularity of the street lay in its spectacular views. "Very few areas in Byron Bay can you get elevated enough to get a view of the ocean," he said. This particular home, at 76 Paterson Street, sits on one of the best blocks in Byron Bay, with north-facing views from the mountains to the sea. Mr Towner said 60 people attended the auction, with bidding commencing at $2 million. The home, which belonged to a deceased estate, was built by its previous owners in 1966. Mr Towner said prices in area were continuing to rise and the buyers market had now become a sellers market. "There are a lot more buyers than properties available," he said. However, he said a window of opportunity was still available before prices climbed too much. "They say when the Tugun bypass opens next year it will be one and a half hours from the Brisbane CBD to the Byron CBD. "That makes us like the northern beaches of Sydney in time difference," Mr Towner said. The property market in Byron Bay has recorded steady sales in recent months, with homes in the older part of town and on Paterson Hill rarely selling for under $1 million. The three most recent sales in Paterson Street were $1.58 million, $1.65 million and $2.52 million. In nearby North Pacific Vista Drive an older-style house, bought to be knocked down and rebuilt, sold for $1.9 million.