Family buys $6.2m holiday home on Northern Rivers
AUCTIONS at Byron Bay saw plenty of action recently, when record sales were made in both the private and commercial areas.
The hammer came down on the price of $6.2m for a three bedroom, three bathroom house at 158 Lighthouse Road and McGrath agent Ian Daniels said it was a hard fought battle.
"There were 10 registered bidders on the mortgagee sale,” he said.
"Five of those bidders got up to the $4.7m range and as it neared the end there were three bidders over $6m.”
Mr Daniels said the winning bidder was a family from Melbourne who had bought the property as a holiday house.
"It's all about the view and the fact you can do the lighthouse walk, then walk into town,” he said.
"It's so centrally located and the city of Byron lights up at night.”
The property last sold in 1998 for $1.2m.
Mr Daniels said it is the highest price for a private property this year in Byron.
"I made a sale about a month and ahalf ago at 134 Lighthouse Road for $5.6m,” he said.
"The market is also very busy as every house we sell is on or before auction in the Byron and Suffolk area.”
It's not only private houses that are getting the good prices in Byron Bay with LJ Hooker closing on a $4.725m sale at 58-58a Jonson Street.
"It's one building with three shops which is very rare in Byron as most have been strata titled and sell individually,” agent Liam Annesley said.
The building houses the businesses Cafe Byron and retail giant Patagonia, along with a pop up art shop.
"The building is the old Byron Bay RSL site,” Mr Annesley said.
"You will often find single shops go for $1.5m with a 5% return, so this is very rare.”
Mr Annesley said interest in the property at the auction was strong between registered bidders.
"They were jumping up in large increments,” he said.
"It was quite the battle for half an hour.
"Commercial properties are very undersupplied in Byron Bay so demand is quite strong.”
Mr Annesley said because of the high buyer activity, vendors were getting above market prices.