Property market in desirable locations is still strong.
Property market in desirable locations is still strong. Contributed

Property market making a comeback

WATEGOS Beach in Byron Bay continues to be one of the most desirable residential locations on the east coast of Australia with a Brisbane family paying $10m to buy Watermark at Wategos last week.

Watermark at Wategos consists of a residence, an apartment and two beach suites in Marine Parade directly opposite Wategos Beach.

The property can be opened up to be one six-bedroom, six-bathroom house and last sold in 2005 for $5m.

Selling agent Graham Dunn from Byron Bay Property Sales said the luxury market in Byron Bay had picked up dramatically in the last six weeks.

"We have had six sales in this past week totalling $26m, the cheapest of which was $1.5 million and the most expensive being Watermark at $10m," he said.

Mr Dunn is expecting sales to continue picking up if the Reserve Bank drops interest rates next month as expected.

Managing Director of Unique Estates, Nicolette Wijngaarden, who also markets prestige properties in Byron Bay agreed there were signs of an upturn in the prestige market.

"We were having about six to 12 viewings a week over the last 6 months in the Byron office," she said.

"But in the last couple of weeks we have been having 25-30 viewings."



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