Would you believe it? Byron Bay’s prestige property market is set to grow more than any other area in the world in the next five years. Making it a dream property investment opportunity.
The NSW seaside luxury dwellings will explode by as much as 35 percent in the next 5 years, doing better than the rest of the globe, according to a report by property consultancy firm Knight Frank released on Tuesday.
Byron Bay was singled out as the most attractive place for luxury buyers in the Australasia region according to the 2022 Wealth Report,
There were others on the list, including central London and the Swiss Alps. However, they were only expected to grow by between three and 30 percent.
Michelle Ciesielski, Head of Residential Research at Knight Frank, stated “Byron Bay has obviously been very popular with our local population, but essentially it’s had closed borders. “But looking over the coming years, [with borders opened up], it is expected to see the strongest growth in the luxury space.”
Byron Bay has been named as not just Australia, but the world’s strongest property market for the next few years.
In terms of worldwide standing, Australia was identified as the third most preferred country to invest in for 2022, behind the US and the UK.