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Byron Bay increasingly attracti...

Byron Bay increasingly attracting property buyers wanting a lifestyle change

A growing number of baby boomers are looking to purchase property in the Byron Bay area of Australia, as it becomes increasingly popular with people wanting a change to a more relaxing pace of life.
 
Byron Bay is located right on the coast, so offers a completely different way of life to that found in the country's bustling cities, such as Melbourne, Sydney and Perth.
 
As a result, people approaching retirement or looking for a second home to use at weekends or during holiday periods are becoming increasingly interested in Byron Bay as a location - something that could signal a shift in the area's demographic, as it has traditionally been most popular with backpackers from overseas.
 
Nicolette van Wijngaarden, a real estate agent with Unique Estates, explained that there was a significant increase in interest in Byron Bay properties over the long Easter weekend that has just passed. Many of these were reportedly aged 40 and above, weighing up the homes on offer in the area ahead of their future retirements and investigating the potential lifestyle that they could lead following a move to the picturesque coastal area.
 
Jill Weeks, relocation expert at Lifestyle Matters, commented: "For many people today, Byron has become the ultimate dream change. Everyone is so busy and hurried these days, I hear that 'L' word - lifestyle - come up time and time again, with people deciding to take time out in Byron, go and live there and work remotely, buy and plan to retire there later, or downsize and go there now."
 
Dr Andrew Wilson, chief economist at the Domain Group, added that the average property price in the Byron Bay area now comes in at almost $1 million, making it an attractive place to live for older, wealthy investors in their retirement, whether they are moving from elsewhere in Australia or from overseas.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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