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Byron Bay listed as one the worst places to buy a new home
Byron Bay is a playground to the rich but erosion has damaged its worth to investors. Picture: Liam Kidston Source: The Australian
BUYERS are being warned that homes in Byron Bay and the Sydney suburbs of Sutherland and Breakfast Point are real estate poison.
Property analyst Terry Ryder, of Hotspotting, nominated the spots as toxic real estate in his latest No-Go Zones Research Report.
"It's as valid to warn people the places they should avoid as telling them where to buy. They are spending a lot of money and it can be a financial disaster," Mr Ryder said.
Locals are appalled to find Byron Bay, Breakfast Point and Sutherland Shire named in the top 10 worst places in Australia to invest.
Sea change destination Byron Bay is dogged by affordability and climate change issues as wealthy owners clamour to put up sea walls to protect coastal mansions from erosion and king tides.
"One of the least known factors in Australian real estate is that iconic sea change locations tend to have poor capital growth records," Mr Ryder said.
"Investors often assume that locations that have high population growth and or tourism markets will be real estate hotspots and show superior growth. In reality, such locations often deliver inferior gains."
Compared to its North Coast hillside neighbours, Byron Bay was one of the most poorly performing locations, while Sutherland Shire lost out in comparison to Sydney's Northern Beaches.
"The suburbs in Sutherland kept standing out for poor growth, most had long-term growth below 5 per cent over the last 10 years and that was including a boom," Mr Ryder said.
"It is because there is no motorway; if you have to commute daily to the CBD it's a nightmare. There are 90 sets of traffic lights between Sutherland and the CBD, it's very congested."
Breakfast Point should have been a hotspot but had failed because of ongoing community disputes over new proposals, Mr Ryder said.
Canada Bay Mayor Angelo Tsirekas said it was the passion of the people of Breakfast Point, where homes go for a median $1.7 million, that gave residents such a good life. "I can't believe what he is saying," he said.
No-Go Zones suburbs show negative market dynamics such as overheated prices, volatility, poor growth and social issues such as pollution, noise and environmental concer
http://www.couriermail.com.au/money/...-1225878244575
- By Vicki Campion
- From: The Daily Telegraph
- June 11, 2010 12:00AM
Byron Bay is a playground to the rich but erosion has damaged its worth to investors. Picture: Liam Kidston Source: The Australian
- Sydney suburbs "real estate poison"
- Byron Bay dogged by climate change
- Locals appalled to be on warning list
BUYERS are being warned that homes in Byron Bay and the Sydney suburbs of Sutherland and Breakfast Point are real estate poison.
Property analyst Terry Ryder, of Hotspotting, nominated the spots as toxic real estate in his latest No-Go Zones Research Report.
"It's as valid to warn people the places they should avoid as telling them where to buy. They are spending a lot of money and it can be a financial disaster," Mr Ryder said.
Locals are appalled to find Byron Bay, Breakfast Point and Sutherland Shire named in the top 10 worst places in Australia to invest.
Sea change destination Byron Bay is dogged by affordability and climate change issues as wealthy owners clamour to put up sea walls to protect coastal mansions from erosion and king tides.
"One of the least known factors in Australian real estate is that iconic sea change locations tend to have poor capital growth records," Mr Ryder said.
"Investors often assume that locations that have high population growth and or tourism markets will be real estate hotspots and show superior growth. In reality, such locations often deliver inferior gains."
Compared to its North Coast hillside neighbours, Byron Bay was one of the most poorly performing locations, while Sutherland Shire lost out in comparison to Sydney's Northern Beaches.
"The suburbs in Sutherland kept standing out for poor growth, most had long-term growth below 5 per cent over the last 10 years and that was including a boom," Mr Ryder said.
"It is because there is no motorway; if you have to commute daily to the CBD it's a nightmare. There are 90 sets of traffic lights between Sutherland and the CBD, it's very congested."
Breakfast Point should have been a hotspot but had failed because of ongoing community disputes over new proposals, Mr Ryder said.
Canada Bay Mayor Angelo Tsirekas said it was the passion of the people of Breakfast Point, where homes go for a median $1.7 million, that gave residents such a good life. "I can't believe what he is saying," he said.
No-Go Zones suburbs show negative market dynamics such as overheated prices, volatility, poor growth and social issues such as pollution, noise and environmental concer
http://www.couriermail.com.au/money/...-1225878244575
(or a skinny guy with long hair 
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