The suburb, part of the Byron Shire LGA, is Australia’s Number 1 performing real estate market for growth since 1993, noted the report.
The report titled 25 years of housing trends has been compiled by CoreLogic and reveals that property values across Australia have climbed up to 1,496% over the last 25 years, leaving long-term homeowners with a glut of home equity.
“Real estate values across Australia are driven by lower interest rates and unemployment, increased infrastructure investment, along with a shortage of new properties and growing demand,” says Angus Raine, Executive Chairman, Raine & Horne
“The population of Australia has increased by almost 40% since 1993, and these people need somewhere to live, and this demand is driving up values across the country.”
The CoreLogic report shows that in 1993, the median property price in Suffolk Park was $74,250 and it is now $1,185,000. This increase is equivalent to annual average growth of 11.7% over the past 25 years.
Sophie Christou, Principal of Raine & Horne Byron Bay, and a resident of Suffolk Park was thrilled to hear her suburb has been recognised as Australia’s most consistent suburb for capital growth since 1993.
Ms Christou added, “There’s no doubt that Suffolk Park, which is just a short drive from the middle of Byron Bay, has benefited from its proximity to the popular holiday hotspot.
“Suffolk Park has always been more affordable than Byron, even in 1993. It’s been able to tack onto the success and high-profile of Byron Bay, but without the hustle and bustle of the tourist strip.
“Suffolk Park is very family friendly, offers plenty of space and beautiful beaches.”
Moreover, Suffolk Park is only a 90-minute drive by car to a major capital city, Brisbane, and it has Ballina Airport on its doorstep.
“There’s no reason this rate of growth won’t continue long-term. Suffolk Park is in high demand, and with limited development, it is quite tightly held,” Ms Christou said.