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Real estate professionals say that in recent years, the “influencer effect” that has helped Byron Bay’s soaring housing prices is now being felt in the commercial real estate sector.
Agents said that the perfect picture of the once quiet coastal haven was disseminated through social media such as Instagram, lifestyle guru, health fighter and “black hand”-the chic mom of surfing-praised Byron’s virtues and attracted new people Cash out residents And visitors, and they want high-end business and services.
As a result, domestic and foreign brands opened stores in Byron, pushing up the prices and rents of commercial real estate.
David Gordon, head of Ray White Byron Bay, told the REA Group that the town’s most popular retail zone (located in Jonson, Lawson) The average annual rent per square meter in Fletcher Street and Fletcher Street has risen by 50% in the past two years alone, from US$1,000 to US$1,500. He said the yield is around 4%.
“Rent and value will not increase in 2020 [because of COVID]However, since November, we have seen unprecedented demand for commercial real estate in Byron Bay, with real estate sales much higher than market expectations. “Mr. Gordon said.
He said: “In terms of yield, the average selling price now is about 4%. Two years ago, buyers wanted to buy at a yield of 6%.” But since rents are now rising, investors feel safe, and The purchase is being made at a lower yield. “
In the past two years, annual rental prices in some of the most popular shopping districts in Byron have increased by 50%.Image: Getty
Gordon said that, on average, he has at least four national brands applying for commercial leases on the main streets of Byron, and he currently has 11 domestic and foreign brands looking for space.
He said this is because the big brands have identified Byron as a “must” place for them.
“We have seen many fashion brands from Sydney and Melbourne open a second or third store in Byron, providing their customers with another place to shop during their vacation.
“Some new business owners told me that most of their customers in the city store said,’They must always open a store in Byron’ because they are always there.”
Gordon said: “Many national brand owners also own holiday homes here, or have been to Byron for many years. This lifestyle resonates with the reasons they opened here.”
The unreleased Netflix documentary about Brian Bay influencers is not popular among locals.Image: Getty
Byron’s influencers will also be Controversial Netflix series Byron Baes, The cast will be named this week. However, the local people are not satisfied with the production and worry that it will have a negative impact on the local enterprises.
The local mayor, Simon Richardson, told the ABC that the series of films could damage the town’s reputation for so long.
“We don’t need it, it will only give us people who really threaten us as a community. If Bryon’s description is as absurd as many doco/soap/reality shows I guess, it may threaten the business.” Mr. Richardson said.
Interestingly, the number of influential people based on Byron who turned their success into business risk is also increasing, but they tend to be mostly family-style.
Gordon said: “I haven’t seen companies that started doing business online move to commercial spaces, but some companies are occupying small industrial factories in our art and industrial zones.”
One of the Byron companies located near the area is Parkes Ave Dispensary, founded by naturopathic doctor Jules Galloway and her husband James.
Ms. Galloway has been a naturopathic expert since 2006. She started her business at home in 2014, providing telemedicine consultations, e-books and courses, and using the power of social media to build a loyal customer base.
Then in June 2019, her husband opened a physical therapy clinic and physical pharmacy with her, providing natural therapies, traditional herbs, nutritional supplements and functional drug testing.
She said: “When the Habitat was built in Byron Bay, just before the real estate market went crazy, we were lucky enough to buy our commercial space.”
“Traditionally, in the central business district, commercial rents are always high and are occupied by places that cater to tourists. Therefore, many start-ups have to find cheaper places elsewhere.
Therefore, some of the most exciting, creative and influential businesses are in the artistic and industrial areas near us. This is totally another atmosphere! “Ms. Galloway said.
She said that although some established businesses in the town have closed during the COVID period, the town is now rebounding.
James and Jules Galloway at Parkes Ave Pharmacy.Picture: Amber Melody / Parkes Ave Pharmacy
Ms. Galloway said: “Recently, we have noticed that some new shops and businesses have sprung up, which is exciting.”
“Byron is a hotbed of emerging businesses and ideas, so I am optimistic that we will stand out from COVID.”
Although she has 16,000 followers on social media and podcasts, the naturopathic expert definitely does not consider herself an influencer.
“Compared with the hundreds of thousands of followers that some Byron Bay influencers have, this is a drop in the ocean. Since 2014, social media has been the cornerstone of my business.” She said.
“I rely heavily on Facebook ads, social media posts, and my podcasts to attract potential customers and convey information to me.”
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