A new wave of wealth

BYRON Bay’s high-end property market is booming, with a luxury home on Belongil Beach selling for a record $33.5 million.

The recently completed property, known as Malia, was built by developer Shane Smollen, who is also a McGrath director, and his wife Rebecca.

It is believed to have been bought by Chemist Warehouse director Damien Gance – the son of the company’s founder – and his wife Sasha Robertson.

The architecturally-designed beachfront house has five bedrooms, including guest and nanny quarters, a magnesium pool, a gym and a media room.

McGrath Byron Bay principal Nick Dunn said the high-end market was buoyant, largely because there was a limited number of luxury homes in exclusive enclaves like Belongil Beach, Wategos and Coopers Shoot.

He is currently marketing another property known Hercules Estate at Coopers Shoot with price expectations in the $27.5 to $30 million range.

With magnificent hinterland and ocean views, it has a horizon pool, a gym, a recording studio, tennis court, wine cellar, separate cottage and six-car garage.

“It’s extraordinary,” Mr Dunn said. “You can’t even imagine the view until you are there. When it sells it’s not like I can say the neighbour is also selling, because none of them are. I think that’s what drives the high-end market.

“Prices are only going to keep going up because of low supply and high demand from people wanting to come into the area.”

Oroton heir Tom Lane and his wife Emma, who co-founded The Farm in Byron Bay, sold their 48-hectare estate The Range at Coopers Shoot for $37 million in 2023.

Wategos property Watermark, located on Marine Parade, sold for $30 million the same year.

CoreLogic research director Tim Lawless said research shows higher value markets tend to be more reactive to an easing in interest rates.

“If this historical pattern holds true, we could see premium markets across the Richmond-Tweed rise to new record highs or outperform lower priced markets,” he said.