Byron Bay real estate attracts a very eclectic group of residents and visitors with an average age much lower than the Australian population average. However, in the villages surrounding Byron Bay there are many retirees who come into Byron Bay for shopping and dining. The population may be evolving because the real estate prices within Byron are forcing out all but the wealthy and these tend to be an older demographic.
Byron Bay’s real estate development in has always been on a low scale and of a low key and this is one of its attractions that so many people are drawn to. The Council's Development Control Plan is strictly enforcing that no building is more than three levels high.
The average house price in Byron Bay in 2003 was close to $530,000 and by 10% per annum over the last few years. Even conservative valuations have put recent growth in real estate values along the beachfront, Wategos Beach and Suffolk Park at phenomenal levels.