Merimbula’s property prices have shot up by 5.3 per cent in the last 12 months, the highest increase of any other major coastal tourist destination in NSW according to a recent report in the Merimbula News. The median property prices of Merimbula properties was $418,500, the second highest of the 12 destinations listed in the Sydney Morning Herald report that drew its information from Australian Property Monitors. In the SMH report Property Editor Stephen Nicholls said the figures indicated that the tide is turning for the coastal property market with bargain prices and strong rental returns encouraging buyers to again consider investing in holiday resorts.
“Agents in many seaside villages say they have seen signs of improvements in the past six months,” Mr Nicholls reported. This is good news for property owners considering selling in Merimbula and those looking to purchase. The amount of good stock on the market together with the rise in prices sets Merimbula as a desirable location for a holiday rental investment property.
What About The Bed Tax?
The town of Merimbula certainly swells during the holiday season with a good many holiday makers coming to town, but nothing like the influx Byron Bay experienced on New Year’s Eve. Reporting in the Sydney Morning Herald on January 5-6, Saffron Howden stated that up to 20,000 people flocked to Byron for New Year’s Eve and generated 15 plus tonnes of rubbish “We literally had thousands of people parking in their cars, sleeping in their cars in suburban areas. For a lot of residents we lost our town that night” said the Mayor of Byron shire.
This extreme incident sparked the idea of a bed tax, proposed by the local Government Minister, Don Page. He saw this as a potential solution to the problem of stretched public resources in holiday villages such as Byron Bay. Since then, according to his spokesperson, the Premier has ruled out a bed tax. In response to the idea put forward by Mr. Page the general manager of the Tourism Industry Council NSW, Mr. Andrew Jeffries, said the industry wouldn’t support a bed tax but a visitor economy rate levied more broadly across businesses in each affected council area and funnelled into a dedicated fun administered by local businesses and stakeholders would be acceptable.
This year’s New Year’s celebrations in Merimbula were a far cry from Bryon Bay, hosted at Ford Oval with a family focus. Several bands played classic rock and two lots of fireworks entertained the large crowd, one at 9.30pm for the children and the other at the traditional hour of midnight.