The one-time hippie city of Byron Bay is not a small bubble because it transforms with the true property growth.And now the long-lasting Byron Bay Backpackers, a latest property to go available on the market within the beachside city in northern NSW, has offered for $18.55 million.Sydney developer Podia bought the property that’s been working as backpacker lodging for the previous 37 years, with plans to rework the positioning right into a mixed-use growth or a resort.Podia will redevelop the 4287sq m block on Jonson Street – Byron’s essential procuring and retail thoroughfare – with the assistance of architects Richards & Spence.RELATED: Soul singer lists beautiful Byron retreatRELATED: Byron simply obtained hotter for one more reasonRELATED: Bassingthwaighte snaps up Byron retreat“We’re enthusiastic about Byron and need to contribute positively to the Byron Bay city centre,” head of growth at Podia, Michael Grassi, advised AFR.He added they “don’t need to create a monstrosity”.“We need to create a sustainable growth within the coronary heart of Byron Bay,” he mentioned.“You don’t usually get a 4500sq m parcel in the course of a extremely wanted tourism location.“It’s an especially uncommon alternative and we’re very excited.”He identified that Podia was acutely aware Byron Bay wanted extra lodging because the variety of leases have dropped with elevated demand to reside or keep within the city.“There’s an affordability disaster for locals and hopefully no matter we do with the positioning will alleviate a few of that strain,” he mentioned.“We see a possibility to create lodging variety in Byron Bay.”REA chief economist Nerida Conisbee advised that costs in Byron Bay have gone up round 40 per cent up to now 12 months because the booming NSW north coast city will get much more common as an actual property hub.Ms Conisbee mentioned Byron Bay was the property hotspot of the yr because it noticed the strongest property value development throughout the entire nation in 2020, with a median home value of round $1.83 million.The “superstar hotspot” had drawn within the likes of Zac Efron and Nicole Kidman final yr as guests.Australian musician Natalie Bassingthwaighte and her husband additionally purchased within the space on the finish of final yr, paying round $2.15 million for a property in Ewingsdale, 7km inland, fringing Byron Bay.