Aussie Billionaire Pays $18 Million on a “Beach Shack”

Source: The Sydney Morning Herald

Hospitality executive Justin Hemmes is tipped to have purchased an original four-bedroom beachfront shack in Byron Bay for about $18 million via private treaty. The two-storey dune-top property includes two self-contained studios on the ground floor and a two-bedroom residence upstairs, with the final price and buyer identity to be confirmed at settlement. The acquisition adds to his expanding Byron Bay holdings, following previous purchases along Belongil Beach reportedly valued at $22 million, $16 million and $3.75 million, further consolidating his presence in the tightly held coastal strip.

Premium coastal lifestyle property continues to attract significant capital despite broader market fluctuations. High-net-worth buyers are concentrating wealth into scarce beachfront locations where supply is structurally limited and long-term land value underpins pricing resilience. When substantial capital repeatedly flows into the same micro-markets, it signals enduring confidence. Coastal town lifestyle assets remain strategically investable. Follow the money.