Australia Markets open in 3 hrs 8 mins

What happens to your property when a Hemsworth moves next door

Image: Getty

The coastal town of Byron Bay is known for its relaxed lifestyle, scenic vistas and hipster culture.

But it’s also known for Chris Hemsworth.

The Hollywood star and People’s ‘Sexiest Man Alive’ for 2014 bought a palatial resort home with his partner Elsa Pataky in the NSW town in 2014, and the two actors are proving to be a real estate drawcard.

Realestate.com.au chief economist told news.com.au that the actor is driving up activity in the region.

“There’s definitely jobs being created but it does seem to be that the area is attracting not just national attention but also international attention as well because there’s a lot of celebrity interest, particularly from the Hemsworths,” she said.

Hemsworth often posts about the town on social media, broadcasting the picturesque town to his 23.8 million Instagram followers.

“There’s always been a lot of celebrities who have loved living up in that area but they (Hemsworths) are very high profile and they are giving the area a very high profile as well,” Conisbee said.

It’s not just Byron Bay feeling the effect.

According to the New York City Townhouse Report by real estate broker Leslie J. Garfield, the celebrity effect is just as potent in New York.

It noted that specific blocks like East 10th Street, which is home to David Schwimmer, Molly Ringwald and Mary-Kate Olsen, as well as the Greenwich Village area which is home to Sarah Jessica Parker and Leonardo DiCaprio, have townhouses which tend to sell at double digit premiums compared to similar areas.

“When a big-name celebrity moves into a neighbourhood, it gives the neighbourhood some credibility and tells buyers that this must be a nice place to live if this well-known person lives here too,” Leslie J. Garfield partner, Rick Pretsfelder told Mansion Global.

“There isn’t any direct correlation between a celebrity living in a neighbourhood and increased prices but if you live by someone famous, inevitably you’ll bump into them on the street and see them at your favourite coffee shop. It’s like being a member of a club.”

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.

Now read: Look inside this luxe penthouse designed just for Instagram influencers

Now read: 2018’s top 10 grossing films

Now read: Airbnb is expanding further into luxury homes. Here’s a look inside some of the new ‘first class properties’