Setting the ‘real estate trends’
Despite the challenges happening with COVID-19, real estate prices in our coastal town have continued to hold. COVID-19 is driving an exodus of people from Melbourne, as families bring forward plans to make a sea-change. We have seen a recent surge in buyer inquiries from Melbourne residents keen to make a move to the coast once restrictions ease, with Torquay proving a popular choice.
The Sands Estate in particular has continued to grow ahead of the traditional market values. The median house price sits at $1,100,000, $180,000 more than the overall Torquay median house price across town and nearly $100,000 more than this time last year.
Interest levels are driven by supply and demand. Currently there are only three homes and two townhouses listed For Sale across the Estate. We are yet to see a drop in prices, if anything our most recent sales were at the asking price (or just short of) or in some cases 6% above the listed price.
Post COVID-19 ‘lockdown 1’: In May we experienced a spike in sales with two Sands properties selling under private Auction conditions, resulting in a sale price higher than the listed price.
Buyers are attracted by our affordable property prices but also by the coast’s enviable lifestyle, which was never more attractive than during the lockdown when our residents could still walk along the beach or go for a surf.
The future of the coast property market is certainly bright with more city migrants likely to head north once the COVID-19 pandemic passes.