The median house price for Torquay, since 2008, has increased significantly by $355,000 (91%) to $745,000 in 2018. Whilst what could be called a slow start for the Sands, our median house price is now $1,011,000 – $250,000 more than the town average and further cementing that estates values are climbing ahead of the traditional market.
In the last five months the Sands has recorded four one million plus property sales. There are two demographics of buyers – 70% aged between 35 – 45 with children / often one spouse is working from home. The second age group is 60+ moving with a view to retire. Less than 20% of buyers play golf.
The Surf Coast Shire has reported Torquay’s population is set to double in the next 10 years from 15,000 currently to 31,000. There has never been such a demand across the board offset by a shortage of supply hence driving up the prices. Single story homes in particular are meeting the market and talking to buyers of all ages.
2018 first quarter has been an exciting one. As housing supply levels reach an all time low our sales team is excited to keep driving The Sands estate sales into the second quarter for 2018.