Torquay property market remains bullish

HOMES are selling like hotcakes with rising prices not deterring buyers from entering the Torquay market.

Whether it’s locals upgrading, seachangers laying down roots on the coast, or investors jumping on the bandwagon, prices being achieved are still surprising many.

The escape to the regions triggered by low interest rates, COVID hysteria, FOMO and accrued savings, has led to a frenzy of interest for property outside the capital cities.

Agents and valuers are being kept on the hop with the market changing so much in a short period of time, making it difficult to provide accurate valuations, although in the end, an auction will decide where the market is at, if the property makes it to auction at all.

Last weekend saw some great results from local agents with McCartney Real Estate selling two Old Torquay properties at auction.

More than 80 people gathered to see 21 Darian Road, Torquay, being auctioned with four active bidders engaging until the property sold for $2,065,000 which was $215,000 over the reserve.

With more than 30 inspections, mainly from Melbourne, a Warrandyte family secured the property for their home.

McCartney also sold 3/4-5 The Esplanade at auction for $950,000 to Melbourne-based buyers after over 40 inspections throughout the campaign.

One Agency Surf Coast sold a rare parcel of vacant residential land at 50 Sunset Strip in Jan Juc by Opennegotiation.

With 18 active bidders placing 60 bids, the property sold for more than $220,000 above the reserve.

Hayden Real Estate Torquay sold a magnificent property with a spectacular home at 42 Bells Boulevard which was listed with a price tag of $4,200,000.

Selling agent Brent Hartigan said that the property had over 35,000 views online.

“It was a pleasure to be involved in selling such a rare property in such an iconic location,” Mr Hartigan said.

The property was also sold to Melbourne-based buyers.