Property Market Update with One Agency Surf Coast Senior Sales Consultant, Olivia Swann.
Property Market Update Q3 (July – Sept) Postcode 3228
Buyers and sellers in Torquay and Jan Juc have two burning questions on their minds: “Are homes on the Surf Coast selling?” and “Have property prices reduced in our area?”
Let’s delve into the latest market insights to provide you with a comprehensive picture. According to data from realestate.com.au, this quarter saw 65* property sales, a slight increase compared to the 63 sales during the same period last year. This demonstrates that homes are indeed selling.
In contrast, we observed a decrease in the number of homes listed for sale this quarter, with 99 properties listed on the market compared to 111 in 2022. Additionally, we’ve noticed a slower start to the typically bustling spring selling season, with only 26 homes listed for sale in September this year, compared to 48 during the same period last year.
Several factors could explain this reduction in listings. Most notably, the recent interest rate rises have made an impact. Many potential sellers may be holding off on listing their properties, anticipating that they may not achieve their desired price in the current market.
Now, let’s address the hot topic of property prices. In Q3 of last year, the average sale price of a Torquay home stood at $1,450,368. However, this quarter that figure dropped to $1,248,102. This marks a reduction of about $202,266 or 13.95 per cent. Again, we can attribute this decline to interest rates and inflation. Rising interest rates have led to a reduction in buyers’ borrowing power, thereby affecting property prices.
Notably, properties are taking longer to sell, with an average of 95 days on the market before a sale is made, compared to about 65 days this time last year.
In terms of buyer demographics, data from One Agency reveals 50 per cent of buyers are from Torquay, 30 per cent from Melbourne, 15 per cent from Jan Juc, and 5 per cent from Geelong. This distribution reflects the continued appeal of our coastal community to local and regional buyers.
Looking ahead, our region enjoys the advantage of a resilient property market, typically holding strong even during economic uncertainty. The desirability of the coastal lifestyle here remains a driving force. However, the potential for further interest rate increases poses a question mark on the horizon.
Should you have any specific questions or require further insights into the real estate market in Torquay and Jan Juc, please feel free to reach out to me at 0499 053 114. I’m here to assist you.
Data source: realestate.com.au, One Agency Surf Coast. *Land sales excluded from data cited.