Town by town snapshot: Torquay

July 1, 2021 BY

This three-bedroom Torquay home built in 2018 sold recently for $904,000.

The size of Torquay is about 34.5 square kilometres and it has three parks covering nearly one per cent of total area.
The population of Torquay in 2011 was 10,141 people and by the 2016 Census the population was 13,268 showing a population growth of 30.8 per cent in the area during that time.
There has been a great deal of growth in Torquay since the last Census and the population of Torquay is more likely to be 20,000, with Jan Juc most likely touching on 4,000.
This population growth is largely due to substantial land sales in Torquay North, the transition of holiday homes to permanent residences and retirees’ homes being bought by young families.
Currently Torquay’s future is at a hiatus with an element of the community pushing back on growth in the area, and in a political manoeuvre, the Victorian Government has implemented the Surf Coast Distinctive Area and Landscape project led by The Department of Environment, Land, Water and Planning (DELWP), with an aim to curtail development in Torquay.
This piece of strategic work is nearing the end with public submissions now concluded.
The decision now sits in the hands of the bureaucrats and politicians who have been conflicted between long standing strategic planning policy, populist political manoeuvering and community pushback on further development, especially west of Duffields Road.
Whatever the outcome, expect some unhappy campers and litigation, for it was previous governments and planning authorities that gave the green light to residential development beyond Duffields Road when the then planning minister shifted the town boundary one kilometre west of Duffields Road in 2010.
CoreLogic data indicates the predominant age group in Torquay is 0-9 years with households in Torquay being primarily couples with children and are likely to be repaying $1,800 – $2,399 per month on mortgage repayments, and in general, people in Torquay work in a professional occupation.
In 2011, 72 per cent of the homes in Torquay were owner-occupied compared with 73.4 per cent in 2016.
AGENT PERSPECTIVE:
“Grey skies, cold mornings, and the smell of fireplaces are all too well known in Torquay during the winter months, it’s a magical place to be.
“At present, the real estate market is a hot topic, with all involved wanting to know what’s next.
“The current market holds firm with a seasonal decrease in stock levels, keeping buyer numbers per property high.
“However, considering the heated summer market, there has never been such high expectations, and vendors must position their properties correctly.
“Frank conversations will be a hard pill to swallow; however, procrastinating a proactive alignment will, in turn, result in even further vendor discount.
“Remember, the first 14 days of your sale campaign are where the most buyer activity and engagement come from, and every day after that, the perception of value decreases.”
Michael Ferris – director, Ferris Gold Torquay

TIDBIT:

Rip Curl began in a Jan Juc garage in 1969 before moving to the old Torquay bakery, with Quiksilver starting soon after.

Population: 20,000

Male: 49.1%

Female: 50.9%

Median age: 39

5 year population change: 30.8%

House median value: $1,160,000

Change in median price: (5yrs) is 47%

Median asking rent per week: $550

Average length of ownership: 11 years

Owner occupiers: 76%

Renters: 24%

House median sale price:

  • March 2021: $930,000
  • March 2020: $820,000
  • March 2019: $825,000
  • March 2018: $760,000
  • March 2017: $690,000

House sales per annum:

  • Period ending March 2021: 317
  • Period ending March 2020: 263

Land median sale price:

  • March 2021: $560,000
  • March 2020: $418,000

Land sales per annum:

  • Period ending March 2021: 65
  • Period ending March 2020: 68

 

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