New house record emphasises sky-high interest

A TORQUAY-RECORD residential sale has highlighted an exploding Surf Coast housing market this summer as healthy selling conditions fuels a surge of interest in local property.

98 The Esplanade, Torquay sold this week following a near-four month selling campaign, with agents confirming it smashed the existing suburb house record of $5.8 million achieved last summer by its neighbour at 189 The Esplanade.

While the buyer’s identity and final price remain undisclosed, it’s understood the recent sale was in the vicinity of the advertised price of $7.75 million.

The new benchmark comes following a bumper opening fortnight of 2023 that saw a host of properties attract dozens to open houses and sell above listed prices within days of coming to market.

McCartney Real Estate director Tim Carson, who sealed The Esplanade sale, said summer crowds and conditions had helped drive interest in recent listings.

 

 

 

“I said to a lot of our owners before [summer] that we needed sunshine, it brings buyers down and sells the lifestyle of the Surf Coast.

“The inquiry during Christmas and New Year was steady, but since January 3 we hit the ground running from the first open for inspection and inquiries were tremendous.”

Other standout properties from recent days included 72 The Esplanade Torquay, which had 31 interested parties through on its first weekend that ignited a bidding war starting at $2.5 million.

 

 

The surging interest means the prime beachfront block is unlikely reach its auction planned for February 4, which had a price quoted at $2.3 million to $2.35 million.

In the old Torquay precinct, 20 Gogoll Crescent went for $1.485 million a week after its listing, 30 Cowrie Road sold above its $1.85 million asking price after one weekend of open houses, while 55 Torquay Boulevard, Jan Juc achieved its $1.25 million ask after more than 30 registered for inspections.

Mr Carson said perfect summer conditions had helped sell the Torquay lifestyle, while optimism at a declining cycle of interest rate rises had helped boost confidence of prospective buyers

“It’s amazing when you’ve got the sunshine how it just sells the lifestyle. People think ‘How nice would it be to have a place down here?’.

“Before Christmas in October, November and December, the weather was pretty average and it’s not real enticing for someone to come down when it’s raining and 15 or 16 degrees.

“I think, too, there’s more positivity; because we’ve seen all the interest rate hikes and there might not be more to come, maybe one or two, people are feeling they can budget for what they’re looking for.

“There’s a number of people looking, there’s new buyers in the market all the time and they have a selection of properties to choose from, which is really positive.”