3228 local real estate market wrap-up for Q4 2024

WITH NATURAL REAL ESTATE SENIOR SALES CONSULTANT OLIVIA SWANN

The local property market in postcode 3228 remained active in the final quarter of 2024, with 138 homes sold out of 201 listed for sale in the quarter.

Despite a high number of listings, buyer interest stayed consistent, showing that demand remains strong.

Median sale prices softened throughout the quarter, declining steadily month by month. October recorded a median price of $1,295,000, which dropped to $1,220,000 in November and $1,200,000 in December. The standout sale of the quarter was a Bellbrae property, achieving an impressive $7,200,000.

Homes took longer to sell, with an average of 77 days on the market – up from 56 days in Q4 2023. Despite this, steady buyer activity proved demand for properties remains high.

A key trend this quarter was the rise in local buyers. Torquay residents accounted for 44.4 per cent of purchases, a significant increase from 29 per cent earlier in 2024. This marks a shift toward local activity and contrasts with 2021, when nearly half of buyers were from Melbourne. By the end of 2024, only 29.6 per cent of buyers came from Melbourne, highlighting the growing appeal of the area to locals.

The rental market remained tight during Q4, posing challenges for renters but presenting great opportunities for investors. The average weekly rent for a house rose to $660 – up 2 per cent from the previous year. For perspective, rents were $460 per week a decade ago.

In total, 250 homes were sold in postcode 3228 throughout 2024, with 540 properties listed over the year. The annual median sale price for a house was $1,274,279 – more than double the $598,661 recorded in 2014.

Currently, the market remains balanced, with higher stock levels and lower prices creating more competition for sellers. However, properties are still selling, showing serious buyers are ready to act. As we move into 2025, these shifting dynamics are likely to bring fresh opportunities for both buyers and sellers.

For those seeking more detailed insights or with specific questions about the real estate market in postcode 3228, feel free to reach out on 0499 053 114.

Data sources: RP Data, realestate.com.au, Natural Real Estate