Illawong rises to meet urgent land need

The latest land release at a developing Torquay housing estate has arrived in a badly needed boost for the town’s residential supply line.

One Agency launched five lots for sale earlier this week at its Illawong Rise development at Illawong Drive – just north of Grossmans Road.

The new blocks range between 436sqm and 445sqm, and are priced from $600,000 to $635,000.

The latest release are the first blocks in 12 months to come to market at the Illawong Rise estate and arrive at a time when vacant residential land supply has drastically slowed across the region.

Torquay had just 17 land sales in the year to August, according to data from industry researchers CoreLogic.

The figure is less than a third of the previous year, when 61 blocks sold, and well down on a peak period between 2014-2016 when Torquay averaged a little more than 250 land sales a year.

The dry-up of supply has reflected in price spikes, with the median land price having steadily increased from around $250,000 during the growth period to $555,000 in 2021, before leaping to $840,000 in 2022.

One Agency’s Shaun O’Callaghan said the latest release was a rare opportunity to buy residential land in Torquay.

“It’s been such a frustrating wait for buyers to find land in Torquay,” he said.

“The lack of sales has been due to that lack of supply, so we’re trying to fit that need.”

Mr O’Callaghan expected the new lots would appeal to a range of buyers because of the site’s builder-friendly landscape and central location near schools, Deep Creek Reserve and Torquay’s surf shops.

“They’re basically flat blocks, there’s not excessive costs as there is with land with gradients and slopes so it’s expensive to build.

“The homes that have been built there have nice streetscapes as well, its established with trees and dovetails nicely into Deep Creek estate.

“It’s ideal for buyers that want to be more central as opposed to out further north.”