Pristine beaches, internationally-famous sporting events, bucket list destinations and a laidback vibe: Torquay is, simply put, a ripper little town. Living here and enjoying all that the coastal lifestyle has to offer is the best, naturally, and we love the way Torquay has grown and evolved over the years.
But even if you’re not living in our town, investing in property here is just as sweet.
There are several reasons why Torquay is a hot investing spot right now and why house prices are tipped to keep going up.
Let’s take a look at our ‘crystal ball’ to predict why house prices may keep going up in Torquay… and why there’s no better time to buy than now!
House prices have only ever gone up
To answer the question, we only have to look at history. In 1946, the median capital city house price in Australia was less than $60,000. Since then, it’s only really ever gone up. Yes, there have been dips along the way, but today the median capital city house price is 16 times the price it was in 1946, reaching almost $1 million.
In Torquay, the story is similar: house prices have only ever gone up, with only temporary dips in the market. So, it’s fair to say that house prices are pretty much constantly and consistently going up, almost everywhere in Australia (barring exceptions like mining towns which have the ability to crash by half their value overnight).
The Esplanade in the 1940s.
Past 5-year growth
Torquay, like much of regional Victoria, has experienced significant value growth over the past 5 years. The median house price in Torquay in 2019 was sitting at $800,000. Today, it’s over $1.2 million, with plenty of more growth expected. That’s a 50% increase which is a remarkable result for any investment, whether we’re talking about shares, vintage cars or property.
Growth indicators for Torquay
So, what’s in store for the future? We can look at several key indicators which suggest property price growth for Torquay. These factors include:
- Growing population
A growing population is a tell-tale sign that house prices will go up in an area. A key predictor of rising real estate prices, population growth creates additional demand and lower supply, driving up prices and causing more homes to be built. Between 2001 and 2021, Torquay’s population grew from 8000 to 18,000, and the Surf Coast Shire is the fastest-growing regional area in Victoria! - Major city perks
Torquay presents a huge advantage over other regional areas in its proximity to Geelong- a major city with hospitals, universities and other services. It’s a 25-minute drive to the centre of Geelong from Torquay, giving this small town all the big city perks! - Versatile property market
Whether you’re parking your money for capital gains or looking to be a more active investor and take advantage of the tourism industry here, Torquay has a versatile property market with different options for investing approaches.
Investors understand that Torquay is a prime opportunity and that house prices will likely go up in the future. Talk to the team at Natural Real Estate to find your dream home or investment opportunity. Our team of local experts is here to help you find the right property for you. Contact our friendly team today.