Torquay’s ‘last’ housing estate land set for windfall
Owners expect a massive windfall as a Surf Coast town’s last remaining large scale residential land site hits the market.
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The last remaining major development-ready residential site within Torquay has hit the market.
Australian and overseas development groups are expected to contest the 32.3ha property at 35 Duffields Rd and 115 Grossmans Rd that’s capable of holding more than 350 house lots, with sale value anticipated above $70 million.
Core Projects agent Trent Malcomson said Ocean Views Torquay was the last remaining development opportunity of scale within the Surf Coast capital.
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The land runs south from Grossmans Rd to Spring Creek and borders the Spring Creek urban growth area, which the State Government halted in 2019 when it declared the area around Torquay and Jan Juc a distinctive landscape.
It connects to several existing streets, including Beach Rd and is minutes from central Torquay.
“It is very significant. It’s almost an infill site as it completes the jigsaw puzzle in Torquay,” Mr Malcomson said.
The site comprises two parcels, with an active permit for a housing estate on the 24ha Duffields Rd site.
“When you are looking at the Torquay market for any other land proposed for future development, the Spring Creek precinct directly to the west was put on ice,” he said.
“It remains to be seen if and when that will proceed. A lot of groups would really hope that that would come online but we’re not sure.
“If you’re looking at land that’s development-ready of scale within Torquay this is your last chance to get something substantial.”
Carving up the property for house blocks is set to be a financial bonanza given the rise in Torquay house prices and the constraints on new land supply.
Torquay’s median house prices jumped 25 per cent in the past 12 months to $1.05 million, PropTrack data shows.
“There is no new land in Torquay,” Mr Malcom said.
But the real value was likely to come from the hilltop views.
“If you’re standing on the property you can see from Jan Juc all way the way across to the RACV Resort and the views of the ocean are quite substantial,” Mr Malcomson said.
“I think the value of the land will be driven by how premium the local market is in Torquay.
“There’s a number of existing connector streets into this property and there is a number of properties there selling in excess of $1.5 million, so it’s a very premium market with some beautiful homes capturing these views so when we’re looking at this.
“A lot of people are moving to the Bellarine Peninsula and the Surf Coast due to lifestyle and what the opportunities it affords down there. The significance of these views will be a strong value in the retail land.”
Originally published as Torquay’s ‘last’ housing estate land set for windfall
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