Real Estate

Torquay beach house sells to local buyers

Written by The ReReport
As seen in the Source link, written by on 2018-12-12 09:10:23

AN original 1950s beach house in Torquay treasured by four generations has sold at auction.

The sale of 9 Price St for $1.3 million is the end of an era however a new chapter will begin with a local party purchasing the property.

One Agency, Torquay agent Shaun O’Callaghan said the buyer was looking at the property as a home site not a development.

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“The neighbours are definitely cool with that instead of a development,” Mr O’Callaghan said.

“It is a little bit more of a trend we are seeing, the person looking to develop a site is not getting the funding and they are a lot more cautious whereas the emotional buyers have more drive to secure it.”

The 675sq m site is walking distance to the beach, shops and cafes in a prime old Torquay location.

There is scope to restore and renovate the original house or remove the residence and start again.

The median house price in Torquay has increased 12.5 per cent in the past year to $810,000, according to CoreLogic.