Units on the rise

Jane Emerick
Torquay unit prices are among the fastest rising in the state, according to new State Government statistics.
The Government revealed this week that Torquay was sixth on the list for growth in unit prices across regional Victoria.
The Government’s median cost for a unit in Torquay in 2005 was $300,000 but jumped over $90,000 in a year to $392,000 in 2006.
Lorne topped the list with a median price rise of 65 per cent from $395,000 in 2005 to $650,000 in 2006.
Two Geelong suburbs were also in the top 10, with South Geelong second after prices rose from $126,500 to $193,250 and Newcomb was fifth with an increase from $121,000 to $165,000.
Torquay First National’s Matthew Hutchinson said the Torquay price rises reflected growth across the town’s real estate market in general.
“There’s a direct correlation in both housing, land and units prices,” Mr Hutchinson said.
“The market and the rates of return have increased, so we’ve seen a gradual increase in prices over the past 12 months.
“It’s an excellent time to buy, as the market is improving and we’re currently at the bottom of a cycle.”
Hayden Torquay’s Bryan Hayden said the increase probably related to the locations of new units, with construction of more properties near the foreshore likely to be behind the median price rise.
“The costs are likely to continue to rise given the unit developments proposed for the near future,” Mr Hayden said.
“Buying now is a smart move.”