33 Spring Street, Torquay VIC 3228
33 Spring Street, Torquay VIC 3228
683m² old-Torquay block | 1970 house 3/1 | 36% coverage | school catchment | slow market
The generous 683 m² landholding is considered the strongest feature of this property, being substantially larger than the infill townhouse blocks appearing nearby and offering genuine renovation, extension, or rebuild potential in a coastal suburb where large parcels are increasingly uncommon. A functional 3-bedroom, 1-bathroom layout is provided by the original 1970 house, with 243 m² of building area and roughly 36% site coverage, leaving ample space for landscaping or future redevelopment. The property is positioned within the catchments of Torquay P-6 College and Surf Coast Secondary College, making it well suited to owner-occupiers seeking an established family home on substantial land, as well as buyers looking to renovate or redevelop within the old Torquay character area. No detected flood, bushfire, or heritage restrictions were identified in the planning snapshot, which simplifies the assessment of its potential.
Value might be shaped by the dated condition of the 1970 dwelling, as any renovation would involve meaningful capital input, while the large block may support future subdivision, subject to council approval. Slower market turnover, reflected in longer selling periods across the suburb, could temper short-term price growth. Buyer competition is likely to centre on land value rather than dwelling quality, and the modest rental yield may reduce investor appetite, leaving the property better suited to owner-occupiers with a longer hold period.
Detailed Independent Property Report prepared by PropCred Analyst team for 33 Spring Street, Torquay VIC 3228
Checks found:
Value Risk
Liquidity Risk
2
Planning Risk
2
Income Risk
1
Execution Risk
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Market Insight
Torquay VIC 3228 is a coastal market with a median house price of $1.21m (0.41% annual growth) or $1.30m by February 2026; units are at $799k with -6.55% annual growth, or $926,878 on that later basis. Five-year gains are 20.95% for houses and 26.98% for units, while houses spend 55-68 days on market. Gross yields are thin: 3.1% for houses, 3.9% for units at the top end. With 11,420 properties and an average resident age of 41, demand skews toward established owner-occupiers and investors, but negative unit growth and low yields indicate rate sensitivity and affordability pressure. Annual sales range from 310 to 527 properties, implying moderate turnover.
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PropCred Estimated Value
Comparables Sales: 1C Spring Street sold $980k; 13 Spring Street under offer $1.95m–$2.05m | Property Price Band: $1.2M–$1.3M | Value Drivers: land area, renovation scope, redevelopment potential
Bedrooms
3
Bathroom
1
Parking
-
Land
1214m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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