Ballarat’s house price growth has outstripped Melbourne with the quarterly median house price up 2.1% over the June quarter and up 8.1% over 12 months compared to Melbourne declining 0.6% over the June quarter and up just 7.5% over 12 months.
Ballarat’s new median house price is now $360,000, up 2.1% from $352,500 in the March Quarter. Ballarat has experienced strong buyer activity over the last 12 months with first home buyers taking advantage of the $20,000 first home owner grant for new homes and the stamp duty exemption for established homes up to $600,000. The Ballarat real estate market has further benefitted from an influx of Melbourne and out of town buyers relocating to Ballarat to live and invest.
TheTop 10 Ballarat median price growth suburbs last 12 months are Lake Gardens up 29.9% to $565,000, Buninyong up 23.8% to $535,000, Newington up 18.4% to $450,000, Wendouree up 14.3% to $280,000, Ballarat Central up 14.2% to $447,500, Miners Rest up 13.7% to $381,000, Redan up 13% to $305,000, Ballarat East up 11.9% to $324,500, Mount Helen up 10.1% to $399,000 and Lucas up 9.9% to $394,000.
Source: REIV
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