Ballarat’s median house sale price jumped up 5.3% during the September 2021 quarter resulting in a 17.6% increase over the last 12 months according to figures released by the Real Estate Institute of Victoria.
The median house price in Ballarat has reached a new record high of $500,000, up from $475,000 in the June 2021 quarter.
“This increase is not surprising and is the highest quarterly increase recorded over the last ten years. One of the main reasons is the continued demand from buyers outstripping the supply of properties for sale in Ballarat” said Ray White Ballarat Director Phillip Lee. Buyer demand continues to remain strong for both city and lifestyle properties and with the impending release of Melbourne from the Covid lockdown we expect a surge in Melbourne people escaping the city life to regional Victoria” Mr Lee said.
The top Ballarat suburbs for growth during the September quarter were:-
Lake Wendouree $1,150,000 up 35.7%
Lucas $524,950 up 14.1%
Winter Valley $530,000 up 9.3%
Miners Rest $501,000 up 7.7%
Canadian $490,000 up 7.5%
Ballarat East $477,500 up 7.3%
Over the last 12 months the top ten performing growth suburbs have been:-
Lake Wendouree up 39.8% to $1,150,000
Newington up 31.0% to $765,000
Mount Pleasant up 26.6% to $430,500
Delacombe up 24.9% to $475,000
Ballarat East up 24.0% to $477,500
Sebastopol up 20.1% to $395,000
Nerrina up 19.6% to $640,000
Wendouree up 19.1% to $417,000
Canadian up 18.8% to $490,000
Black Hill up 18.6% to $525,000
Redan up 18.6% to $433,000
Looking back five years ago Ballarat’s median house price in September 2016 was $320,000 and 10 years ago in September 2011 $285,000.
Metropolitan Melbourne has had an increase of 6.0% for the September quarter with a median price of $1,072,500 for houses, up from $1,012,000 for the June quarter. Units and apartments also increased 0.4% with a median price of $680,500, up from from $678,000.
Over the past 12 months, Regional Victoria has seen an increase of 22.8%, the current median house price is $570,000.
If you are thinking of selling or would like an update on the value of your property call the Ray White Ballarat team for a FREE no obligation market appraisal on 03 5333 4444 or email firstname.lastname@example.org
Data source: REIV