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Ballarat House Prices Jump 22.1% Over 12 Months

Ballarat’s median house sale price jumped 4.8% during the March 2022 quarter resulting in a 22.1% increase over the last 12 months according to figures released by the Real Estate Institute of Victoria.

Our median house price has again reached new record high of $550,000, up from $525,000 in the December 2021 quarter.

“The Ballarat market remains very buoyant with demand from buyers continuing to outstrip the supply of properties for sale in Ballarat” said Ray White Ballarat Director Phillip Lee. “We are continuing to see strong demand for both city and lifestyle properties as the strong flow of people escaping the city life to regional Victoria continues” Mr Lee said.

The top Ballarat suburbs for growth during the March quarter were:

Canadian $572,500 up 15.5%
Lake Wendouree $1,112,500 up 14.7%
Black Hill $588,000 up 13.1%
Ballarat Central $747,500 up 7.1%
Lucas $605,000 up 6.6%

Over the last 12 months the top ten performing growth suburbs have been:

Invermay Park up 42.4% to $655,000
Ballarat Central up 35.9% to $747,500
Lake Wendouree up 35.3% to $1,112,500
Lucas up 31.5% to $605,000
Miners Rest up 29.3% to $580,000
Mount Pleasant up 28.5% to $498,000
Wendouree up 26.0% to $460,000
Canadian up 25.8% to $572,500
Golden Point up 25.6% to $527,500
Winter Valley up 25.5% to $590,000

Looking back five years ago Ballarat’s median house price in March 2017 was $322,500 and 10 years ago in September 2012 $285,000.

Metropolitan Melbourne has had a decrease of -0.3% for the March quarter with a median price of $1,121,500 for houses, down from $1,125,000 for the December quarter. Units and apartments also decreased -0.9% with a median price of $684,000, down from $690,500.

Over the past 12 months, Regional Victoria has seen an increase of 26.7%, the current median house price is $625,000.

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 ballarat.vic@raywhite.com.

Data source: REIV

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