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Ballarat House Prices Remain Strong Despite Tough Year

Ballarat’s median sale price jumped up 1.8% for the December 2020 quarter.

Figures released by the Real Estate Institute of Victoria show Ballarat’s median sale price has reached another new high of $432,500, up from $425,000 in the September quarter.

“This was not unexpected as extremely strong demand from buyers outstripped the supply of properties for sale in Ballarat during the quarter” said Ray White Ballarat Director Phillip Lee.  Buyer demand was also extremely strong for rural and lifestyle properties particularly as people living in Melbourne escape city life to enjoy the benefits of rural living according to Mr Lee.

The top Ballarat suburbs for growth during the December quarter were:-

Newington $690,000 up 17.4%
Nerrina $587,500 up 11.4%
Mount Pleasant $375,000 up 10.3%
Ballarat East $415,000 up 7.8%
Soldiers Hill $557,500 up 6.1%

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

Newington up 43.6% to $690,000
Mount Helen up 23.1% to $515,000
Buninyong up 19.5% to $657,500
Lake Gardens up 14.7% to $625,000
Lake Wendouree up 14.4% to $847,500
Soldiers Hill up 13.8% to $557,500
Ballarat East up 13.7% to $415,000
Ballarat North up 10.1% to $435,000
Canadian up 7.7% to $420,000 & Brown Hill up 7.7% to $480,500
Wendouree up to 7.2% to $350,000

Looking back Ballarat’s median house price in December 2015 was $320,000 and in December 2011 $241,000.

Metropolitan Melbourne has had an increase of 9.5% for the December quarter with a median price of $941,000 for houses, up from $859,500 for the September quarter. Units and apartments also increased 2.5% with a median price of $639,500, up from from $624,000.

Over the past 12 months, Regional Victoria has seen an increase of 7.5% with a median house price of $485,500.

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.

Data source: REIV

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