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Ballarat House Prices Soar During Pandemic

By Phillip Lee

Even though Ballarat experienced Stage 3 Coronavirus restrictions and Melbourne buyers have not been able to travel to Ballarat to inspect properties Ballarat’s median sale price jumped 2.4% for the September 2020 quarter.

Figures released by the Real Estate Institute of Victoria show Ballarat’s median sale price has reached a new high of $425,000, up from $415,000 in the June 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 over the September quarter were:-

Newington up 11.9% to $577,500
Mount Helen up 10.8% to $515,000
Lake Gardens up 6.5% to $612,500
Buninyong up 5.1% to $620,000
Brown Hill up 4.5% to $480,500

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

Mount Helen up 24.1% to $515,000
Newington  up 21.3% to $577,500
Buninyong up 17% to $620,000
Lake Gardens up 13.4% to $612,500
Brown Hill up 11.5% to $480,500
Ballarat Central up 11.2% to $545,000
Lake Wendouree up 10.7% to $820,000
Winter Valley up 10.2% to $461,500
Ballarat North up 10.1% to $435,000
Sebastopol up 8.6% to $329,000

Looking back Ballarat’s median house price in September 2015 was $320,000 and in September 2010 $259,500.

Metropolitan Melbourne has had a decrease of -1.7% for the September quarter with a median price of $846,000 for houses from $861,000 for the June quarter. Units and apartments increased 0.2% with a median price of $622,500, up from from $621,000.

Over the past 12 months, Regional Victoria has seen an increase of 4.9% with a median house price of $442,500.

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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