Ballarat’s house prices have increased by 5.4% over the last 12 months according to figures released by the Real Estate Institute of Victoria for the June Quarter 2015.
The median sale price of a house in Ballarat for the June Quarter is $317,250, up 2.3% for the quarter and up 5.4% over 12 months.
The desire for space has driven growth in the price of larger homes in regional Victoria in the year to June 30.
Three and four-bedroom houses increased by 5.8 per cent and 4.9 per cent respectively over the past 12 months. The location that saw the highest bedroom median was Gisborne where four-bedroom homes increased 8.8 per cent over the year to a median of $608,000 – the highest in regional Victoria.
This was followed by four-bedroom houses in Ocean Grove, up two per cent to a median of $577,500, and four-bedroom homes in Highton which rose 1.4 per cent to $527,500.
Four-bedroom houses in Alfredton near Ballarat increased 5.1 per cent over the year to a median of $410,000 while three-bedroom homes in Geelong West ($492,500), Ocean Grove ($471,250), Highton ($451,250), Kyneton ($407,600), Belmont ($390,000) and Bendigo ($382,500) made up the top 10 most expensive regional centres over the year.
The latest REIV data only includes suburbs which had 50 sales or more over the year. When this criterion is excluded, Barwon Heads was the most expensive suburb in regional Victoria with a four-bedroom median price of $835,000 and a three-bedroom median price of $735,000, up more than 15 per cent over the year.
The popular surf coast location reached an overall median price of $811,000 in the June quarter, significantly higher than the metro Melbourne median of $706,000.
Other regional centres performing well, but with less than 50 sales, are Point Lonsdale with a June quarterly median of $647,000, Woodend with a $605,000 median and Macedon with a median of $590,000.
The majority of these regional centres benefit from their location – either on the coast or surrounded by natural forest, yet still relatively close to Melbourne.
Regional Victoria is also home to the state’s most affordable locations, especially for three-bedroom homes.
Morwell in eastern Victoria is the state’s most affordable town with the median price for a three-bedroom home just $153,000. Also in the top three locations were Mildura ($218,000) and Kyabram in the state’s north ($220,000).
Three-bedroom homes in Shepparton ($226,500), Wonthaggi ($233,750), Corio ($238,250), Bairnsdale ($239,000), Wendouree ($239,750), Sebastopol ($240,000) and Traralgon ($256,500) round out the state’s 10 most affordable towns.
The data, available free on our website reiv.com.au, offers valuable comparisons for buyers because it provides further analysis of median prices for homes across the state.
* Indicates that less than 50 sales were recorded during the 12 month period