Ballarat’s median house sale price jumped 2.4% during the March quarter resulting in a 9.3% increase over the last 12 months according to figures released by the Real Estate Institute of Victoria.
Our median house price has reached new record high of $450,500, up from $440,000 in the December 2021 quarter.
“This result is not surprising and reflects what we have experienced on the ground over the last three months as extremely strong demand from buyers outstripped the supply of properties for sale in Ballarat” said Ray White Ballarat Director Phillip Lee. Buyer demand remains strong for both city and lifestyle properties particularly with Ballarat experiencing a strong flow of people living in Melbourne escaping the city life and the forthcoming opening of GovHub Mr Lee said.
The top Ballarat suburbs for growth during the December quarter were:-
Newington $780,000 up 10.6%
Delacombe $440,000 up 7.3%
Black Hill $485,000 up 7.2%
Canadian $452,500 up 6.5%
Nerrina $645,000 up 6.0%
Over the last 12 months the top ten performing growth suburbs have been:-
Newington up 60.0% to $780,000
Mount Helen up 18.4% to $530,000
Canadian up 18.3% to $452,500
Delacombe up 17.3% to $440,000
Buninyong up 15.4% to $658,000
Ballarat East up 14.9% to $425,000
Lake Gardens up 11.4% to $624,000
Nerrina up 11.2% to $645,000
Sebastopol up 11.1% to $350,000
Mount Pleasant up to 10.8% to $385,000
Looking back Ballarat’s median house price in March 2015 was $310,000 and in March 2010 $245,500.
Metropolitan Melbourne has had an increase of 8.8% for the March quarter with a median price of $1,004,500 for houses, up from $923,000 for the December quarter. Units and apartments also increased 4.8% with a median price of $672,500, up from from $642,000.
Over the past 12 months, Regional Victoria has seen an increase of 12.3%, the current median house price is $510,500.
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 or email firstname.lastname@example.org
Data source: REIV