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Ballarat’s Median House Price Continues Upward Growth

By Phillip Lee

Ballarat’s house prices continued to grow upwards during the first quarter of 2019 according to the quarterly figures released by the Real Estate Institute of Victoria. Ballarat’s new median sale price is $395,000, up 2.1% over the March quarter and 11.3% over the last 12 months.

Whilst Ballarat’s prices showed positive growth Melbourne experienced a decline of 1.4% in median price for the March quarter to $793,000 for houses and a 0.5% fall for units and apartments to $586,500.

Standout Ballarat suburbs for price growth during the March quarter were Redan up 9.8% to $357,000, Black Hill up 8.3% to $455,000, Mount Pleasant up 6.8% to $391,000 and Lucas up 5.5% to $419,000.

The Top 10 Ballarat median price growth suburbs over the last 12 months are Mount Pleasant up 34.8% to $391,000, Redan up 25.3% to $357,000, Wendouree up 24.2% to $329,000, Invermay Park up  22.9% to $480,000, Golden Point up 22.8% to $372,000, Black Hill up 20.8% to $455,000, Lake Gardens up 16.8% to $572,500, Mount Clear up 16% to $380,000, Canadian up 13.4% to $385,000 and Ballarat East up 12.7% to 355,000.

Over the past 12 months, Regional Victoria has outperformed Melbourne with a 5.2% increase in the median house price.

Data source: REIV

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