Ballarat’s median house price edged up 2.3% in the December Quarter 2014 to finish the year with an increase of 4.1% according to figures released by the REIV.
Ray White Ballarat Director Phillip Lee said the increase in Ballarat’s median price to $307,000 reflected on the increased activity experienced by their office during 2014 including two personal best months since joining the Ray White Group over 3 years ago.
Suburbs in the City of Ballarat that recorded strong growth for 2014 were Ballarat Central up 8.5%, Ballarat North up 6%, Black Hill up 13.6%, Buninyong up 8.8%, Golden Point up 5.3%, Mitchell Park up 27.4% and Soldiers Hill up 19.9%.
Mr Lee said with a residential rental vacancy rate of 2.6%, lower than Melbourne’s 3.2% and Victoria’s 3%, Ballarat is very appealing to investors in the current low interest rate environment where you can buy properties with yields in the 5 – 6% range.
The December quarter median house price in regional Victoria was $344,000, up 5.5 per cent on September. The data shows the regional market’s increasing strength: a year ago its median house price of $320,500 was a new record. In 2012 it was just $302,000.
Data Source: REIV