News

Slight Increase in Ballarat Median House Price

By Phillip Lee

The REIV September quarter medians show that the residential housing market continues to remain stable with a median house price in regional Victoria of $307,000 compared to the revised June quarter median of $305,000.
REIV CEO Enzo Raimondo said that whilst home buyers and sellers have been acting cautiously this year, prices have remained stable. The REIV believes that once there is an improvement in consumer confidence capital growth will return.
“Results in the three main centres reflected overall result in regional Victoria. They recorded mixed results with the median price of a house in Ballarat increasing by 1.8 per cent to $285,000, in Bendigo it dropped by 2 per cent in the quarter to $301,000 and in Geelong there was a 6.1 per cent reduction to $362,000.”

“Healthy levels of demand were also recorded in the Shire of Macedon Ranges where the median increased by 3.9 per cent to $470,000, in Mildura which recorded a 6.6 per cent increase to $225,000 and in Traralgon where the median increased by 9.3 per cent to $282,000.  “The rental market has begun to tighten again, with the regional Victorian vacancy rate dropping from  2.7 per cent in June to 2 per cent in September. Over the course of the quarter the median rent for a house has increased from $290 per week in July to $295 per week in September,” Mr Raimondo concluded.

REIV September 2012 quarter Property Update

AreaSep-12 MedianJun-12 MedianSep-11 MedianQuarterly ChangeAnnual Change
CITY OF BALLARAT$285,000$280,000$279,7501.80%1.90%
CITY OF GREATER BENDIGO$301,000$307,000$280,000-2.00%7.50%
CITY OF GREATER GEELONG$362,000$385,500$387,250-6.10%-6.50%
CITY OF GREATER SHEPPARTON$233,000$252,400$235,000-7.70%-0.90%
CITY OF LA TROBE$240,000$240,000$295,0000.00%-18.60%
MACEDON RANGES$470,000$452,500$470,0003.90%0.00%
MILDURA$227,500$211,500$183,5007.60%24.00%
MITCHELL$320,000$311,000$365,0002.90%-12.30%
MOORABOOL$338,500$330,000$330,0002.60%2.60%
MOUNT ALEXANDER$330,000$339,000$369,500-2.70%-10.70%
WARRNAMBOOL$298,000$344,950$305,500-13.60%-2.50%
PYRENEES$220,000$222,500$210,000-1.10%4.80%
SURF COAST SHIRE$570,000$573,500$582,500-0.60%-2.10%

REIV September 2012 quarter Property Update for Ballarat Area

Area

        Sep-12
Median

Jun-12
Median

Sep-11 MedianQuarterly ChangeAnnual Change
CITY OF BALLARAT$285,000$280,000$279,7501.80%1.90%
ALFREDTON*$385,000$334,900$349,90015.00%10.00%
BLACK HILL*$280,000$292,200-4.20%
CANADIAN*$291,000$282,500$299,5003.00%-2.80%
DELACOMBE*$305,500$320,500$290,000-4.70%5.30%
MINERS REST*$320,000$312,000$320,0002.60%0.00%
MOUNT CLEAR*$300,000$325,000$314,250-7.70%-4.50%
MOUNT HELEN*$325,000$322,500$372,5000.80%-12.80%
REDAN*$230,000$243,750$231,000-5.60%-0.40%
SEBASTOPOL$254,000$218,500$229,00016.20%10.90%
WENDOUREE$223,500$214,000$225,0004.40%-0.70%

*Indicates that less than 30 sales were recorded during the quarter
Source:REIV

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