Ballarat’s new median house price for the March Quarter 2018 is $352,550, up 2% over the quarter and up 8.5% over the last 12 months.
The top 10 Ballarat suburbs for median price growth suburbs last 12 months are Buninyong up 27.4% to $535,000, Black Hill up 24.8% to $375,000, Soldiers Hill up 20.3% to $439,000, Mt Helen up 18.7% to $418,500, Newington up 16% to $435,000, Lake Gardens up 14.9% to $500,000, Ballarat East up 13.3% to $320,000, Redan up 12% to $280,000, Miners Rest up 11.6% to $375,000 and Ballarat Central up 11.2% to $422,500.
The median price for houses in regional Victoria showed a 1.4% increase, tipping it beyond $400,000, while the median for apartments and units slipped back to just under $300,000.
The March residential rental vacancy rate for Ballarat is 1.4%, the lowest since 2011. Ray White Ballarat current vacancy rate is 0.19%.
Middle Melbourne’s million-plus March median
New REIV data for the three months ending 31 March 2018 reveals that the median house price in Middle Melbourne* exceeded seven figures for the first time – $1,034,000 – an increase of 4.2 per cent from the previous quarter.
Overall, the median house price across metropolitan Melbourne rose for the eighth consecutive quarter, up 4.4 per cent to $855,000. This represents an increase in the median Melbourne house price of 10.9 per cent over the past twelve months.
Melbourne’s metropolitan apartment median price broke the $600,000 barrier, rising 2.4 per cent to $607,000. Continued population growth and interest rates maintained at historically low levels mean that first time home-buyers, more seasoned purchasers and investors are taking opportunities in a market that is longer on demand than supply.
There were some fluctuating results at the more affordable end of the market. Despite strong annual growth, there were some small decreases in median prices for the quarter, enabling opportunities for market entrants. More generally, the median house price in Melbourne’s outer suburbs rose two per cent over the quarter to $678,500.