Ballarat’s median house price has reached $400,000 for the first time according to figures released by the Real Estate Institute of Victoria. This steady growth has lead to an increase of 1.3% over the June 2019 quarter and an impressive 10.8% over the past 12 months.
Notable Ballarat suburb growth for the June quarter was seen in Golden Point up an impressive 5.1% to $395,000, Ballarat East up 3.5% to $362,250 and Sebastopol up 2.6% to $297,500.
Over the last 12 months the top ten performing growth suburbs have been Golden Point up a staggering 32.6% to $395,000, Mount Pleasant up 28.3% to $382,500, Invermay Park up 22.8% to $480,000, Mitchell Park up 21.8% to $335,000, Lake Wendouree up 21.1% to $775,000, Black Hill up 20.6% to $457,500, Redan up 17% to $357,000, Wendouree up 16.8% to $326,000, Canadian up 12.6% to $397,000 and Soldiers Hill up 11.8% to $492,000.
Although Ballarat continues to show positive growth, Metropolitan Melbourne has again shown a decline of 1.1% for the June quarter with a median price of $785,000 for houses. Units and apartments saw a slight increase of 0.6% to $590,000.
Over the past 12 months, Regional Victoria has outperformed Melbourne with a 3.8% increase in the median house price.
Data source: REIV