Ballarat’s house price growth has outperformed Melbourne with the median house price in Ballarat increasing 10.8% over the last 12 months compared to Melbourne’s increase of just 5% according to figures released by the Real Estate Institute of Victoria. Ballarat’s quarterly median house price rose 4.5% over the September quarter whilst Melbourne’s median price declined 6.2% over the same quarter.
Ballarat’s new median house price is now $376,100, up from $360,000 in the June Quarter. Ballarat has experienced strong buyer activity over the last 12 months with first home buyers taking advantage of the $20,000 first home owner grant for new homes and the stamp duty exemption for established homes up to $600,000. The Ballarat real estate market continues to benefit from an influx of Melbourne and out of town buyers relocating to Ballarat to live and invest.
The Top 10 Ballarat median price growth suburbs over the last 12 months are Lake Gardens up 35.6% to $610,000, Wendouree up 23.5% to $305,000, Buninyong up 16.7% to $502,000, Canadian up 15.9% to $380,000, Redan up 15.8% to $320,000, Ballarat East up 15.3% to $337,200, Miners Rest up 14.5% to $395,000, Mount Helen up 14.5% to $427,000, Ballarat North up 13.5% to $391,000 and Lucas up 12.6% to $395,000.
Over the past 12 months, Regional Victoria has outperformed Melbourne with a 9.1 per cent increase in the median house price. In Outer Melbourne, the median house price rose 7.1 per cent and the unit median rose 9.8 per cent.”
The REIV’s September quarterly data report revealed that the median house price in Melbourne remained unchanged at $834,000 and the unit median increased 0.2 per cent (2.6 per cent over the 12 months) to $640,000.
Data source: REIV