Ballarat’s house price growth has outperformed Melbourne with the median house price in Ballarat increasing 12% over the last 12 months compared to Melbourne’s increase of just 1.4% according to figures released by the Real Estate Institute of Victoria. Ballarat’s quarterly median house price rose 1.7% over the December quarter whilst Melbourne’s median price declined 3.7% over the same quarter.
Ballarat’s new median house price is now $386,500, up from $380,000 in the September 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 Mount Pleasant up 26.2% to $370,000, Wendouree up 25.7% to $320,000, Golden Point up 21.3% to $370,000, Invermay Park up 19.1% to $465,000, Mitchell Park up 18.8% to $313,650, Black Hill up 14.9% to $420,000, Redan up 14.0% to $325,000, Canadian up 13.7% to $380,000, Ballarat North up 12.9% to $395,000 and Sebastopol up 11.9% to $285,250.
Over the past 12 months, Regional Victoria has outperformed Melbourne with a 5.5% increase in the median house price.
The December quarterly report shows Melbourne’s median house price is $796,500 and a unit median price of $589,000.
Data source: REIV