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Highest Yearly Price Growth In 5 Years

Ballarat’s median house sale price jumped 4.6% during the June 2021 quarter resulting in a 14.5% increase over the last 12 months according to figures released by the Real Estate Institute of Victoria.

Our median house price has reached new record high again of $475,000, up from $454,000 in the March 2021 quarter.

“This result is not surprising and is the biggest quarterly increase since September 2018 and the biggest 12 month increase in the last 5 years. It reflects what we have experienced on the ground as continued demand from buyers outstripped the supply of properties for sale in Ballarat” said Ray White Ballarat Director Phillip Lee.  Buyer demand remains strong for both city and lifestyle properties particularly with Ballarat experiencing a strong flow of people living in Melbourne escaping the city life during Covid Mr Lee said.

The top Ballarat suburbs for growth during the June quarter were:-

Invermay Park $550,000 up 19.6%
Brown Hill $530,000 up 8.7%
Mount Pleasant $418,900 up 8.1%
Redan $417,500 up 8.1%
Cardigan Village $750,000 up 7.9%
Ballarat North $480,000 up 7.9%

Over the last 12 months the top ten performing growth suburbs have been:-

Newington up 54.8% to $799,000
Mount Pleasant up 23.2% to $418,900
Delacombe up 21.3% to $452,000
Mount Helen up 21.1% to $560,000
Ballarat East up 18.7% to $445,000
Redan up 18.7% to $417,500
Lake Gardens up 16.5% to $670,000
Brown Hill up 15.2% to $530,000
Wendouree up 14.4% to $392,500
Ballarat North up 14.0% to $480,000

Looking back five years ago Ballarat’s median house price in June 2016 was $320,000 and 10 years ago in June 2011 $285,000.

Metropolitan Melbourne has had an increase of 0.2% for the June quarter with a median price of $1,010,000 for houses, up from $1,008,000 for the March quarter. Units and apartments also increased 2.1% with a median price of $679,500, up from from $665,500.

Over the past 12 months, Regional Victoria has seen an increase of 10.5%, the current median house price is $559,500.

If you are thinking of selling or would like an update on the value of your property call the Ray White Ballarat team for a FREE no obligation market appraisal on 03 5333 4444 or email ballarat.vic@raywhite.com

Data source: REIV

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