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Year Starts With Slight Median Price Increase

By Phillip Lee

The Ballarat real estate market has started 2015 with a slight increase in the median price for the March quarter according to figures released by the Real Estate Institute of Victoria.

Ballarat’s new median house price is $310,000, up 0.7%from $307,750 in the December quarter and showing a 3.3% increase over the last 12 months.

Suburbs in the City of Ballarat that recorded strong growth for the March quarter were Ballarat Central up 4%, Ballarat East up 4.7%, Buninyong up 4.9%, Canadian up 12.1% and Newington up 3.4%.

Over the last 12 months, the suburbs that have recorded the strongest annual growth are Ballarat East 8.4%, Buninyong 14.3%, Canadian 14.2%, Mitchell Park 26.8%, Newington 8.6% and Redan 6.3%.

In regional Victoria the median house price fell slightly to $341,000, down 1.2 per cent on December 2014 quarter figure of $345,000.

The median house price for metropolitan Melbourne for this year’s March quarter was $688,000, up 3.5% on the December quarter’s $664,500 median. That’s a year-on-year change of 10%.

The median price for a home in Melbourne’s inner suburbs has topped $1.1 million for the first time.  The $1,164,500 median price for the first three months of this year was up from $1,099,000 in the December quarter – a six per cent increase.

The March quarter median price of a home in the middle ring suburbs was $791,000, up 4.4 % on the December quarter, while in the outer suburbs the $503,500 median was up 0.2 %.

Data Source: REIV

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