Strong year for Ballarat property market

Real estate experts have also put the year’s strong property performance down to a genuine stable growth in the region’s median house price, a diverse range of housing for sale and, a growth in the number of people looking for security in buying property.

Ballarat Real Estate general manager Allister Morrison said a number of suburbs including Lake Wendouree, Soldiers Hill, Ballarat North and Newington performed well in 2015.

“A lot of suburbs performed very well with good results in both high end and entry level properties,” he said. While auctions in Ballarat didn’t follow the increased trend in Melbourne, Mr Morrison said it didn’t impact on the local selling market.

“Buyers are still in good attendance at open houses. When you get people attending open houses you know it’s a strong market,” he said.

“We’ve had a similar amount of auctions as other years. We find it’s a cultural thing in Ballarat where people are used to private sales.”

He said Ballarat’s growing suburbs, quality schooling options and good healthcare were continuing to draw in people to the region.

“Ballarat’s a very interesting market, we have a very diverse range of stock from period and weatherboard houses, to new homes and quirky warehouse spaces,” he said.

“The newer suburbs are giving family home options … and the stock in the middle (of Ballarat) gets more popular and more expensive.”

According to REIV, summer sales in Ballarat have almost doubled since 2013.

Over the September quarter Ballarat also saw a 6.7 per cent increase in the median house price, a steady increase Mr Morrison believes has also benefited sellers.

In addition to a volatile share market which has seen investors look for safety in property, he also said the region’s investor market continued to remain strong with many buyers pulled to the city for its low vacancy rates and potential capital growth. 

As for 2016, agents believe the strong market will continue.