House prices in Sebastopol and Alfredton had the fastest median house price growth of any suburb in Victoria, according to Real Estate Institute of Victoria statistics.
Sebastopol’s median house price increased 16.2 per cent in the September quarter, while prices in Alfredton rose 15 per cent over the quarter, according to the REIV September-quarter report.
Median prices across Ballarat as a whole increased 1.8 per cent.
Both Ballarat suburbs also showed strong annual growth, suggesting the increases were longer-term trends.
REIV Ballarat division president Trevor Booth said sales of newer houses was driving the increase.
“There’s been a lot of new development in those areas and new development means new housing,” he said.
“When you develop an area with new estates, new homes, the value of those new homes tends to go up.”
Mr Booth said the growth of Sebastopol and Alfredton was “expected”.
“Sebastopol came off a relatively low base and now you see a lot of new estates popping up there,” he said.
“We’re now seeing more transactions in a higher price range than we used to.”
Blue Ribbon Ballarat agent Carmel Cricelli said plenty of homes had been selling in both suburbs in recent times.
“People are realising they can get brand-new four-bedroom homes in Sebastopol at a reasonable price,” she said.
“The resale is always really good in Alfredton and when the Western Link Road comes in, it will be great for Melbourne commuters.”
REIV CEO Enzo Raimondo said although home buyers and sellers have been cautious this year, prices have remained stable. He said that once there is an improvement in consumer confidence, capital growth will return.
“In regional Victoria the median house price was also stable with a minor 0.7 per cent increase to $307,000,” he said.
“The three main centres reflected this and recorded mixed results, with the median price of a house in Ballarat increasing by 1.8 per cent to $285,000. In Bendigo it dropped by two per cent in the quarter to $301,000 and in Geelong there was a 6.1 per cent reduction to $362,000.”
For more information on median house prices, visit www.reiv.com.au