Ballarat property market in for a boost

Entering Ballarat’s mid-range market, first home buyers could save about $6000, based on the $320,000 media house price. 

The changes, intended to tip the market balance towards home owners and renters, include the doubling of the first home owners grant for new homes and abolition of stamp duty for first home buyers for new and existing properties up to $600,000.

Ballarat will be “in the box seat” to capitalise on the state government’s housing affordability reforms unveiled last week, Ballarat Real Estate said.

Ballarat Real Estate general manager Allister Morrison said Ballarat could see an influx of out-of-town first home buyers.

“I think when people sit down and do their sums and they look at the median house price and they look at the stamp duty relief they can get, they’re going to look very positively at places like Ballarat.

“I think Ballarat is in the box seat to capitalise on that so I wouldn’t be surprised if we see a whole lot of out of town first home buyers looking seriously at Ballarat.”

The median house price in Ballarat was $320,000 in the last quarter of 2016, data from the Real Estate Institute of Victoria showed. Ballarat’s median house price is $130,000 below Geelong and trails Bengido by $12,500.

Regional house prices have remained steady as the Melbourne market has soared to a median $795,447.

Last week the government also announced changes to long-term tenancy agreements which would remove the cap limiting leases to five years. The change could open the door to decade-long leases, in a move the government said would give renters and landlords more stability. However the proposal has been met with reservations by the Victorian Council of Social Service out of concern the change could limit renters’ rights through landlord incentives, such as putting more onus on tenants to maintain the property.