A two bedroom home overlooking Lake Wendouree has topped the list of Ballarat’s biggest sales this quarter.
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Described as a “rare opportunity on the lake”, the Wendouree Parade home sold for $1,520,000 last month.
Of the 15 properties which sold for over a million dollars in the last six months, seven were at Lake Wendouree, Real Estate Institute of Victoria figures revealed.
Second on the list was a five bedroom Lake Wendouree home which sold for $1,462,500 last October.
Also in the top 10 were a heritage five bedroom home on Errard Street South ($1,280,000), a “horse lovers paradise” at Invermay ($1,250,000) and a four bedroom mansion at Newington ($1,210,000).
A report revealed this week revealed demand for Ballarat’s top tier properties is outstripping supply.
Ballarat’s housing market is on the rise along with Melbourne and Bendigo, according to national independent property valuer Herron Todd White.
The report said the city’s burgeoning growth was driven by demand from Melbourne, with demand for central properties in the $700,000 bracket exceeded supply.
Ray White Ballarat director Phillip Lee said there were “strong buyers” for top tier properties.
The realtor this year sold a home in the Insignia Estate sold in February for close to $1 million.
“We have people who earn big dollars back in Melbourne and commute in Ballarat,” Mr Lee said.
“If we had half a dozen of these properties today we’d sell them. There’s not a lot on the market, that’s the problem.”