The four-bedroom family home in Ballarat Central has experienced the strongest increase in price growth, following a trend across regional Victoria.
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Results from the last financial year demonstrate that this type of property trumped all others in price growth around regional Victoria.
The seven per cent increase in regional Victorian four-bedroom house prices brought the median figure to $460,000, a $30,000 increase on figures from June 2016 according to the Real Estate Institute of Victoria data.
And topping the list in this category was Ballarat Central.
The median price of $539,750 for four-bedroom houses in this area was up more than $120,000 or 29.3 per cent in comparison to the same period of the previous year.
REIV chief executive officer Gil King attributed the increase to multiple factors including amenities, infrastructure and the commuter connection to Melbourne.
“Statewide, larger homes are attractive to a broad range of buyers with Ballarat Central benefitting from quality amenities and infrastructure,” Mr King said.
“Towns within commuting distance of Melbourne have been experiencing solid price growth over the past year, as buyers look for affordable opportunities to enter the market.
“While Ballarat has not seen the same level of growth as Geelong, improved road and rail infrastructure will increase the attractiveness of areas further from the city.
“Given new road and rail infrastructure commitments by the state and federal governments, future price growth in Ballarat is likely however we expect it to be at a more moderate rate.”
Other areas that recorded significant price growth in the last financial year for four-bedroom houses include Maryborough and Mount Macedon, with a 25 per cent increase.
REIV data showed that the cost of houses with three bedrooms was also seen to have increased across the state, with the median price rising by 6.1 per cent to $329,000.
Greater Geelong, in particular Hamlyn Heights, saw an increase in the typical family home median price, to $464,000, meaning a 24.6 per cent rise.
For more statistics and information on property trends in and around the Ballarat area, visit reiv.com.au