Ballarat's median house price jumps almost $14,000 according to Domain Group report

Market: Properties in Ballarat North are becoming popular among buyers. Picture: Lachlan Bence
Market: Properties in Ballarat North are becoming popular among buyers. Picture: Lachlan Bence

Ballarat’s median house price has jumped almost $14,000 to $325,000 in the year to September, according to new figures.

The Domain Group’s State of the Market report shows the increase represented an annual growth of 4.4 per cent. Median house prices are now sitting at $325,000 compared to $311,221 in September 2016. 

Ballarat Real Estate’s Dominic Morrison said the figures were not surprising and expected further growth in the coming years.

“It’s demand from Melbourne buyers and interstate buyers. We are now seeing a demand from international buyers as well,” Mr Morrison said.

“The word is out Ballarat is a good place to purchase.”

Mr Morrison said 90 per cent of the company’s buyers were from Melbourne, relocating their families to the regional city.

But he said they were not just settling in central Ballarat, Newington and Lake Wendouree.

“Wendouree is becoming an attractive area, people are warming to it. Ballarat North and Wendouree are going really well,” he said.

Geelong recorded an annual growth of 13.1 per cent, on par with Melbourne’s 13.9 per cent growth in the same period.