After dramatic property price fluctuations during COVID-19 there are still a number of inner Ballarat areas that present good value according to a senior real estate agent.
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Ray White Ballarat director Will Munro told The Courier after a turbulent year property prices were beginning to stabilise, but dwellings in Wendouree, Ballarat East and Redan were still undervalued.
"There's really good pockets of Wendouree still that you can buy, if you're handy you can do a bit of work to, and renovate and update," he said.
"Parts of Ballarat East are still a bit undervalued, and Redan, you get some beautiful period homes in those areas and you can make some capital improvements, and over time you might do quite well out of it.
"Ballarat's got so many different areas and there's reasons to live in all of them."
In 2023, Ballarat house prices dropped $17,000 or 3.8 per cent according to CoreLogic data, but still remain above pre-COVID levels after peaking in May 2022.
Mr Munro said despite the dip over the past 12-months, the market was now "very stable" owing to a pause in interest rate rises.
He said this meant buyer confidence was returning to the market, which was resulting in increased numbers at open homes.
Ballarat sales data provided to The Courier by Ray White suggest this stabilisation has caused the market to slightly rise again.
As of March 2024, the median house and unit price is $602,224 and $420,440 respectively.
In comparison, the median values in March 2023 were $568,415 and $397,659.
We're just going through a very nice stable patch, whereas last year was very unknown what the property market was going to do.
- Ray White Ballarat director Will Munro
"We've gone through our correction phase over the last 12 to 18 months, we saw across the board prices came back probably an average of 10 to 12 per cent, but at the moment we are seeing some stability," Mr Munro said.
"In some cases we are seeing some good competition among buyers and there are some properties here that are achieving above expectations."
"We're just going through a very nice stable patch, whereas last year was very unknown what the property market was going to do."
Ray White and Harcourt Ballarat announced last week that its offices would merge from the start of April, under the brand Ray White Ballarat.
Mr Munro said the merge would provide the agency with room to grow, as they attempt to break further into areas such as commercial real estate.
"We plan to make a big impact and take our team to the next level by doing this," he said.
