Real estate agents are confident property prices will continue to rise in Ballarat, despite a market downturn in Melbourne and other capital cities.
A weekend of successful auctions in the centre of town is evidence of market strength.
Around 150 people attended an auction on Saturday to see what Ballarat Real Estate general manager Allister Morrison described as an ‘unbelievable result’.
An unrenovated three bedroom house at 12 Talbot Street South sold for $404,000 under the hammer, from an opening bid of $200,000.
“The fact it sold for over 100 per cent the original bid was a stellar result,” Mr Morrison said.
“We sold another house at 217 Doveton Street. The gentlemen only saw it for the first time today and bought it at auction within 20 minutes of seeing it.
“So many people are interested in improving period houses. If we had another 20 today (Saturday) they probably all would have sold with the number of people at the auctions.”
Ballarat real estate agents have attributed the growth in Ballarat’s property market to strong out of town interest.
Harcourts Ballarat co-director Jason Gigliotti said it was a ‘fantastic’ time for auctions in Ballarat with the marketplace ‘as strong as it has ever been’.
Our office had our best ever month last month.Jason Gigliotti, Harcourts Ballarat co-director
A three bedroom renovated house at 322 Lyons Street South sold for $500,500 at auction on Saturday.
Mr Gigliotti said it was purchased by a local buyer, with competition from Melbourne bidders and one Adelaide bidder over the phone.
This growing interest from out of town buyers is proving a challenge for local and first home buyers searching for a home in central Ballarat.
And high demand is driving up prices in surrounding suburbs too.
Mr Gigliotti sees the upwards trend continuing for some time.
“We do notice that even when the market place gets tougher in capital cities we continue on for at least another 12 months with growth,” he said.
“Our office had our best ever month last month.”