Throughout the first quarter of 2019 - which takes in sales to the end of March - Ballarat's leading suburbs including Ballarat Central, Lucas and Alfredton have been consistently higher than the state regional median prices at $412,000.

And for the first time, Delacombe has joined that list coming in at a median of $413,000 for the quarter.

Even Ballarat's traditionally value suburbs are showing an increase with Sebastopol hitting a new record median of $301,000 and Wendouree now on $325,000, up from $320,000 in the last quarter of 2018. And it's good news across regional Victoria, while Melbourne's average house price has dropped from $849,000 at the same time last year to $793,000, regional Victoria's $412,000 is a new all-time high.

Biggin Scott sales agent Terrence Morse said Ballarat was proving irresistible to buyers.

"The thing we are seeing is a combination of how comparative our prices are, we've got good value, but there's also lot less stock than last year as well," he said.

"With the Banking Royal Commission, we are finding that some people are finding it harder to get such high finance, so what we are seeing is that the properties are attracting the better quality buyer who has done their research."

Mr Morse said Ballarat was appealing more and more to Melbourne buyers looking for a change of lifestyle or looking to move with young families so their children can attend some of the prestigious schools in the region.

"Ballarat is so appealing because it is so close to Melbourne and you get a lot more value on offer. People are content to spend around the $400,000 mark," he said.

"A lot of the people we deal with are more Melbourne based, I'd say just at the weekend 70 per cent have been from Melbourne.

"With expectations that the Reserve Bank will cut interest rates, we would expect more and more investors to come in as we continue throughout the year"

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