It's official. For the first time ever, if you want to buy a house anywhere in Ballarat you'll need a minimum of $300,000 in the bank, according to latest Real Estate Institute of Victoria figures. Statistics released for quarter three 2019 (July to September) indicate that many of Ballarat's growing suburbs have reached records highs, but somewhat surprisingly Ballarat's most affordable suburbs Sebastopol and Wendouree have smashed through the $300,000 barrier. But while there has been some solid growth, a number of well established suburbs have fallen from peaks at the same time last year. For example, Soldiers Hill has seen its median price fall from $490,000 at the same time last year to $423,000. ARE BALLARAT'S HOUSE PRICES GETTING OUT OF CONTROL? HAVE YOUR SAY AT THE BOTTOM OF THE ARTICLE Ballarat East has dropped $10,000, Redan is down $19,000 and most glaring is Lake Wendouree which has fallen from a median last year of $816,000 to $655,000 for the same time, however it is important to understand median house prices are based on what comes onto the market. Regional Victoria's average is $409,000 meaning nine Ballarat suburbs now exceed the state average. Buxton Real Estate's Mark Nunn, said while the figures did not necessarily show, he said this year had been particularly strong for million dollar homes across Ballarat, and not necessarily just around Lake Wendouree. "Going back two or three years ago, any sale in Ballarat above $1 million would have raised eyebrows, but we're seeing that more and more, and in suburbs like Buninyong and Invermay," he said. "Without a doubt, the newer suburbs are increasing. While there is still some opportunities in the $200,000 range, the bottom end used to be $200-220,000 - now that's a lot higher. "Ballarat still has enormous growth potential, so people can still buy into the market." READ MORE: LATEST SALES KEEP BALLARAT AGENTS BUSY IN LEAD-UP TO CHRISTMAS Mr Nunn said the fourth quarter of the year, which runs from October to December, had been particularly strong, with 30-40 per cent of buyers coming from outside the region, either Melbourne or interstate. He said the city was seeing more and more people buying to move into Ballarat as opposed to previously where it had been for investors. "The train line is getting faster, our schools really are elite and we've got great medical facilities in this town," he said. And the value for money is there with Ballarat's median less than half that of Melbourne which has itself increased by 4.5 per cent during the last quarter to $830,000. READ MORE: THE BALLARAT SUBURB THAT TOPS AUSTRALIA FOR PRICE GROWTH Mr Nunn said somewhat surprisingly the January period was traditionally the strongest time of the year for buyers. "Domain have told us January is the highest traffic month," he said. "The app goes anywhere with you on your phone. If you're on holidays, you've got more time to look at real estate. "Buyers don't drop off even though that's the perception. When buyers go on holidays, they look at real estate." ARE BALLARAT'S HOUSE PRICES GETTING OUT OF CONTROL? HAVE YOUR SAY Have you signed up to The Courier's variety of news emails? You can register below and make sure you are up to date with everything that's happening in Ballarat.
UP AND DOWN: New suburbs have dominated Ballarat's housing price climb, but established suburbs have shown a downturn during the September quarter.
It's official.
For the first time ever, if you want to buy a house anywhere in Ballarat you'll need a minimum of $300,000 in the bank, according to latest Real Estate Institute of Victoria figures.
Statistics released for quarter three 2019 (July to September) indicate that many of Ballarat's growing suburbs have reached records highs, but somewhat surprisingly Ballarat's most affordable suburbs Sebastopol and Wendouree have smashed through the $300,000 barrier.
But while there has been some solid growth, a number of well established suburbs have fallen from peaks at the same time last year.
For example, Soldiers Hill has seen its median price fall from $490,000 at the same time last year to $423,000.
ARE BALLARAT'S HOUSE PRICES GETTING OUT OF CONTROL? HAVE YOUR SAY AT THE BOTTOM OF THE ARTICLE
Ballarat East has dropped $10,000, Redan is down $19,000 and most glaring is Lake Wendouree which has fallen from a median last year of $816,000 to $655,000 for the same time, however it is important to understand median house prices are based on what comes onto the market.
Regional Victoria's average is $409,000 meaning nine Ballarat suburbs now exceed the state average.
Buxton Real Estate's Mark Nunn, said while the figures did not necessarily show, he said this year had been particularly strong for million dollar homes across Ballarat, and not necessarily just around Lake Wendouree.
"Going back two or three years ago, any sale in Ballarat above $1 million would have raised eyebrows, but we're seeing that more and more, and in suburbs like Buninyong and Invermay," he said.
"Without a doubt, the newer suburbs are increasing. While there is still some opportunities in the $200,000 range, the bottom end used to be $200-220,000 - now that's a lot higher.
"Ballarat still has enormous growth potential, so people can still buy into the market."
Mr Nunn said the fourth quarter of the year, which runs from October to December, had been particularly strong, with 30-40 per cent of buyers coming from outside the region, either Melbourne or interstate.
He said the city was seeing more and more people buying to move into Ballarat as opposed to previously where it had been for investors.
"The train line is getting faster, our schools really are elite and we've got great medical facilities in this town," he said.
And the value for money is there with Ballarat's median less than half that of Melbourne which has itself increased by 4.5 per cent during the last quarter to $830,000.
Mr Nunn said somewhat surprisingly the January period was traditionally the strongest time of the year for buyers.
"Domain have told us January is the highest traffic month," he said. "The app goes anywhere with you on your phone. If you're on holidays, you've got more time to look at real estate.
"Buyers don't drop off even though that's the perception. When buyers go on holidays, they look at real estate."
ARE BALLARAT'S HOUSE PRICES GETTING OUT OF CONTROL? HAVE YOUR SAY
Have you signed up to The Courier's variety of news emails? You can register below and make sure you are up to date with everything that's happening in Ballarat.
