And it's a trend that leading agents believe will only increase as more with more and more cashed-up Melburnians head to regional centres.

But while that is good news for vendors, agents promise a strong first-home buyers market and a large amounts of house-and-land packages means there are still good buys for local investors and young people.

Jellis Craig, which last year sold a property on Wendouree Parade for in-excess of $4 million, says the market has shown remarkable resilience during the pandemic.

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"Since COVID-19 started we've had three sales over $2 million, one was Wendouree Parade, another in Webster Street and another was acreage," sales agent Tim Valpied said.

"$1 million in Ballarat 10 years ago was very few and far between, now they are quiet common. It's when you start getting about the two to three million, it becomes a bit more rare."

"Traditionally areas like Hepburn and Daylesford have been ahead of Ballarat."

Mr Valpied said he anticipated a quick bounce of Melbourne buyers once they were able to get out of the city.

"COVID has enhanced these markets," he said. "People are selling a two-bedroom apartment in South Yarra, with one car park and no outdoor space and are buying lovely family homes.

"That's the feedback we're getting quite regularly and that's the driving force. All regional Victoria will benefit."

The one issue facing property in Ballarat is the lack of stock on the market.

"It's fair to say this latest lockdown has slowed the lifestyle market," Mr Valpied said.

"A lot of vendors are not putting it up and right now people are holding firm in their employment, because in Melbourne they can't move.

"I think there will be pent up demand, an influx of people no doubt. Our sales last calendar year were 50 per cent out of Melbourne."

But Mr Valpied said while more million dollar properties would no doubt be sold, there is still a market for young people.

"You can still get a house and land package in a very competitive space, with government incentives. Who knows, maybe more will be thrown at the market place."

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