THE new Drew's Paddock development in Ballarat's Invermay Park might be leading to a surge of interest in Ballarat's northern suburbs with the region among the top earners in the past quarter, according to new figures released by the Real Estate institute of Victoria.
While predictions were that much of the state would see reduced housing prices due to lockdown measures imposed on Melbourne, the city itself has recorded just a 1.7 per cent loss in the three months to the end of September.
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But it's even better news in the regional areas which have shown a resilience up 5.1 per cent across the board.
Ballarat's northern and central suburbs have shown the most growth locally.
Brown Hill has seen an 11.5 per cent annual increase to a median of $480,000. That has also seen a quarterly rise of 4.5 per cent. Brown Hill sits ninth in term of regional suburbs across the state.
At 10 is Ballarat Central which has climbed 11.2 per cent to $545,000 in the past 12 months, but has seen just a 1.4 per cent increase in the past few months.
Ballarat North sits 14th in the state, up 10.1 per cent since the same period last year, to a median of $435,000, a 3.3 per cent growth on the June quarter figures.
The new statistics come as the second stage of the Drew's Paddock development is selling fast.
The first stage of the project comprises 33 lots north of Heinz Lane and overlooking the golf club's 14th fairway is down to its last allotment, while half of stage two released in July has also been sold. Eventually, more than 100 homes will be built on the 11-hectare site.
Buxton Real Estate selling agent Ben Halsall said the Drew's Paddock estate had at this stage been primarily purchased by Ballarat buyers, but there were a number of Melbourne-based families that were also looking at the move out west.
"You don't get a lot of opportunities that come up with a local purchase profile like Drew's Paddock," he said.
"We're seeing a lot of people who live and love the area who are looking at this.
"When you think about logistics of corridors, it has good connectivity to Ballarat CBD and the freeway."
Mr Halsall said he was not surprised by the growth in the northern corridor of Ballarat in recent months.
"We all didn't know where we were heading six months ago, but price wise it's held strong, there's been a real buoyancy in the market," he said. "There will definitely be an increase in activity in the more existing and established suburbs once the Melbourne lockdown ends
"The lockdown is not stopping enquiry and opportunities to buy."