The now fully-renovated property at 239 Lydiard Street North has sold for $2.3 million to a local Ballarat-based buyer at a time the city is looking more attractive sparked by the COVID-19 pandemic.

The historic four-bedroom, three-bathroom property sits just 100 metres from the Ballarat Train Station and opposite the newly reopened North Star Hotel and new Quest Apartments Hotel.

In July 2018, it sold for $780,000, but has since undergone a full renovation which has seen the price treble to a new suburb record.

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The sale continues a trend in a number of Ballarat's established, historic suburbs of high prices. While the likes of Lake Wendouree remains the jewel in the city's crown, others are quickly becoming the place to be for prospective buyers not necessarily looking to build, but to move to a more relaxed lifestyle.

Buxton Real Estate agent Mark Nunn said the particular property had been renovated to the highest quality by its previous owner and had been snapped up by another local buyer.

"Back in 2018, it was bought as unrenovated and the local guy who bought it has done it up to a premium," he said.

"And now its been purchased by a local buyer again."

Mr Nunn said Ballarat locals knew quality when they saw it and were among the leading purchasers in established suburbs.

"It's definitely something we are seeing, locals going into established suburbs. Locals appreciate the good quality and they know exactly what and where to look at.

"The pleasing thing for our town is the million-dollar properties are no longer just Lake Wendouree. It's Invermay, Alfredton, Miners Rest - million-dollar properties all over the place."

Among those on the market at the weekend included a four-bedroom, four-bathroom property at 348 Wendouree Parade for an asking price of $2.75-$2.95 million, another at Lake Street is asking for $1.2-$1.3 million, while another in Highvista Grove, Ballarat East is asking between $980,000 to $1,075,000. Also in Soldiers Hill, a home in Armstrong Street North is currently on the market for $1.5 million.

But there are still bargains to be had despite a big climb in the city's median house price in the past five years.

As of September 2020, Ballarat's median house price was $425,000, a jump of 33.9 per cent in five years and higher than what had been seen in Melbourne in the same period, which had climbed 32.4 per cent.

It is predicted all of regional Victoria will surpass Melbourne's growth rate within two years.

ALFREDTON: PS Boulevarde Dr $637,500 Ballarat Real Estate Pty Ltd; PS Carrum St $680,000 Harcourts Ballarat; PS Fermanagh St $540,000 Harcourts Ballarat; PS Gillies St $425,000 Harcourts Ballarat; PS Kalamata Av $505,000 Ballarat Real Estate Pty Ltd; PS Mary Dr $429,900 PRD Nationwide; PS Mary Dr 312sqm $439,900 PRD Nationwide; PS Regal Dr 313sqm $615,000 PRD Nationwide; PS Victory Av 610sqm $374,000 Ray White Ballarat

BALLAN: PS Sunline Ct 663sqm $612,000 PRD Nationwide

BALLARAT CENTRAL: PS Ascot St South $900,000 Jellis Craig; PS Errard St South $615,000 Harcourts Ballarat; PS Eyre St $930,000 Ballarat Real Estate Pty Ltd; PS South St 751sqm $745,000 Ray White Ballarat

BALLARAT EAST: PS Eureka St 324sqm $466,000 PRD Nationwide; PS Princes St South 551sqm $470,000 Ray White Ballarat; PS Princes St South 439sqm $635,000 Ray White Ballarat PS Princes St North 926sqm $490,500 PRD Nationwide

BALLARAT NORTH: PS Howitt St $333,000 Ballarat Real Estate Pty Ltd; PS Ligar St $480,000 Harcourts Ballarat; PS Lilley St $715,000 Biggin & Scott; PS Lydiard St North 274sqm $392,000 Ray White Ballarat; PS Walker St $330,000 Jellis Craig

BEAUFORT: PS Neill St $325,000 Biggin & Scott

BLACK HILL: PS Chisholm St $510,000 Ballarat Real Estate Pty Ltd; PS Napier St 6rm $530,000 Wilson Estate Agents; PS Nicholson St $411,000 Ballarat Real Estate Pty Ltd; PS Nicholson St $663,000 Jellis Craig; PS Simpson St $495,000 Harcourts Ballarat

BROWN HILL: PS Bells La $329,950 Ray White Ballarat; PS Finlay St 9rm $690,000 Wilson Estate Agents; PS Hillview Rd $620,000 Harcourts Ballarat; PS Raymond Cr 1079sqm $452,000 Trevor Petrie RE; PS Reid St $610,000 Jellis Craig; PS Ryan St v/land 713sqm $236,500 Trevor Petrie RE; PS Sawmill Close $537,500 Harcourts Ballarat

BUNINYONG: PS Somerville Rd $470,000 Ballarat Real Estate Pty Ltd

CANADIAN: PS Clayton St $340,000 Harcourts Ballarat; PS Horwood Dr $485,000 Biggin & Scott; PS Richards St 752sqm $515,000 Ray White Ballarat

CRESWICK: PS Clunes Rd 5008sqm $600,000 PRD Nationwide; PS Melbourne Rd 791sqm $365,000 PRD Nationwide; PS Raglan St 5rm $415,000 Wilson Estate Agents

DAYLESFORD: PS Jamieson St 450sqm $745,000 Jellis Craig; PS Little St 1008sqm $965,000 Jellis Craig; PS Stanbridge St $865,000 Jellis Craig

DELACOMBE: PS Ascot Gardens Dr 345sqm $435,000 PRD Nationwide; PS Shasta Dr $445,000 Jellis Craig

DEREEL: PS Paynes Bridge Rd v/land 37191sqm $200,000 PRD Nationwide

GARIBALDI: PS Hardies Hill Rd $650,000 Harcourts Ballarat HILLCREST PS Smythesdale-Snake Valley Rd 12869sqm $520,000 PRD Nationwide

INVERMAY PARK: PS Harrier Dr $418,000 Ballarat Real Estate Pty Ltd

KYNETON: PI Lot 1&2 Cnr Burton Avenue Av v/land undisc res undisc

LAKE GARDENS: PS Elmstone La $440,000 Ballarat Real Estate Pty Ltd; PS Limetree Way $425,000 Jellis Craig

LAKE WENDOUREE: PS Wendouree Pde $1,830,000 Jellis Craig

LUCAS: PS Gitsham St 444sqm $425,000 Ray White Ballarat; PS Shortridge Dr $700,000 Jellis Craig; PS Soderstrom St 330sqm $429,900 PRD Nationwide

MOUNT PLEASANT: PS Humffray St South 821sqm $405,000 Ray White Ballarat

MOUNT ROWAN: PS Midland Hwy $885,000 Biggin & Scott

NERRINA: PS Falkirk Rd $630,000 Harcourts Ballarat; PS Lofven St 1060sqm $495,000 Trevor Petrie RE; PS Temperance Dr $1,150,000 Harcourts Ballarat

NEWINGTON: PS Nightingale St $705,000 Biggin & Scott; PS Smith St $765,000 Harcourts Ballarat

NEWLYN NORTH: PS Inverarity La 16600sqm $700,000 Jellis Craig REDAN PS Ripon St South 223sqm $335,000 PRD Nationwide; PS Skipton St 346sqm $450,000 PRD Nationwide; PS Yarrowee Pde 1480sqm $465,000 Ray White Ballarat

SEBASTOPOL: PS Albert St 763sqm $356,000 Ray White Ballarat; PS Rubicon St 6rm $440,000 Wilson Estate Agents; PS Victoria St $295,000 Harcourts Ballarat

SMYTHESDALE: PS Glenelg Hwy rur residential 737sqm $125,000 Ray White Ballarat; PS Glenelg Hwy rur residential 731sqm $125,000 Ray White Ballarat

SOLDIERS HILL: PS Havelock St v/land 776sqm $240,000 PRD Nationwide; PS Ligar St $770,000 Ballarat Real Estate Pty Ltd

WATERLOO: PS Barbers Rd v/land $315,000 Buxton

WENDOUREE: PS Brighton Ct 252sqm $410,000 Ray White Ballarat; PS Browns Pde 10rm $552,000 Wilson Estate Agents; PS Elinand St 646sqm $440,000 Trevor Petrie RE; PS Howitt St 188sqm $285,000 PRD Nationwide; PS Lake St $510,000 Ballarat Real Estate Pty Ltd; PS Laurine St $455,700 Ballarat Real Estate Pty Ltd; PS Marigold St 605sqm $295,000 Ray White Ballarat; PS Marigold St 449sqm $230,000 PRD Nationwide; PS Maude St 627sqm $370,000 Ray White Ballarat; PS Norman St $339,000 Jellis Craig

YENDON: PS Ballantyne La v/land 80940sqm $390,000 PRD Nationwide; PS Harbours Rd $1,750,000 Jellis Craig.

DELACOMBE: PS Pentlands Ct industrial land: 1900sqm $715,000 Ray White Ballarat.