A THREE MILLION dollar property sale in Scotsburn this week signals a growing demand for country properties - and it is predominantly Ballarat residents making the move.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Jellis Craig agent Phil Hayward, well-experienced in country sales, said high-end acreage properties in the region were moving the fastest they had in at least 15 years with people craving more space.
Mr Hayward said, similarly to Melbourne residents pushing into the Ballarat market, pandemic conditions had prompted more Ballarat residents to turn to more space on the outskirts of town.
He said the luxury Scotsburn property had more land than most of the high-end properties up for grabs, but remains smaller than a farm, which had played a key role in the higher price tag.
READ MORE
This comes as real estate agents across Ballarat have reported million-dollar homes in the city are quite common compared to a decade ago.
Mr Hayward said this trend was now starting to show more in properties with small acreages, not far from the city.
He said this was particularly evident in areas such as Buninyong where Jellis Craig closed a $2.5 million sale before Christmas.
"Days on the market are now more on par with houses of a similar calibre to those on Lake Wendouree - traditionally it has always taken longer to sell acreage properties," Mr Hayward said.
"A lot of buyers have been locals who loved the area but want a bit more space around.
"Certainly there has been Melbourne interest in the market but it's mostly Ballarat people buying.
"It's been head and shoulders above what the market has been for years."
Ballarat Real Estate's Allister Morrison has told The Courier his offices in Maryborough and Ararat were also experiencing strong interest for regional properties, driven largely due to tight stock.
Mr Morrison said high demand and low interest rates, couple with easy access to banks, were helping to fuel the post-lockdown push.
If you are seeing this message you are a loyal digital subscriber to The Courier, as we made this story available only to subscribers. Thank you very much for your support and allowing us to continue telling Ballarat's story. We appreciate your support of journalism in our great city.
