The 677 square metre corner block at 222 Wendouree Parade, at the Cardigan Street intersection, went up for sale earlier this week through Jellis Craig Ballarat and has already attracted strong interest.

The flat block features a single palm tree, and direct frontage to Lake Wendouree as well as access from Cardigan Street.

The online listing notes the block features 38.5 metres of Wendouree Parade frontage, and could be subdivided subject to council approval.

"This is one of the last opportunities to secure a vacant block on the parade," the listing states.

As of Friday afternoon, there were only two other vacant blocks on Wendouree Parade other than the one for sale, and two sites under construction.

Agents for the property declined to comment for this article.

As one online commentator put it, the block could be the most expensive vacant block put up for sale in Ballarat, with a quick calculation putting it at $2658.86 per square metre.

The median price in Lake Wendouree - from Howitt Street to Mair Street - for houses is at about $1 million for the past 12 months, with some sites noting the median for four-bedroom homes is at $1.2 to $1.3 million.

The Ballarat real estate market has dramatically increased in the past 12 months, as a combination of more savings and government incentives for many people, as well as the option of working remotely post-pandemic, encouraging many potential buyers to move out of Melbourne and look for cheaper regional properties.

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However, there are fears the boom is pushing other local buyers out of the market, or forcing them to look at properties further out.

The current restrictions during Victoria's seven-day lockdown mean inspections and auctions cannot be carried out in-person.

The lockdown is expected to lift at 11.59pm on Thursday, June 3.

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