Data up to October 2021 indicates there had been 2,384 house sales in Ballarat over the 12 months to October, an increase of 21.3 per cent on the previous year.

The statistics also reveal Ballarat homes are selling quickly once put on the market, the median time period being 16 days.

In addition, the median value of Ballarat houses is $583,371, a 20.5 per cent on last year.

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Biggin & Scott Real Estate Ballarat director Terry Morse has observed a variety of people purchasing properties.

"It's not just Melbourne people," Mr Morse said.

"It is anyone looking to get into the property market."

Jellis Craig Ballarat director Tony Douglass concurs.

"It's a mix of a number of buyer groups," Mr Douglass said.

"There's been a strong push from the Melbourne market, (but) even local buyers are upgrading."

Mr Douglass acknowledges the motivations for purchasing vary.

"There is certainly a strong element of investors," he said.

"We're seeing a high number of buyer advocates who are Melbourne-based.

"There is (also) the shift of 'We're going to move out of our two-bedroom flat in Richmond and buy a really nice house in Ballarat'."

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Mr Morse recognises Ballarat has much to offer.

"Having many of the services Melbourne's CBD has in Ballarat makes it so much more appealing because you don't have to sit in traffic for two-and-a-half hours," Mr Morse said.

Mr Morse feels the nature of many houses in Ballarat is also attractive.

"People are all about convenience," he said.

"You put a house to market that's got everything you could possibly want already done for you, people are going to pay for that."

Mr Douglass believes education options is a major factor behind the growth, although there are other desirable elements.

"The ability of people to have a greater sense of space, that's been a driving factor with COVID," Mr Douglass said.

"We have on offer what particular suburbs of Melbourne have. There are great coffee shops; there are great cafes."

Mr Morse predicts the growth in the local property market will continue.

"I still think, next year, Ballarat will go up 10 per cent," he said.

Mr Douglass is also of the view growth will continue, noting Lake Wendouree is now a $1 million-plus suburb. Jellis Craig itself has sold 60 properties over $1 million this calendar year.

"The prices are relatively, in comparison to Melbourne, still attractive," Mr Douglass said.

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