Ballarat’s real estate market might be the gold mine many are searching for. Photo: Chloe Smith
The Ballarat region has a rich history thanks to its gold rush origins, and a prosperous future as one of Australia’s strongest regional cities.
The Australian Bureau of Statistics recently dubbed Ballarat the nation’s fastest-growing inland city, and RMIT University crowned it one of the country’s most liveable regional areas. Real estate research firm Hotspotting has also named Ballarat among Australia’s top 10 regional hot spots.
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202 Lyons Street South, Ballarat Central is on the market with a $1.2-$1.3m price guide.
Hotspotting founder Terry Ryder found the second wave of COVID-19 caused additional housing demand in the area, which had continually delivered rising prices and low vacancy rates. He said it was attracting first-home buyers and investors alike.
“The last three years, (Ballarat) has been one of the leaders … nationally for price growth,” he said. “It’s a wonderful example of … the biggest trend in Australian real estate right now: the exodus to affordable lifestyle.”
“The trend has been exacerbated by the lockdown phases of the pandemic. It’s going to become an even stronger trend and cities like Ballarat have got a lot of buyers out of Melbourne.”
Sovereign Hill is a well-known tourist attraction in the area.
412 Wendouree Parade, Lake Wendouree holds the region’s house price record at $4.25m.
The regional hub thrived on a diverse economy, low unemployment, a growing population and being just 90 minutes from Melbourne, Mr Ryder’s report said.
Its suburbs still offered affordable median house prices from $300,000-$500,000, despite suburbs like Ballarat Central, Black Hill and Sebastopol notching double-digit annual growth.
The region has notched an extra 37.4 per cent to its median house price in the past five years, landing it on $420,000, according to latest realestate.com.au figures.
Units have jumped 16 per cent to a $290,000 median.
308 Specimen Vale South, Ballarat East is up for grabs with a $640,000-$660,000 price tag.
29 Nightingale Street, Newington is on the market for $875,000-$925,000.
Several projects are also underway, including major transport improvements, a $460m hospital upgrade and the Ballarat GovHub.
Buxton Ballarat director Peter Burley said the projects would further enhance the area’s varied employment opportunities.
He also noted the region’s arts culture and eateries were rivalling those found in the big smoke.
“(Ballarat) has got everything in terms of the Melbourne vibe, with a more relaxed feel to it,” he said. “You are an hour (and a half) from Melbourne, Bendigo, the beach — geographically, we are the best regional city in Victoria.”
Mr Burley said earlier in the year, buyers from metropolitan Melbourne accounted for 40 per cent of his agency’s sales. He expected that figure to rise once stage four restrictions eased.
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