Ballarat attracting Melbourne buyers
As housing affordability in Melbourne continues to be a major issue, buyers are looking to regional areas as a way to get their foot in the property market.
The valuation firm Herron Todd White says the Melbourne buyer has entered the Ballarat market targeting centrally located properties.
They especially want properties within close proximity to the railway station.
Soldiers Hill situated north of the railway station has experienced steady growth over the past year with the median house price in April 2017 at $365,000 up from $318,000 the same time last year.
A three-bedroom house at 504A Urquhart Street (above) in Ballarat has sold recently for $330,000. It was transacted through Damien Larkin and David Morrison of Ballarat Real Estate.
A three-bedroom house at 83 Peel Street South in Ballarat Central was snapped up for $275,000. The selling agents were Mark Nunn and Chris McAteer of Buxton Ballarat.
Central Ballarat and Alfredton also experienced a 6.5% increase in the first quarter of the year.
HTW noted market confidence in Ballarat continues to rise with the State Government moving 600 jobs to the Ballarat Civic Hall site in 2020.
It also noted upgrades to the railway line to decrease commuter time to Melbourne and redevelopment of the Ballarat Station precinct had assisted buyer interest in the town.
"July 1 saw the commencement of the new First Home Owner’s Grant, with stamp duty concession on existing dwellings under $600,000 and an increased incentive to newly built homes.
"In the lead up to July 1st, first home buyers withdrew from the market waiting to cash in on the government incentives," HTW noted.
"As the financial year clicked over, central areas of Ballarat experienced the greatest growth in prices.
The volume of vacant land sales spiked in new residential estates as of July 1.
Ballarat has no shortage of vacant land for sale with new residential estates offering land in Bonshaw, Lucas, Delacombe and Alfredton.
HTW noted prices have eased for land due to the oversupply over the past few years.
