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Ballarat Property Factsheet 1st Half of 2019

In Q1 2019 the Ballarat property market continues to reflect a strong market, with median house price growing by 12.4% over the past 12 months (Q1 2018 – Q1 2019) to $427,250. Within the same timeframe median unit price grew by 11.3%, to $285,000. Compared to Ballarat 2nd half 2018 Research Factsheet, which recorded an annual (Q3 2017 – Q3 2018) median price growth of -3.4% (house) and 13.8% (units), house values have strengthened whereas units have remained resilient.

In Q1 2019 the Ballarat property market continues to reflect a strong market, with median house price growing by 12.4% over the past 12 months (Q1 2018 – Q1 2019) to $427,250. Within the same timeframe median unit price grew by 11.3%, to $285,000. Compared to Ballarat 2nd half 2018 Research Factsheet, which recorded an annual (Q3 2017 – Q3 2018) median price growth of -3.4% (house) and 13.8% (units), house values have strengthened whereas units have remained resilient.

Average vendor discount for house has remained relatively stable over the past 12 months to Q1 2019, currently at -3.9%. This suggests that both buyers and sellers can benefit from the market. Average vendor discount for units on the other hand have tightened significantly between Q1 2018 – Q1 2019, from -4.7% to -2.5%. This suggests that buyers are more willing to offer higher than the first list price, thus an ideal time for unit sellers to consider putting their property on the market.

Ballarat is due to see approx. $165.2M invested into developments in 1st half of 2019, 64.3% of which will be dedicated to infrastructure projects. 18.9% are to be in commercial projects and 16.8% allocated to residential development. This strategy will not only increase liveability aspects for current residents but have potential in attracting more businesses and residents into Ballarat.

A total of 48 apartments, 73 dwellings, and 15 townhouses are planned for 1st half of 2019, spread over 11 residential projects. Key projects include: St Pauls Way Residential Development Stage 4 ($6.8M, 34 apartments), Specimen Vale South Dwellings ($4.5M, 16 dwellings), Daylesford Road Townhouses ($4.5M, 15 townhouses), Yarrowee Street Dwellings ($2.7M, 18 dwellings), and Albert Street Dwellings ($1.5M, 6 dwellings).

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