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PRD Ballarat  →  Research Hub  →  Ballarat Property Factsheet 2nd Half 2018

Ballarat Property Factsheet 2nd Half 2018

Ballarat is the third largest inland city in Australia, approx. 1.5hrs drive north-west of Melbourne CBD. According to ABS Census 2016 31.4% of occupied private dwellings in Ballarat were rented, higher than the Victorian average of 28.7%. Further, the number of private dwellings grew by 11.8% during this time, signalling a healthy rental market for investment.

Ballarat is the third largest inland city in Australia, approx. 1.5hrs drive north-west of Melbourne CBD. According to ABS Census 2016 31.4% of occupied private dwellings in Ballarat were rented, higher than the Victorian average of 28.7%. Further, the number of private dwellings grew by 11.8% during this time, signalling a healthy rental market for investment.

In the 12 months to Q3 2018, the median house price in Ballarat softened by -3.4% to $402,500, while the median unit price grew by 13.8% to $280,000. In comparison with the annual price growth reported in the Ballarat 1st Half 2018 Research Factsheet, houses have become more affordable while units now represent a more premium market.

Between Q3 2017 – Q3 2018 houses in the City of Ballarat Local Government Area (LGA) saw a median price growth of 12.1% to $370,000, while units softened by -3.7% to $250,000. Ballarat is a premium market within the wider City of Ballarat (LGA) area.

The rental market in Ballarat remains strong, with the median house rent price growing by 8.5% to $320 per week and units by 1.9% to $265 per week. Increasing median rental prices occurred despite an increase in the number of houses rented and a decline in the number of units rented, suggesting overall rental demand will remain strong in Ballarat.

Ballarat rental yields were recorded at 3.9% (house) and 4.4% (units) in June 2018. Vacancy rates were recorded at a very low 1.3% in June 2018. These indicators confirm a highly conducive investment environment in Ballarat, especially when compared to the Melbourne Metro market, who recorded lower rental yields and higher vacancy rates. Now is the time to invest in Ballarat.

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