The Ballarat residential property market has experienced notable shifts in 2024. Increased stock levels across all sectors have been met with a decrease in buyer demand, leading to a correction in property pricing and longer days on the market. However, this trend offers buyers more choice and makes it an ideal time to purchase in the region.
One of the standout sales this year was a lifestyle property in Buninyong, 10 minutes from the Ballarat CBD. The property at 7130 Midland Highway, which sold for $2.8 million, is a prime example of the exceptional value Ballarat offers. It features modern amenities, stunning views, and plenty of space, making it a perfect ‘tree change’ for city dwellers looking for a more peaceful lifestyle while maintaining modern comforts.
Peter Burley, Director at Buxton Real Estate commented, “Ballarat’s appeal has skyrocketed this year, particularly with families making the move from Melbourne. They’re selling up in the city, often securing $1-$2 million more, and using that to purchase a larger home in Ballarat with more land. This shift not only provides them with a better lifestyle, but they’re often walking away with substantial savings in their bank accounts.”
Currently, the market is being shaped by a reduction in investor activity and a slowdown in younger buyers and first-home purchasers, partly due to rising interest rates. However, this has opened up significant opportunities for those looking to buy. Families in Melbourne are increasingly relocating to Ballarat, drawn by more affordable housing options and the ability to purchase larger homes with more land, often resulting in a lifestyle upgrade and a significant profit when selling their metropolitan homes.
Fringe suburbs like Alfredton and Lucas are seeing heightened interest, with their proximity to schools, shopping, and transport making them particularly attractive to families. These areas offer a strong mix of suburban tranquility and easy access to the CBD, just 10 minutes away, making them ideal for buyers seeking a balanced lifestyle.
Infrastructure developments are key to the region’s continued growth. While areas with fewer amenities are seeing slower sales, those with improved transport links and educational facilities are in high demand. Ongoing infrastructure investment will be crucial to supporting Ballarat’s expansion and ensuring the region remains a competitive choice for buyers.
Remote work trends continue to influence the market, with many Melbourne residents moving to Ballarat for a lifestyle change. Flexible work arrangements have made it easier for families to relocate to regional areas while still maintaining professional connections, further boosting demand for properties in Ballarat.
Looking ahead, the market is expected to remain stable with continued opportunities for buyers, particularly as interest rates may decrease in mid-2025. While a dramatic price surge is unlikely, reduced buyer hesitation could result in faster sales and shorter days on market as confidence returns.
A growing trend is the desire for lifestyle properties, with many buyers focusing on larger homes and expansive land for improved work-life balance. This is driving the demand for properties offering ample outdoor space, which is increasingly important to families.
Marcus Williams at Buxton Real Estate, said, “The current market shift offers buyers a unique opportunity to secure properties with greater selection and less competition. It’s a fantastic time for those looking to invest or find their dream home in a region that offers so much for a family’s lifestyle.”
In conclusion, Ballarat remains a strong choice for buyers looking for more affordable housing, larger homes, and an improved quality of life. As infrastructure continues to grow and remote work trends influence buyer behavior, the region is set to offer continued opportunities for those looking to make a change.
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