Continued sustainable growth tipped for the Ballarat residential market in 2018

As winter hits Ballarat the property market traditionally sees less stock transacting, as vendors hold off marketing their properties until spring.

Despite lower transaction numbers, the prices being achieved continue to be strong with quality inner city and period stock and rural residential property the standout performers, according to the June report from the valuation firm Herron Todd White.

The valuation firm noted a major upcoming project which is beginning to have a strong impact on certain sections of the market is the development around the Ballarat train station.

The land to the north and east of the train station which has long been a car park and open storage space is in the process of being developed into a large hotel and conference centre.

Additionally, land on the corner of Armstrong and Mair Streets has development approval for a building of approximately eight levels which will be known as the Gov Hub or Government Hub.

This building will be predominantly government office space and will become a workplace for around 200 people, noted the report.

These two developments are creating quite the buzz among local traders in the area and from a residential perspective, are creating significant demand in the area.

The valuers stated that "not only will the developments increase demand for residential accommodation in the area, they will also beautify sections of the city which have been unsightly for some time."

"This demand will seep into the remainder of the Ballarat market and for that reason, we foresee continued sustainable growth in the residential market between now and Christmas."

Elsewhere in the residential market, residential serviced lots appear to be selling well, the report noted.

There is a significant supply of lots in the more affordable south-western section of Ballarat around Alfredton, Symthes Creek and Delacombe.

The report notes that, the development of shopping facilities at the Delacombe town centre has assisted.

At the upper end of the vacant land market however, there is a limited supply.

Insignia Estate has sold out and the Lucas Platinum Estate has almost sold out.

There is a new estate coming online in Ballarat North called Drew’s Paddock which is receiving significant interest.

The valuation firm suggests that, the demand for these products primarily comes from increases in the population of the area as the population growth has been strong in the past ten years, and it will be this continued growth that will dictate the success of the new land coming onto the market.