Booming population boosting Ballarat property prices: HTW

There has been a strong start to 2017 with agents reporting minimal downtime for the Ballarat residential market during the Christmas and New Year period, according to HTW’s February 2017 update.

The valuation firm says the market is expected to perform well in 2017 with continuing population growth in the region.

HTW expects that the upper echelons of the market will continue to perform well with demand continuing to exceed supply for good quality properties and that period style housing in this market continues to be highly sought after.

Areas in particular that HTW tips to perform well in this sector are Lake Wendouree, Newington, Ballarat Central, Buninyong and lifestyle properties.

For the average price of $655,000 a house can be purchased such as the one at 1407 Gregory Street, Lake Wendouree (above) that is available from between $640,000 to $670,000.

Similarly a two bedroom house at 4 Haddon Street, Lake Wendouree (below) was sold for $660,000.

However, the lower end of the market is expected to remain static with little growth, but rental markets in these lower sectors are likely to continue to perform well with good returns.

HTW tips values in Delacombe and Winter Valley to be static for the foreseeable future with an oversupply of vacant land coming to the market and numerous new estates.

“Ballarat East and Redan have potential to show growth through gentrification in the lower end of the market,” the report says.

“These suburbs show growth potential with high volumes of period style housing currently at affordable levels. They also benefit from proximity to services and the city centre.

“Overall, the Ballarat residential market is expected to perform well and in line with 2016 trends.”