: Ballarat property market hotter as Melbourne buyers move towards the gold town
Ballarat is in the thick of a second golden rush. This time, it’s for real estate, rather than shimmering nuggets. The population is about 106,000 and Ballarat is the fourth fastest-growing city in the country. Real estate agents say between 40 and 47 per cent of inquiries are from Melbourne-based prospective buyers.
New Ballarat resident rented a home in Brunswick East for almost eight years due to the difficulty of affording a suitable Melbourne property.
Fast forward to 2018 and resident, along with her husband and two young children, are among the growing cohort of first-home owners establishing themselves in Ballarat.
First home buyer from Melbourne find it attractive with $20,000 FHOG and big home affordability of under $750,000 to save stamp duty on top.
With a median house price of $433,000 according to Domain Group data, Ballarat property is about half the price of Melbourne’s. However, this is quickly increasing. For example, in late 2017, Ballarat’s median house price was just $325,000.
Another factor that’s driving the boom is the city’s train line that connects Melbourne workers to the western suburbs and CBD.