Both house and unit prices have gone up in Ballarat over the last quarter.
Data from the Real Estate Institute of Victoria (REIV) found the city’s median house price sits at $535,000, a 1.9 per cent increase over the quarter, whilst the median unit price is $370,000, up 2.2 per cent.
Cardigan and Lake Wendouree are the most expensive areas to buy in Ballarat.
It wasn’t all good news however with house prices in Ballarat down annually by 2.7 per cent.
REIV Interim CEO Jacob Caine said this quarter’s medians indicate improving economic conditions and a case for both buyer and seller optimism.
“Buyers and sellers across the state appear to be cautiously confident as cash rate cuts, annual wages growth and signs of easing living costs drive another quarter of widespread but modest growth.”
“In addition, the market is seeing encouraging signs that the supply of new residential housing in Victoria appears to be outpacing other states,” Mr. Caine said.
