Ballarat property market cools as buyers gain upper hand
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The Ballarat residential property market has shifted in favour of buyers in 2024, with increased stock levels and reduced demand leading to price corrections and extended selling periods.
Director at Buxton Real Estate, Peter Burley, said Melbourne families were taking advantage of the market conditions.
“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,” he said.
A prime example was the recent sale of a lifestyle property at 7130 Midland Highway in Buninyong for $2.8 million, showcasing the value available in the region.
Rising interest rates have contributed to reduced investor activity and fewer first-home buyers entering the market.
Fringe suburbs including Alfredton and Lucas have emerged as popular choices for families, offering a combination of suburban living and easy access to the Ballarat CBD.
Director Marcus Wilson said current conditions favoured buyers.
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“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,” he said.
Remote work trends have continued to drive demand, with Melbourne residents increasingly choosing Ballarat for lifestyle changes while maintaining professional connections.
Infrastructure development has played a key role in buyer preferences, with areas offering improved transport links and educational facilities attracting stronger interest.
The market is expected to stabilise, with potential interest rate cuts in mid-2025 likely to boost buyer confidence.
Lifestyle properties with ample outdoor space have become increasingly sought after as buyers prioritise work-life balance and larger living areas.