Ballarat Market Update 1 st H a l f 2 0 2 5
FUTURE DEVELOPMENTS
OVERVIEW
In Q4 2024, Ballarat* recorded a median house price of $510,000 and a median unit price of $362,000. This represents an annual (Q4 2023 - Q4 2024) softening of -8.6% for houses and -6.0% for units. Comparing Q4 2023 and Q4 2024, total sales surged by 43.2% (to 613 sales in Q4 2024) for houses and 47.5% (to 146 sales in Q4 2024) for units, indicating a highly-demanded market. Despite this, economic conditions and higher interest rates have impacted the market. This creates a more affordable opportunity for buyers. With very little ready-to-sell stock planned and requiring time for construction, there is a possibility for a price recovery.
CHANGE FROM LAST
YEAR
Ballarat£ will see approximately $63.2M of new projects commencing in 2025. Mixed-Use
Residential
$2.8M
$2.2M
Commercial
HALF YEAR
$18.7M
HOUSE SALE S HOUSE ME DIAN PRICE
Infrastructure $34.5M
HOUSE RE NTAL PRICE
$5.0M
UNIT SALE S
A key infrastructure project in Ballarat is Intermodal Freight Hub Terminal – BWEZ (Ballarat West Employment Zone). The terminal will include 3 rail sidings for 600m-long freight trains and a concrete hardstand for storing and loading of export containers. The $23.5 million project is funded by the Victorian Government ($14.4M) and the Australian Government ($9.1M).
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
$ MARKET CONDITIONS MEDIAN PRICE Q4 2024
$510K
MEDIAN PRICE Q4 2024
$420
SALES
$362K
AVERAGE DAYS ON MARKET Q4 2024
74
69
HOUSE
U N I T
RENTALS
$360
Industrial
AVERAGE DAYS ON MARKET Q4 2024
22
22
HOUSE
U N I T
Combined with multiple commercial and industrial projects planned, this will attract more people to live in the Ballarat area; which can increase the demand for housing. Key residential projects include: •
46 King Street South (4 Units)
•
123 Joseph Street Dwellings (numbers not disclosed)
Although there are a few new houses and units planned in 2025, this is still not enough to satisfy the market. This can assist in stimulating a housing market recovery sooner than later.
TBC 4 Units/ Apartments
Dwellings