Ballarat Market Update 2 nd H a l f 2 0 2 3 OVERVIEW In Q2 2023, Ballarat* recorded a median house price of $555,000 and a median unit price of $400,000. This represents annual (Q2 2022 – Q2 2023) softening of -7.5% for houses and growth of 2.6% for units. That said on a quarterly (Q1 2023 – Q2 2023) basis median house prices softened by a lower rate, -2.5%. Thus cash rate hikes did impact the house market, but consumer confidence have started to return. 389 houses were sold in Q2 2023 which is a -11.2% decline in the past 12 months and explains the slower price decline. Thus buyers looking for a more affordable house market need to act fast. CHANGE FROM LAST
YEAR
FUTURE DEVELOPMENTS Ballarat is set to see approximately $532.9M worth of new projects commencing in the 2nd half of 2023. Residential Mixed-Use Projects
$40.3M
$31.0M Commercial
HALF YEAR
$102.3M
House Sales Infrastructure
House Median Price
Industrial
$194.2M
$165.2M
House Rental Price
Unit Sales
These projects will stimulate economic growth and create large employment opportunities in Ballarat, which should have a positive spillover impact on the real estate market.
Unit Median Price Unit Rental Price
A main industrial project over the 1st half of 2023 is Weston Foods Flour Mill ($132.9M). This create jobs in pre and post construction phases.
MARKET CONDITIONS SALES AVERAGE DAYS ON MARKET Q2 2023
SALES MEDIAN PRICE Q2 2023
$555K
$400K
RENTAL MEDIAN PRICE Q2 2023
$400
$340
68
56
HOUSE
UNIT
RENTAL AVERAGE DAYS ON MARKET Q2 2023
27
21
HOUSE
UNIT
The Ballarat Base Hospital Stage 2 ($125.0M) is a key infrastructure project that will improve liveability for residents and create local jobs. In the 1st half of 2023, residential and mixed-use projects planned include: •
Lyons Street Mixed Use (58 Units, 2 Townhouses)
•
George Street Dwellings (14 dwellings)
•
Joseph Street Dwellings (16 Dwellings)
26 Townhouses
78 Units/ Apartments
128 Dwellings