Ballarat Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW In Q2 2024, Ballarat* recorded a median house price of $555,000, and a median unit price of $380,000. This represents a stable median house price between Q2 2023 – Q2 2024, whilst median unit price saw a -2.6%. Softening. Comparing Q2 2023 vs Q2 2024, total house sales increased by 9.6% (to 447 sales in Q2 2024) but unit sales declined by -17.8% (to 83 sales in Q2 2024). Although cash rate hikes initially affected the market, improved consumer confidence in the past 6 months has revitalized the house market; evident in a 2.8% increase in median house price in the past quarter (Q1 – Q2 2024). With very little new ready-to-sell stock in the pipeline now is an ideal time for buyers to enter the market.
CHANGE FROM LAST
YEAR
Ballarat LGA will see approximately $701.3M worth of new projects commencing in the 2nd half of 2024. Residential
$10.1M
HALF YEAR
Mixed-Use
Commercial
Projects
$139.5M
$166.3M
Industrial
$23.4M
HOUSE SALE S Infrastructure
HOUS E ME D IAN PRICE
$362.0M
HOUS E RE NTAL PRICE A strong focus on infrastructure projects will improve liveability for residents and create local jobs during the construction phase. This can have an impact on the real estate market, in the form of more people choosing to live in Ballarat* and leading to higher demand for housing.
UNIT S AL E S UNIT ME D IAN PRICE
UNIT RE NTAL PRICE
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$550K
$380K
MEDIAN PRICE Q2 2024
$420
SALES
AVERAGE DAYS ON MARKET Q2 2024
77
88
HOUSE
U N I T
R E N T A L S AVERAGE DAYS ON MARKET Q2 2024
$360
24
19
HOUSE
U N I T
A remarkable infrastructure project in the 2nd half of 2024 is Ballarat Base Hospital Stage 3 Main Works ($235.0M). Initiated by the Victoria State Government, this project will demolish existing Medical Services & Education Service buildings and construct a 7-storey tower building. Key residential projects include: •
62 Magpie Street (6 Townhouses)
•
25 Jumps Street (6 Dwellings)
•
2 Eddy Avenue Mount Helen (10 Townhouses)
Although there is some new stock in the pipeline, this is not enough to satisfy demand. Thus a house price recovery is highly possible.
14 21 Townhouses
Dwellings