Ballarat real estate prices: How much is your home worth now?

CENTRAL Ballarat has been the big winner in the latest release of Real Estate Institute of Victoria's median house prices which take in figures until the end of 2019.

The statistics released this week show a huge jump in central Ballarat suburbs, with the median price climbing to almost record levels of $545,000, just behind the region's peak of $553,000 recorded in March 2017.

Lake Wendouree continues to far outstrip the competition across the Ballarat region, up to a median of $846,000, while Buninyong remains a clear number two at $578,000.

But the shine might be starting to come off growing areas including Lucas, which showed just a slight jump to $431,000 while Alfredton fell to $488,000 as more and more homes comes on the market, leading to more available stock.

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A number of Ballarat suburbs are well ahead of the regional Victoria average which sits at $423,000.

Bargains are still available in Wendouree and Sebastopol, but you will still need a minimum of $315,000 if you want to purchase a home in those suburbs.

Senior Sales Agent at Ballarat Real Estate Dave Morrison said the region's period homes near the centre of the city had always been an attraction for buyers

"I had an auction in Windermere Street, essentially a fairly run down old period home, the reserve on that one was $435,000 and it went for $485,000 and was purchased locally," Mr Morrison said.

"We are getting huge numbers of Melbourne investors who are loving period homes near the CBD. We also have the locals who love them, it's certainly our most competitive section of the buyers."

Mr Morrison said there was money to be made in newer estates including Alfredton and Lucas, but the lack of new land becoming available in the centre of the city made it more competitive.

"Without a doubt it is a sellers market," Mr Morrison said. "We've seen a drop off in a number of listings hitting the market.

"There are more people wanting to buy in Ballarat than are selling at the moment. I would expect that to continue throughout 2020."

This story Ballarat Central home prices skyrocket. How does your suburb compare? first appeared on The Courier.