While the incredible peaks of Covid times may be in the rear view mirror, it seems the opportunity for a tree change is still very much a dream many want to realise.
It’s no secret that Victoria endured some of its toughest years throughout 2020 to 2022 when lockdowns brought on by the onset of the coronavirus infection known as COVID-19 essentially forced people indoors for months at a time.
These restrictions saw people living in metropolitan areas desperate to get out, and with that desperation, came an influx of families heading to major regional cities seeking space to roam.
This resulted in never before seen property prices in regional areas, including the central highlands towns of Ballarat and Ararat.
Investors Back in Ararat
Elders Ararat Director, Michael Fratin said while the median house price had come down in recent months, an uplift in investor enquiry bodes well for the market moving forward.
“Investment interest wavered earlier in the year but we are certainly seeing it come back into the market now which is positive,” Mr Fratin explained.
“The rental demand up here is still very strong. We have a considerably low vacancy rate and with a lot of sub-division occurring our rental capacity is growing to meet that demand.
“We feel like we’ve gone through that bit of uncertainty with the changes in land tax and interest rate concern and we’re starting to see a buoyant market again,” he added.
According to CoreLogic figures, Ararat’s median house price currently sits at $350,000 with units and apartments rising 4.3% over the past 12 months to reach $302,500.
Mr Fratin said the current market was conducive to both homeowners and homebuyers faring well in property transactions.
“I think for homeowners the positivity is that we are seeing a spike in buyers in general, but particularly from investors. Homeowners that have been sitting on their property for a while now will have seen a significant jump from the 2020 prices they paid,” he said.
“For those seeking a tree change, Ararat still represents incredible value for money and for those looking to get back into the market, we may well now be at the bottom of a property cycle with expected growth to come.”
Why Ararat?
“Aside from plenty of new infrastructure to cater for an increasing population, people come to Ararat to visit the incredible Grampians National Park and if that doesn’t do it for them, there are a number of local wineries from which to sample and some of the best coffees going around from the Forager’s Cafe,” Mr Fratin added.
Still Gold to be Found in Ballarat
Having peaked at $730,000 in April 2022, CoreLogic figures see Ballarat’s median house price now sitting at a more modest $575,000, but still representing significant appreciation since its pre-covid median of $492,500.
Elders Ballarat Branch Manager, Sean Simpson said although there was an element of interest rate caution from buyers and sellers at the moment, there were still plenty of transactions taking place.
“With those peak numbers behind us, we are certainly having to revise prices to meet the current market,” he explained.
“That said, prices are still well ahead of pre-covid times and as long as vendors (home sellers) are realistic in terms of expectations, there is a bank of buyers there willing to buy their properties.”
Mr Simpson said that it was imperative both potential buyers and sellers consulted with someone that really knows the area and the current market before making a real estate decision.
“There really is some great opportunities for both purchasers and sellers at the moment, particularly in the broad acre and residential markets.
“The key for people looking to transact in Ballarat and the surrounding region is to listen to the advice of their agent. If you can understand the state of the market through an agent that has boots on the ground and has experienced it first hand over the years, then you’re going to get the best out of it.”
Why Ballarat?
“Along with its proximity to Melbourne and the ‘city feel in the country’, a visit to Lake Wendouree is at the top of most people’s list. You can also go along to the local Farmers’ Markets at North Gardens each week and stop in at the Arch View Cafe for top coffee and local treats,” Mr Simpson added.
Ready for a tree change of your own? Find your next property here.