Ballarat’s housing market is on the rise along with Melbourne and Bendigo, a report released this week revealed.
Melbourne buyers are behind the market’s burgeoning growth, according to national independent property valuer Herron Todd White.
Ballarat is one of three Victorian cities revealed to be on the rise in April, along with Melbourne and Bendigo.
Gippsland was the only Victorian centre to approach the bottom of the market.
Central, renovated homes were achieving prices above $1 million, with $3 million sales recorded this month in Ballarat Central and Lake Wendouree.
Period homes in Ballarat Central and at Lake Wendouree were most sought after, with demand exceeding supply in the $700,000 plus bracket, the report said.
The report’s authors said the city’s growth “appeared sustainable”.
“With the Ballarat population projected to continue to grow and with the rapidly rising Melbourne property market pushing buyers out of Melbourne and into regional cities it appears that the current market levels are sustainable,” the report said.
The report predicted an ongoing strong performance for Lake Wendouree and Ballarat Central.
All cities peaking or approaching peak are in New South Wales and Queensland including Sydney, Coffs Harbour and the Sunshine and Gold Coasts.
Darwin, Gladstone and Mackay had reached the bottom on the market, while Perth, Alice Springs, Gipplsand and Rockhampton were on their way down.
The report said Horsham and Mildura were starting to recover.