As pandemic conditions continue to ease around the globe, the welcome return to normality has ushered in a more measured and mature housing market for 2022.
Post-lockdown, a perfect storm of low interest rates, pent-up demand and limited stock boosted house prices across Ballarat and Central Victoria at an unprecedented rate. In the past 12 months, median house prices in Ballarat Central have grown by 19.0%. to $727,000. Over the same period, median prices have skyrocketed by 23.6% in Gisborne, 16.1% in Castlemaine, 4.3% in Woodend and an extraordinary 29.4% in Trentham and 29.4% in Kyneton. (Source: REA)
While price growth has eased to a steadier rhythm in recent months, buyers are increasingly drawn to quality accommodation with a focus on liveability. Priorities have changed, and properties with “pandemic appeal” such as more space and a location close to retail, education and recreation facilities continue to perform strongly. Premium homes continue to perform well and withstand price fluctuations. With our borders now open, expatriate Australians and foreign buyers will further bolster demand for superior properties in coveted locations.