After experiencing an extraordinary surge in demand during the pandemic, prompted by the mass migration of Melburnians to the region’s spacious and tranquil surrounds, the market has now stabilised.
However, while the rapid influx may have subsided there are still many active and motivated buyers, and momentum is building around well-priced homes in good locations.
We continue to see strong enquiry and competition from Melbourne buyers looking to relocate to Central Victoria. This has been bolstered by the capping of daily V/Line fares, making the commute a more affordable option for tree changers.
The impact of increasing interest rates and cost-of-living expenses has resulted in a slight dip in enquiries. ‘Days on market’ have returned to pre-pandemic levels, giving both vendors and purchasers more time to assess their options and take a more measured approach.
Building has slowed in recent times, resulting in a flow-on effect on land sales. This has also impacted renovations and we are now seeing more buyers looking for turnkey and renovated homes. However, the growing appeal of inner-city-style living is driving developers to take on luxury apartment and townhouse projects, such as Lyons Place Ballarat.
In the Macedon Ranges, new-build and renovated properties are selling quickly, and demand remains high for good quality units close to town.
The rental market continues to experience seasonal fluctuations, with demand for rental properties highest during the summer months. The quality of available stock has markedly improved on the back of strengthened owner compliance requirements.
The outlook for Central Victoria over the next 12 months remains positive. As interest rates stabilise, consumer confidence will further bolster property demand. This will bring a new surge of families looking for a tree change, boosting demand for good quality homes in the region.
In this year’s edition of The Report, we uncover five pivotal factors driving current property trends, and Jellis Craig CEO Nick Dowling reveals what’s really going on in the property market. We also shed light on the significant infrastructure improvements enhancing liveability in Ballarat and Central Victoria and examine how the market is shaping up in major cities around the globe.
We hope you find our 2023 edition of The Report enjoyable and informative. We look forward to sharing our expert advice and guidance to help you in the next phase of your property journey.