The Report
Welcome to our 2021 edition of The Report – your exclusive insight into the factors shaping the residential property market in Ballarat, Central Victoria and metropolitan Melbourne.
There’s no doubt that the COVID-19 pandemic continues to have a significant impact on the property market across the state. While border closures, job losses and harsh stage four restrictions presented challenges none of us could have imagined, our real estate market has defied expectations and proven to be very resilient.
The uncertainty of the past 18-months has seen the Ballarat and Central Victoria region become even more attractive to Melburnians looking for a tree change. This is no surprise, given the abundance of natural beauty, welcoming community spirit and our relative proximity to the city.
This sharp increase in demand, coupled with low interest rates and stock levels, has resulted in significant capital growth across our region. While these factors reinvigorated vendor confidence, the number of buyers continues to outstrip supply, reducing days on market and further inflating prices.
The Ballarat and Central Victoria rental market also experienced the effects of the Melbourne exodus, as tenants rushed to escape a turbulent year in the city to enjoy the lifestyle-led regions of Central Victoria. This meant our rental market was able to weather the storm of the last 18-months well, with some areas experiencing the tightest vacancy rates ever seen.
Looking forward, we see no evidence that the appeal of our region to Melbourne buyers will abate and, provided interest rates remain low, we anticipate that capital growth will continue.
In this year’s Report, we examine the market in your area and the infrastructure improvements that will add to the liveability of Ballarat and Central Victoria. Demographer Bernard Salt talks to us about the broader implications of the regional boom, and Jellis Craig CEO Nick Dowling makes his predictions about what is next for the property market.
We hope you enjoy our 2021 edition of The Report and we look forward to guiding you through the sale or purchase of your next home.
Tom May
Tim Valpied
Tony Douglass
© Jellis Craig 2021