Wallace Property Market
& Suburb Profile

The locality is defined by its exceptionally fertile volcanic soil and its position outside the traditional gold-mining belts that surround Ballarat. This geography shaped Wallace into a premier agricultural district, which it remains to this day, characterized by sprawling emerald-green paddocks and a legacy of small-scale farming.

The township was established in the 1880s and is believed to be named after John Wallace, a prominent local pastoralist. Unlike the nearby mining towns, Wallace’s identity was forged by Irish-Catholic immigrants who settled the land for dairy farming and cropping. This cultural heritage is reflected in the town's early institutions and its long-standing social structures. One of the most significant landmarks is the Wallace Dairy Company building; established as a butter factory and cheesery, it stands as the town's most dominant industrial structure and a rare surviving example of an independent dairy facility not swallowed by larger cooperatives.

The modern character of Wallace is that of a quiet, picturesque community that serves as a bridge between the regional centers of Ballarat and Ballan. The village itself is centered around several enduring social anchors, including the historic Wallace Hotel—originally known as the Maryville Hotel—the public hall, and the local recreation reserve. While the local primary school closed in the 1970s, the town remains a hub for young families and "lifestyle" residents attracted to the open spaces and high-quality land.

The environment around Wallace is quintessentially Central Highlands, featuring rolling hills and the western branch of the Moorabool River winding through the district. Because of its location on the major transport corridor to Melbourne, Wallace offers a unique blend of secluded rural life with high accessibility. It is a place where the air is cool, the soil is deep red, and the pace of life is dictated by the seasons and the agricultural rhythms of the Western District.