Alfredton and Ballarat Central are among the 100 suburbs in Australia with the best property prospects this year.
The areas in the regional city of Ballarat are two of the 29 Victorian suburbs on the national list of future growth drivers, according to PropTrack data.
Despite an increase in market uncertainty in recent months, they provide good prospects for buyers, PropTrack’s director of economic research Cameron Kusher said.
“With the rapid increases in rates through 2022, reduced borrowing capacities and lower home prices, there are still plenty of suburbs that offer great opportunities,” he said.
Nominated for its investment prospects, gentrification and location, Alfredton in Ballarat’s west, is for all types of buyers, including first-home buyers and investors.
In the 12 months to November 2022, the median house price increased 8 per cent to $645,000, according to realestate.com.au.
Barry Plant Ballarat agent Josh Coull described the suburb as an onion with multiple layers, offering a diverse range of housing to suit all needs.
“There is the older part with 1960s-70s homes, another area with houses built in the 1990s on bigger blocks, and a section of newer estates with 10 to 15-year-old homes,” he said.
Its location, close to Lake Wendouree, golf course and aquatic centre was a drawcard for those wanting to enjoy a relaxed lifestyle, he added.
“This is a great lifestyle location, not far from town, and relatively affordable,” Mr Coull said.
“It is one of the better suburbs in Ballarat that attracts local and Melbourne buyers.”
Alfredton’s easy access to quality schools also attracted families, particularly those wanting to live in the Ballarat High School zone, he added.
“Some of the best schools in Australia are nearby, including Clarendon, Loreto and St Patrick’s colleges,” Mr Coull said.
A four-bedroom house on 993sq m at 12 Boulevarde Drive, was snapped up by a Melbourne family for $765,000, after attracting competitive offers.
“The buyers moved here for the schooling opportunities,” Mr Coull said.
Also generating multiple offers, a block of five, one and two-bedroom units, at 1-5/30-32 Vale Street, sold to a Melbourne investor within the advertised price range of $940,000-$980,000.
“These units are well maintained with the potential for a cosmetic lift,” Mr Coull said.
The buyer invested in the property because of the capital growth, rental returns and good yields in Victoria’s regional cities, he added.
The weekly rental median price for a unit has jumped 23 per cent to $320, while the median house rental is $430 a week, according to realestate.com.au.
Nominated for location and amenities, Ballarat Central was sought after by local buyers and Melbourne tree-changers, according to the PropTrack report.
Described as a ‘walkable neighbourhood’ close to the lively CBD, it is surrounded by parks and good schools, and is near transport links to Melbourne.
“It is a highly desirable lifestyle location, close to the lake, cafes and fine dining restaurants,” Mr Coull said.
With a median house price of $705,000, the suburb offers an array of property options, including some beautifully restored character homes, according to the report.
Period homes from the 1800s add a charming ambience to the area, according to Mr Coull.
“There are historic properties from the Gold Rush era,” he said.
“Many have been restored and renovated to meet modern needs.”
The area is a haven for all types of buyers hunting for entry-level houses priced around $500,000 to luxury million-dollar homes, Mr Coull added.
For sale with $520,000 price hopes, a charming three-bedroom period home at 307 Urquhart Street, was attracting strong interest from first-home buyers, according to Mr Coull.
The little gem is within easy walking distance of hospitals, schools, Lake Wendouree and hub of the city’s food and entertainment precinct.
The property is leased until February this year at $360 per week.
And luxury home buyers, including downsizers, are keeping an eye on the four-bedroom house on 703sq m at 312 Windermere Street, priced at $1.05-$1.08 million.
The ultimate family entertainer offers spacious living areas, an undercover outdoor party zone, and an extensive list of features including central heating, a fireplace and split-system airconditioning.
Complete with two double garages and extra off-street parking space, buyers will enjoy an enviable inner-city lifestyle at this stunning home.