The overall median house price dropped 4.6 per cent to $560,000 over the March quarter, down 4.3 per cent in the 12 months to March, Domain data shows.

The regional centres of Ballarat, Geelong and Bendigo recorded price falls of 3.6 per cent, 2.1 per cent and 1.8 per cent respectively.

There are more prospects for buyers now than over the past few years, according to Barry Plant Ballarat agent Josh Coull.

“Now is a good time to buy in the Ballarat region,” he said.

“With prices falling and a good supply of homes for sale, buyers have the chance to get a better home and lifestyle at a lower cost.”

Mr Coull said Ballarat was an affordable option for first-home buyers, families and retirees, and offered two university campuses, quality schools, healthcare and community services, shops and transport.

The number of first-home buyers seeking pre-approvals from financial institutions had increased, he added.

A couple who were renting snapped up their first home at 133 Shortridge Drive, Lucas, for $595,000.

The modern three-bedroom house was at the perfect price point for the pair to capitalise on government incentives for first-home buyers,Mr Coull said.

Business people or those who were able to work remotely and wanted a tree-change could also consider buying in Ballarat, which offered a range of properties from units and townhouses to acreage homes.

Mr Coull pointed to the fully renovated four-bedroom house on 1ha at 22 Gale Court, Scarsdale, which sold to a business operator for $950,000.

“This was a quick standout sale in the greater Ballarat area,” he said.

“It attracted strong interest because properties of this calibre don’t come up very often.”

While the number of investors in the market had reduced significantly, such buyers were still active, according to Mr Coull.

“Many are coming from interstate, attracted to the affordability and value of Ballarat homes,” he said.

He pointed to the renovated three-bedroom house at 216 Kline Street, Ballarat East, which sold to an investor from Queensland for $425,000.

Due to high construction costs, move-in ready homes are in high demand, according to Mr Coull.

Some are currently for sale at reduced prices, including the three-bedroom house on 678sq m at 1 Ulswater Road, Wendouree, ($450,000),

and the near new four-bedroom house at 8 Anneke Way, Winter Valley, ($549,999-$599,999).

Stock levels are high in Ballarat and surrounds, including Winter Valley, where 180 properties are currently for sale, according to Mr Coull.

“This newer suburb offers modern homes, which are ideal for first-home buyers and families,” he said.

Exceptional Victorian offering in Golden Point

Period homes continued to attract strong interest, including the three-bedroom Victorian house at 35 Anderson Street East, Golden Point, which was an exceptional offering, Mr Coull said.

“It’s a cracker in the heart of the historic precinct,” he said.

Priced at $720,000-$750,000, the grand house was built more than a century ago and has been home to the same family for 50 years.