As predicted in our 2024 property market outlook https://www.oconnellba.com.au/post/ballarat-property-market-outlook-2024 The Ballarat property market has remained steady. There were 1106 houses for sale in Ballarat at the start of January.
In the first 3 months of this year there were 555 houses sold.
We now currently have 980 houses for sale for 3 bedroom plus properties, meaning there are 126 fewer houses for sale now than at the start of January.
Speaking to local sales agents and our on the ground experience as Ballarat buyers agents, most of the entry level properties being sold have been purchased by first home buyers purchasing from an exiting investor. With Victoria having the highest land tax in the country and strictest rental laws, a lot of investors are tapping out of the Ballarat market.
We see the coming months as a golden opportunity for those in a position to purchase to make the most of current conditions as we have high volumes of listings.
The amount of houses for sale are slowly reducing and we anticipate as more properties are sold over the coming months and potential rate cuts come into play, this will only create further demand and higher confidence for buyers.
Get in touch today for a free consultation to discuss your property requirements.
Source: RP data, Realestate.com
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