It was great to see a big event at Victoria Park with Cold Chisel headlining a brilliant concert in front of over 25,000 fans!
As we are fast approaching the festive season, it's becoming quite clear that many are starting to wind down for 2024 making it a nervous time for vendors who are keen to sell before Christmas.
Buyers still have the upper hand in the Ballarat property market as there are still 886, 3 bedroom plus free standing houses for sale in the region. This is a slight decrease in supply by circa 150 houses compared to our mid year update according to real estate.com. In July, 1032 houses were for sale in the same category.
We see the recovery of the Ballarat market still taking some time into 2025 for supply to tighten even further however, our experiences in recent negotiations we are seeing multiple offer scenarios for well priced properties and in some instances properties selling within a week of being listed. This was not the case a few months ago.
Within buyers agent circles we are also hearing that others are starting to identify Ballarat as an affordable investment location and they are actively starting to enter the market.
Some of the big 4 banks predicting a rate cut in December with the potential of additional cuts which could bring the cash rate back down by over 1%.
With a pipeline of major infrastructure projects such as the $655 million redevelopment at the Ballarat Base Hospital due for completion in 2027.
As well as a diverse economy, strong population growth, proven long term capital growth and connectivity to Melbourne and Geelong, there is no better time than the lead up to Christmas to enter this market and make the most of the opportunity to secure a great buy while others are checking out for the year!
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