![\"\"](\"https:\/\/static.timesnewsgroup.com.au\/prod\/uploads\/sites\/9\/2023\/01\/GUZZ0902-for-web-300x200.jpg\")
\u201cIf they can get a return on a property and get enough cash flow to cover mortgage repayments, there\u2019s opportunities to buy there, there\u2019s less buyers in the market, and vendors are more open to discounts.\u201d<\/p>\n
Ray White Ballarat director Will Munro said he\u2019s noticed buyers are cautious, which he said can come not only with an interest rate shift, but change in government.<\/p>\n
\u201cWhere 20 groups might have come to an open house, and five or more might have been bidding for it, that\u2019s not as frequent as it was,\u201d he said.<\/p>\n
\u201cBut there\u2019s probably more on the market as well, so there\u2019s more choice.\u201d<\/p>\n
McGrath Ballarat director Daniel Nestor said he\u2019s seen the local market revive through spring and summer, and open-for-inspection traffic is rebuilding.<\/p>\n
\u201cThat gives us confidence that we\u2019re heading in the right direction, although it\u2019s still a market that\u2019s heavily reliant on pricing property the right way,\u201d he said.<\/p>\n
\u201cIf you miss the mark by five per cent you simply won\u2019t have the activity or sell the property. If you price it right, you\u2019ll sell it. People are much more savvy with their buying.\u201d<\/p>\n
Although the market has softened, and some buyers have been taking their time, Ballarat continues to boom, and homeowners could make hundreds of thousands of dollars on resale in just a year or two.<\/p>\n
The Real Estate Institute of Victoria reported multiple suburbs\u2019 median house prices grew significantly throughout 2022.<\/p>\n
\u201cFor the 12 months, Nerrina went up 26.9 per cent, Black Hill was 23.1 per cent, and Canadian was 15.7 per cent,\u201d Mr Munro said.<\/p>\n
\u201cFor the December quarter, Ballarat\u2019s median house price went up .9 per cent in that last three months. In Sydney and Melbourne there\u2019s a bigger swing, but there\u2019s a lot of positivity in our local market.<\/p>\n \u201cComing back in January, we\u2019re seeing sales happening, a lot of offers are being made. Buyer confidence is back out there.\u201d<\/p>\n However, the market is not only made up of inner-city and suburban homes. Mr Nestor said rural and lifestyle properties, which are just a short drive from Ballarat in areas like Haddon and Smythesdale, are \u201cperforming extremely well.\u201d<\/p>\n \u201cOff the back of COVID, people looked for more space, or a tree change, on anything up to 20 acres. The volume in the rural and lifestyle markets is incredibly good,\u201d he said.<\/p>\n \u201cIn our office, the rural and lifestyle figures are very consistent with what they were last year, whereas our residential sales agents haven\u2019t been able to maintain the figures they did last year.\u201d<\/p>\n Urban residential land sales are \u201cslow,\u201d a contrast which Mr Nestor attributes to labour and materials shortages in the building industry.<\/p>\n Due to better cash flow and growth, half of the 18 properties in Mr Edge\u2019s portfolio are in regional areas.<\/p>\n When it comes to buying he recommends those entering the market don\u2019t \u201csit on the sidelines\u201d for six months, but rather act as soon as their finance is in order.<\/p>\n \u201cPeople usually miss out on an opportunity waiting to see what happens,\u201d he said. \u201cGet a good mortgage broker to do the numbers and build a buffer in. Speak to local agents.<\/p>\n \u201cBuy within your capability. Buy something for less than what your borrowing capacity is because it\u2019s likely, if interest rates go up and the loan amount goes up, you may need a buffer.<\/p>\n \u201cInstead of buying a three-bedroom house, you might need to look at an apartment, but at least you\u2019re still getting into the market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" AUSTRALIA\u2019S property market has fallen in the last six months, driven by interest rate increases. But what does this climate, which is having a greater impact in capital cities, mean for the market in the Ballarat region? Buyer\u2019s agent Lloyd Edge is the author of property investment guide Positively Geared and said eight consecutive interest […]<\/p>\n![\"\"](\"https:\/\/static.timesnewsgroup.com.au\/prod\/uploads\/sites\/9\/2023\/01\/Will-Munro-Portrait-New-200x300.jpg\")