Ballarat suburbs Sebastopol and Alfredton have strongest house price growth in Victoria in September quarter: REIV
Two Ballarat suburbs have experienced the strongest median house price growth in Victoria in the last quarter, according to Real Estate Institute of Victoria statistics.
Median house prices in Sebastopol, on the south side of the Goldfields city, increased 16.2% in the September quarter, while prices in Alfredton, on the west side, increased 15% over the quarter, according to the REIV September quarter property update.
They were the two star performers in the city, where median house prices increased 1.8% over the quarter.
The best-performing Melbourne suburbs over the quarter were Thornbury and Yarraville, where the quarterly change was 11.4% and 8.8% respectively.
Both Ballarat suburbs showed strong annual growth, suggesting it’s possibly a longer-term trend.
Median house prices are up 10.9% over the year in Sebastopol and 10% in Alfredton, according to the REIV.
The median house price in Sebastopol is now $254,000, while Alfredton is at $385,000.
Despite the headline price growth, not all listings reviewed by Property Observer matched the bullish data.
A 688-square-metre property (pictured below) at 12 Bridge Street, Sebastopol, is a three-bedroom home listed for sale at $265,000. It’s currently tenanted at $340 per week, earning a gross yield of 6.67%.
But RP Data shows the property has been on the market for more than one year with the asking price steadily decreasing from $320,000.
The 703-square-metre property at 149 Albert Street (pictured below) is a three-bedroom house listed for sale at $260,000. RP Data shows it was last offered for sale in 2009 at $240,000.
In Alfredton, the four-bedroom home at 1 Belltower Avenue (pictured below) is being offered for sale at $380,000. RP Data shows it was last offered in 2010 with an asking price of $360,000 to $380,000.
And the three-bedroom home at 15 Robertson Drive (pictured below) on 941 square metres is being offered for sale at $375,000 to $385,000. It has been on the market since may with an initial asking price of $375,000 to $405,000.
The median price in the whole of Ballarat is $285,000, up 1.9% over the year.
The median house price in three suburbs in Ballarat went down in price over the quarter – Redan went down 5.6%, Mount Clear went down 7.7% and Delacombe dropped 4.7%.
Property Observer notes there were fewer than 30 sales in Alfredton over the quarter.
Sebastopol is reportedly named after Sevastopol in the Ukraine, an important battle site during the Crimean War.
According to ABS the suburb has a population of 9,399 with 4,299 private dwellings.
Alfredton is a major part of Ballarat's growth corridor with a number of new housing estates.
The suburb has a population of 7,195, according to ABS, with 2,653 private dwellings.
