Buninyong luxury country estate sells for $2.8 million

The market in the Ballarat region is on its way to becoming more stable, with rising buyer activity to benefit sellers. 

Buxton Ballarat director Peter Burley envisaged a levelling out in the market to the advantage of buyers and sellers alike.

As inflation is curbed and interest rates put on hold, and hopefully reduced, there will be rising buyer activity in the area, he said.

“Towards the last quarter of this year, more buyers will return to the market, particularly first-home buyers and investors,” Mr Burley said. 

“This increased buying power will give them a chance to enter the market, which in turn will create extra competition for homes, providing good gains for sellers.”

Mr Burley advised that now was a good time to buy, as property values had fallen slightly, due to the 13 interest rate increases in the past 16 months and the rising cost of living.

“The median house price in Ballarat is currently at $545,000, according to CoreLogic,” he said.

“Buyers should take advantage of the lower prices.”

Mr Burley said Ballarat was constantly on the buyers’ radar, particularly those seeking affordability and value for money in a regional city about a 1 hour 30 minutes’ train ride from Melbourne.

There was also a good number of properties for sale, giving buyers more choice and flexibility.

“Listing numbers are strong and everything is still selling, but it’s just taking a little longer,” Mr Burley said.

Buyers have their pick of all types of properties, from three-bedroom houses for around $350,000 to multi-million dollar luxury lifestyle homes.

Located 4.6km from the Ballarat CBD, an ideal first home or investment property in need of renovation at 407 Richards Street, Canadian, recently sold for $380,000.

And in a sought after location near Lake Wendouree, a brilliantly renovated house at 4 Murray Street, Newington, was snapped up for $870,000.

Mr Burley pointed to the luxury six-bedroom showpiece on 4ha at 7130 Midland Highway, Buninyong, that sold within two weeks of hitting the market for $2.8 million.

“A businessperson bought the property because of the large block size and the self-sustaining country lifestyle it offered,” he said.

On the lower slopes of Mt Buninyong, the entertainer’s paradise has elevated views across Ballarat and features a pool with spa, and a large indoor-outdoor room and deck with a barbecue.

Mr Burley expected the high demand for entry-level homes and high-end properties to continue through 2024.

“Period homes with heritage appeal, which Ballarat is renowned for, will also retain their popularity,” he added.

The appetite for established and renovated homes or brand new turnkey properties will also progress through the year, due to rising construction costs, Mr Burley added.

Ballarat Central, Newington, Soldiers Hill and Lake Wendouree will continue to perform well because of their rich history and proximity to major private schools and Lake Wendouree.

“These suburbs are also near the train station, so they make the ideal suburbs  for that easy Melbourne commute,” Mr Burley said.

Located beyond these prestigious areas, the suburbs of Lucas, Alfredton, Winter Valley and Smythes Creek, would also continue to be hotspots for buyers.

These suburbs are popular because of the major investment in shopping facilities such as Coles and Woolworths supermarkets, Bunnings and Dan Murphy, and restaurants and fast food outlets including McDonalds, Mr Burley said.

“They also have easy access to outstanding public transport and schools,” he added.