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Victorian town expected to outperform
Consumer confidence will create above-average capital growth in the Victorian regional centre of Ballarat, according to PRDnationwide.
Research indicated that while the majority of regional Victorian centres including the Ballarat Area housing market have seen decreasing activity levels since October 2011, there remains to be positive sentiment regionally.
PRDnationwide Research Analyst Angus McLean said increased consumer confidence is behind a consistency in the housing market in the Ballarat area.
"This is in addition to an increase in local investment in the Ballarat Area with $156 million of development expected to be completed by July 2013," he said, claiming that Ballarat "will see home buyers and prospective investors return, setting the scene for a positive 2013".
The area has become an increasibgly reliable option for investors since June 2012 due to the simultaneous settlement drop in the housing and unit sales numbers, according to Mr McLean.
He said the Ballarat area has witnessed consistent capital growth in all residential markets over the past 10 year cycle, although recently house and unit sales numbers have dwindled 18 and 30 per cent respectively since October 2011.
Similarly, the Ballarat Area unit market has witnessed 11 per cent decline in median price for the 6-month period to October 2012 due to the aforementioned drop in total unit sales.
"With these economic growth indicators as well as increase in enquiry levels in the Ballarat Area and the announcement of the Victorian government offering an additional $16,000 in potential savings for all potential Victorian first-home buyers, including existing homes, the increased likelihood of the Ballarat Area property market stabilizing with expected total sales and median price growth is predicted toward the end of 2013," Mr McLean said.
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