Investors are frothing to buy property in Ballarat, with some making offers without inspecting the home first.
The Ballarat Courier reports that a recent listing in Ballarat North had out of-town buyers forgoing the open home and making phone offers.
On top of this, demand to see the place was high. A total of 55 groups came to see the property.
Although this was an unusual occurrence, local agents told The Ballarat Courier that they are experiencing more Melbourne buyers than they have had for a long time.
Investors are presumably being lured by the massive price difference between properties in Ballarat and Melbourne. The median house price in Ballarat is currently $414,000, close to half of Melbourne’s $815,000.
Ballarat is a one-and-a-half-hour drive from Melbourne’s CBD. Ballarat Real Estate’s Allister Morrison told The Ballarat Courier that the suburb is poised to be one of top growing suburbs this year, as regional areas of Victoria outperform the metropolitan areas.
Source: The Ballarat Courier