The last 6 weeks of 2024 saw the Ballarat property market slow down for the Christmas holidays. As we kick off the new year, there are similar listing numbers to mid November of 862 three bedroom plus houses for sale.
Our last update there were 886 houses available for the same category. https://www.oconnellba.com.au/post/ballarat-property-market-update-the-run-to-christmas-2024
January is typically a quiet month for real estate as most buyers and sellers are on holidays and agents use the downtime to holiday too. Speaking to dozens of local agents in the lead up to Christmas, the general feedback was that most agencies had a significant amount of properties that they are preparing to launch in late January or early February.
We expect to see the influx of properties create even more choice for prospective buyers in the first quarter of 2025 and the market to remain a buyers market for at least the first half off 2025.
Interest rates will be an ongoing topic and any cuts will no doubt bring more buyer confidence and push those that have been hesitant into the market. A number of potential first home buyers we have spoken with have been waiting for a rate cut to act.
Buyer agent activity has picked up significantly in recent months with some larger 'wholesale' buyers agencies purchasing dozens of properties for their investor clients with lower budgets.
Looking at the 10 year historic growth of quality suburbs Ballarat Central, Lake Wendouree and Ballarat North, property owners have enjoyed growth of 84.2%, 83.8% and 86.3% respectively.
For those considering purchasing in Ballarat, we see the coming weeks and months as an exciting opportunity given the amount of properties currently available and further properties about to be listed.
Less demand means greater ability to select the most suitable property for our clients and negotiate great outcomes.
To take advantage of current buying conditions, book a complimentary call with us today to discuss your property plans and start of 2025 with a win!
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