Ballarat appears to have established itself as the "strongest housing market" in the state of Victoria in the past 18 months, said an observer for the Housing Industry Association (HIA).
During the October quarter, Ballarat recorded a 20.1% gain in housing approvals, helping the Victoria region to maintain its activity levels.
Geelong, Latrobe-Gippsland and Shepparton were some of the other areas supporting good regional activity.
Melbourne, on the other hand, experienced a significant drop in approvals, down 31.2% from its peak in May 2018.
[Ballaratalsooutperformsitsownlong-termaverageup185%from115%intheVictoriaregionoverallwhileMelbourneisdown125%"saidHIARegionalDirectorFionaNield
Nield said a series of factors are driving demand for Ballarat, making it an ideal place for investment. Its steady growth in housing approvals will be able to support its local economy in the coming months and have an impact on its infrastructure and services, she said.
"Ballarat's affordability advantage over the state capital, as well as its lifestyle and proximity, have boosted demand for housing in the regional center. Population growth since 2007 has been twice as fast as the previous decade. Housing prices have risen rapidly and approvals have followed, "she said.
Nationally, housing approvals fell 8.1% on a seasonally adjusted basis.
"The decline was caused by private sector house approvals. Private housing excluding houses also fell," said Daniel Rossi, director of construction statistics at ABS.
In a previous Your Investment Property report, the director general of the Australian Property Council, Ken Morrison, said that declining building approvals should serve as a warning to government to take action. measures.
"Housing construction is a key engine for the economy, and it is slowing considerably. This is important for jobs in the housing construction industry and the economic activity that 39; they support, "he said.
Main suburbs:
Torrensville
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superior kedron
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sunshine
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Mayfield
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crossing ropes
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