Ballarat suburbs Sebastopol and Alfredton have strongest house price growth in Victoria in September quarter: REIV

Two Ballarat suburbs have experienced the strongest median house price growth in Victoria in the last quarter, according to Real Estate Institute of Victoria statistics.

Median house prices in Sebastopol, on the south side of the Goldfields city, increased 16.2% in the September quarter, while prices in Alfredton, on the west side, increased 15% over the quarter, according to the REIV September quarter property update.

They were the two star performers in the city, where median house prices increased 1.8% over the quarter.

The best-performing Melbourne suburbs over the quarter were Thornbury and Yarraville, where the quarterly change was 11.4% and 8.8% respectively.

Both Ballarat suburbs showed strong annual growth, suggesting it’s possibly a longer-term trend.

Median house prices are up 10.9% over the year in Sebastopol and 10% in Alfredton, according to the REIV.

The median house price in Sebastopol is now $254,000, while Alfredton is at $385,000.

Despite the headline price growth, not all listings reviewed by Property Observer matched the bullish data.

A 688-square-metre property (pictured below) at 12 Bridge Street, Sebastopol, is a three-bedroom home listed for sale at $265,000. It’s currently tenanted at $340 per week, earning a gross yield of 6.67%.

But RP Data shows the property has been on the market for more than one year with the asking price steadily decreasing from $320,000.

The 703-square-metre property at 149 Albert Street (pictured below) is a three-bedroom house listed for sale at $260,000. RP Data shows it was last offered for sale in 2009 at $240,000.