A seven-bedroom Ballarat mansion with a tennis court and an indoor pool has rewritten the regional city’s record books by more than $500,000.
The luxurious house at 412 Wendouree Pde, Lake Wendouree sold for a hefty $4.25 million.
The figure breaks the suburb’s previous record, set by the nearby 424 Wendouree Pde with a $3.73 million off-market deal in January last year.
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But No. 412 did fall short of its ambitious $4.55-$5 million asking price.
Hocking Stuart Ballarat’s Tony Douglass said the sale reflected the regional city’s growing popularity.
“It’s setting new ground to break that $4 million barrier,” Mr Douglass said.
“I sold the same house in 2007 and it was a record then at $2.85 million.
“It’s certainly one of the best houses in Ballarat.”
Two buyers — local families — contested the home, attracted by its rare size and location.
One is still on the hunt with a $4 million budget in the city.
“On 1992sq m with an indoor pool and a tennis court, it’s a prime piece of real estate in Ballarat and they are hard to come by,” Mr Douglass said.
“There are some amazing new builds on the lake, but they don’t turn over.”
Concerns around the financial services royal commission and tighter lending caused a brief stall in Ballarat’s property market last year, but these had smoothed over already in 2018.
“There’s still a very strong market,” Mr Douglass said.
“There’s no doubt this is the strongest market that I have ever seen.”
A growing cohort of buyers were turning their back on Melbourne in favour of the regional city, keen to get their kids into well-regarded private schools at half the price of Melbourne’s elite educators.
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“And it’s extremely strong, the movement between Melbourne and Ballarat,” Mr Douglass said.