A new study has listed two outer Ballarat suburbs among its top 20 Victorian 'family' housing markets.
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Suburbtrends research commissioned by online home-loan company Well Money listed Nerrina at number 11 and Cardigan at 15.
The top five were rounded out by Gisborne, Junortoun in Bendigo, Silvan and Selby in the Dandenongs as well as Torquay.
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The study defined 'family' housing markets as places:
- With median prices between $200,000 and $1.5 million
- Where owner-occupiers make up at least 70 per cent of the population
- With 60 per cent of homes freestanding
- Where homes have at least 2.5 occupants
- With a higher-than-average socio-economic scores
- And that are less than 200km from Melbourne
"Over the past three months, inventory levels have increased in all these suburbs," Well Money Chief Executive Scott Spencer said.
"It means there's more stock in the market, buyers have more options and downward pressure is being placed on prices, which should translate into discounts sooner or later."
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Photographer Jo Armstrong moved to Nerrina six years ago and said she loved the local flora, native animals, wide-open-spaces and beautiful views in her north-eastern suburb.
"Nerrina has the best of both worlds," she said.
Nerrina has the best of both worlds
- Jo Armstrong
"You're 10 minutes from the city centre - and yet you're out of the way as well.
"We're on three-acres. We get kangaroos and birds.
"I'm out in the backyard every day and it's right beside the forest.
"We're lucky to have good neighbours. We respect each other's privacy, but we look out for each other as well."
Downsides included the nearby Ballarat-bypass and a recent spike in crime, including break-ins and car fires.
Nerrina made the list with a median house price of $625,000 and 90 per cent of the population owning the homes they lived in.
The average Nerrina household brings in $2057 a week, 99 per cent of homes are freestanding and the suburb has a Bureau of Statistics socio-economic index of 10.
Cardigan made the cut at number 15 with a median house price of $922,000 and 94 per cent of homes owner-occupied.
The average Cardigan household brings home $2192, 97 per cent of homes are freestanding and the suburb has a socio-economic score of 7.
So, are 'family' suburbs guaranteed to rise in price or outperform the market?
"No. Sophisticated data analysis has found these locations are good places for typical families to live in right now," Mr Spencer said.
"But that doesn't mean they'll have strong price growth in the future."
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