What is My House Worth? – Ballarat
It does not matter what city you live in, every city has a unique story, a history that is all its own, and that has caused it to develop into the city that it is today in ways of economics, tourism, employment, education, and more. The impact that this history can have on what a house is worth, is as special and individual as the history itself. The city of Ballarat for example is a city with an extremely rich and vibrant history, one that has been a part of many large scale events. Yet, like so many cities that have been a part of many events, one event stands out as a defining moment in the city of Ballarats history, that caused it to become the city that so many have come to know and love today. In the case of Ballarat is it is the Victorian Gold Rush that played a pivotal role in creating and developing the modern day economy, and that has played such an intricate role in increasing and stabilizing what houses are worth in the city today.
The Victorian Gold Rush
The initial discovery of gold in the area of Ballarat, took place on August 2, 1851. The gold was discovered by Thomas Hiscock, in the southern area of the Buninyong region. This discovery led to many other prospectors traveling to the area and within a month several more prospectors, including James Regan and John Dunlop had struck gold within the area. Following these finds, thousands of prospectors travelled to the Yarrowee Valley, which became known to many as The Ballarat Diggings. Prospectors were finding up to a reported five ounces of alluvial gold each day. As word of the Gold Rush spread the area of modern day Ballarat began to gain global attention, bringing a huge influx of immigrants, and quickly the population grew to over 20,000 people. It did not take long before the city got the nickname “The Golden City”. At the peak of the gold rush there were approximately 60,000 prospectors in the area. Unfortunately, as the alluvial deposits attracted more, and more prospectors to Ballarat, the rate of gold extraction decreased, causing many to leave and rush other fields as soon as new findings were announced. Some of the other sites included: Fiery Creek, Araratin, and Mount Alexander. Not everyone left however, and by 1859 there were approximately 23,000 permanent settlers in the area, many of whom had built their own fortune with the findings of the Gold Rush. These permanent settlers with established personal weather led to an established and prosperous economy that remained quite reliant on underground gold mining.
To this day, the primary industry in the city of Ballarat is underground gold mining. Because of the prosperous economy that was established in the late 1800’s has continued to develop and evolve, and has been attracting new residents, and influencing what houses are worth by creating a constant demand for real estate. The history of Ballarat has very much impacted what houses are worth throughout the city by establishing what many consider to be a stable economy to be a part of. Not only is the underground gold mining still a major and thriving industry, but the role that they city of Ballarat played in the Victorian Gold Rush has had a large, and influential impact on the local tourism industry. This boost to the tourism industry has led to many feeling even more secure in the development and establishment of the local economy in Ballarat. This feeling of relative security in the local economy has also helped to increase the interest in real estate throughout the city, pushing what houses are worth to increase alongside the demand for real estate. Although it might not seem like a relevant factor for residents trying to find out what their house is worth, the history of a city plays a vital role in determining not only that, but the direction that the city is heading.