Ballarat Central vs GeelongTwo suburbs compared for a home loan
Ballarat Central (VIC 3350) is approximately 110 km west of the Melbourne CBD. Geelong (VIC 3220) is approximately 75 km south-west of the Melbourne CBD. At the 2021 Census, Ballarat Central had 5,378 residents with a median age of 41, and Geelong had 5,811 residents with a median age of 40.
In both suburbs the most common occupied dwelling was separate houses. Flats and apartments made up 12% of occupied dwellings in Ballarat Central and 25% in Geelong, while 41% of Ballarat Central households rented compared with 44% in Geelong. These differences matter for finance, because lenders assess apartments, strata buildings and houses on land differently.
Both suburbs are in the same state, so transfer duty is calculated on the same scale and the difference in upfront cost comes from the purchase price. The panel below applies that scale, and an estimate of lenders mortgage insurance, to the prices you enter.
VIC 3350 · Central Highlands
Ballarat Central
Ballarat Central is the gold rush era core of a major Victorian regional city, with heritage streetscapes, period houses, a base hospital and V/Line rail.
City of Ballarat. Approximately 110 km west of the Melbourne CBD.
Read the full Ballarat Central guideVIC 3220 · Greater Geelong
Geelong
Geelong 3220 is the waterfront centre of Victoria's second city, mixing Victorian houses, townhouses and apartments close to the station and hospital.
City of Greater Geelong. Approximately 75 km south-west of the Melbourne CBD.
Read the full Geelong guide
What buying in Ballarat Central and Geelong would mean for the loan
The difference between two suburbs is usually a difference in price, and price drives the deposit, the transfer duty, any lenders mortgage insurance and the repayment. Enter the prices you are seeing and the panel works out each of those for Ballarat Central and Geelong.
Your prices and deposit
Enter the price you are seeing in each suburb. BorrowWise does not quote prices, so the comparison uses yours.
- Loan amount
- $559,892
- Loan to value ratio
- 84.8%
- Transfer duty, Victoria
- $34,430
- Lenders mortgage insurance
- $3,892
- Upfront cash needed
- $137,430
- Loan amount
- $829,670
- Loan to value ratio
- 89.1%
- Transfer duty, Victoria
- $49,970
- Lenders mortgage insurance
- $14,670
- Upfront cash needed
- $152,970
- At these prices, Geelong costs $1,635 more a month than Ballarat Central and needs $15,540 more cash upfront.
Warning: The interest rate used here is an example only. It is not a comparison rate and is not a rate offered by any lender, and it does not include fees and charges. Different rates, terms, fees or loan amounts will give a different result.
Estimates only. Repayments assume a principal and interest loan at a constant rate, which is an assumption and not a current market rate. Transfer duty is indicative for established homes, first home buyer relief depends on eligibility, and upfront cash includes an allowance of $3,000 for conveyancing and inspections. Lenders mortgage insurance is an estimate and is added to the loan. A lender makes its own assessment.
Ballarat Central and Geelong: Census profile compared
Figures are from the 2021 Census, so rents, repayments and incomes have moved since. They are most useful for comparing one suburb with another and with Australia as a whole.
| Measure | Ballarat Central | Geelong |
|---|---|---|
| People and households | ||
| Residents | 5,378 | 5,811 |
| Median ageAustralia 38 | 41 | 40 |
| Average household sizeAustralia 2.5 | 2.1 | 2.0 |
| Median household income, weeklyAustralia $1,746 | $1,454 | $1,670 |
| Housing costs at the 2021 Census | ||
| Median rent, weeklyAustralia $375 | $300 | $370 |
| Median mortgage repayment, monthlyAustralia $1,863 | $1,600 | $2,000 |
| Who owns and who rents | ||
| Households rentingAustralia 31% | 41% | 44% |
| Owned with a mortgageAustralia 35% | 26% | 20% |
| Owned outrightAustralia 31% | 33% | 34% |
| Types of home | ||
| Separate housesAustralia 72% | 74% | 52% |
| Townhouses, terraces and semi-detachedAustralia 13% | 13% | 21% |
| Flats and apartmentsAustralia 14% | 12% | 25% |
| Homes with two bedrooms or fewer | 32% | 47% |
| Homes with four bedrooms or more | 18% | 17% |
| Dwellings unoccupied on Census night | 13% | 18% |
Source: Australian Bureau of Statistics, 2021 Census (CC BY 4.0). Tenure shares exclude households that did not state their tenure. Dwelling shares are of occupied private dwellings.
Home loan considerations in Ballarat Central and Geelong
Lenders treat houses on land, townhouses and apartments differently, and some apply extra conditions to small apartments, high-density buildings or particular postcodes. These are the points each guide raises.
Ballarat Central
- Upgraders
- First home buyers
- Investors
- Downsizers
- Lenders value older houses in their existing condition, and defects such as failed stumps or old wiring can lead to a conservative valuation.
- A property in poor repair may fall below the standard a lender accepts as security until essential works are completed.
- Heritage overlays generally require planning permits for demolition and external alterations, which affects renovation budgets and timelines.
- Some lenders and mortgage insurers apply lower maximum loan-to-value ratios in regional locations.
- Residences above shops or on commercially zoned land may be treated as non-standard security.
- Comparable sales for converted or unusual buildings are scarce, which can produce valuation variance.
Geelong
- Downsizers
- Investors
- Upgraders
- First home buyers
- Lenders may reduce the maximum loan-to-value ratio for small apartments or buildings with a high concentration of investor-owned lots.
- Off-the-plan apartments are valued at completion, so the valuation can differ from the contract price agreed earlier.
- Heritage controls restrict demolition and external alterations to many period houses, which valuers take into account.
- Auction purchases are unconditional, so finance approval and building inspections need to be arranged before bidding.
- Owners corporation fees, special levies and defect or cladding issues affect serviceability and can influence a lender's view of the security.
- Short-stay rental income is often excluded or heavily discounted in serviceability assessments.
Housing stock in Ballarat Central and Geelong compared
Ballarat Central
- Miners' cottages
- Modest Victorian timber cottages on small or irregular allotments, widely bought by first home buyers and investors.
- Victorian and Edwardian villas
- Substantial brick and timber homes, most within a heritage overlay that controls external changes.
- Units and converted buildings
- Rear-lot units, small blocks of flats and dwellings in adapted commercial buildings, a limited part of the market.
Geelong
- Victorian and Edwardian houses
- Weatherboard cottages and brick villas on modest allotments, many affected by heritage controls.
- Townhouses and villa units
- Infill dwellings and older unit developments in the southern streets, usually within a small owners corporation.
- Apartments
- Older walk-up flats and newer multi-storey buildings near the waterfront and commercial core.
Official sale price and rent figures for Ballarat Central and Geelong
Only figures published free of charge by a government agency are shown. Where none is published the space is left empty rather than filled with an estimate. Each guide charts the full series.
Ballarat Central
- Median house price, 2025
- $656,000
- Median unit price, 2025
- $452,500
- Median weekly rent, 3 bedroom house, 2025 Q3 (Ballarat)
- $410
- Median weekly rent, 2 bedroom flat, 2025 Q3 (Ballarat)
- $360
Source: Valuer-General Victoria (Department of Transport and Planning), State of Victoria; Victorian Department of Families, Fairness and Housing (Homes Victoria).
Geelong
- Median house price, 2025
- $915,000
- Median unit price, 2025
- $635,000
- Median weekly rent, 3 bedroom house, 2025 Q3 (Geelong-Newcombe)
- $480
- Median weekly rent, 2 bedroom flat, 2025 Q3 (Geelong-Newcombe)
- $460
Source: Valuer-General Victoria (Department of Transport and Planning), State of Victoria; Victorian Department of Families, Fairness and Housing (Homes Victoria).
Transport, schools and amenities in Ballarat Central and Geelong
Ballarat Central
Transport
- Ballarat Station (train)
- Ballarat Station bus interchange (bus)
- Sturt Street (road)
- Lydiard Street (road)
Schools and campuses
- St Patrick's College (secondary, catholic)
Amenities
- Ballarat Base Hospital
- Art Gallery of Ballarat
- Central Square Shopping Centre
- Bridge Mall
- Sturt Street Gardens
Geelong
Transport
- Geelong Station (train)
- South Geelong Station (train)
- Geelong Station bus interchange (bus)
- Ryrie Street (road)
Schools and campuses
- Matthew Flinders Girls Secondary College (secondary, government)
- Deakin University, Geelong Waterfront campus (tertiary, university)
Amenities
- University Hospital Geelong
- Westfield Geelong
- Eastern Beach
- Geelong Gallery
- Geelong Arts Centre
- Nyaal Banyul Geelong Convention and Event Centre
School listings show name, level and sector only. Enrolment areas change, so confirm eligibility for a specific address with the school or the Victoria education department.
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