House prices surge up to 61 percent in Pyrenees towns as investors and Ballarat buyers push in

The median house price in Moonambel has jumped 61 percent in five years - from $347,500 to $560,000 - as part of a price surge across the Pyrenees driven by out-of-state investors and buyers priced out of Ballarat. 

❓What happened: The Pyrenees is a region known for a rich wine production sector, located approximately two hours west of Melbourne. 

Prominent townships include Avoca, Beaufort, Moonambel and Lexton, and each one has seen a price increase at the top end of the spectrum since 2021. 

Why is it increasing? A West Vic-based real estate agent told the Brolga that only two agencies operate out of the Pyrenees region, and many of the sales go through Ballarat agencies instead. 

🗣️: “I think one of the reasons [prices are increasing] is because of events in Ballarat,” he said. “If Ballarat is up, the surrounding regions are up. So many people are pushing up from Ballarat or even Melbourne who are priced out, but they can afford to buy in those smaller areas.” 

• New developments were also flagged as a factor changing the composition of the market. 

🗣️: “Ten years ago, agencies in Ballarat would be carrying 2000 properties, with 1800 ready to move in”, he said. “With new developments, you have 1750 on the market but only a third of those are move-in ready. The rest of the blocks of land to build, but they’re still listed online and linked to a display home.” 

Incoming: Out-of-state investors are also entering the market, with reports of investors often making offers before properties even enter the market. 

• “There’s a huge influx of investors, especially interstate, that are looking in that $400,000 to $650,000 area and driving competition.” Damian Shackell, Residential Sales Consultant at PRD Ballarat, told the Brolga in March.

In Avoca: Five years ago, the average price for a home was $299,000. Now, it’s closer to $415,000. That’s an increase close to 39 percent. 

56 Bridport Street is currently for sale in this bracket. It’s a four-bedroom home with gas cooking, open plan dining and living and a garage on 1,200 square metres of land. It’s on the market with a price guide between $385,000 and $415,000. 

In Beaufort: Five years ago, the median house price in Beaufort sat at $348,000. In 2026, the number is closer to $450,000 according to PropTrack. That’s an increase of 29.3 percent. 

32 Olinda Street is on the market with three bedrooms, built-in wardrobes and a lot of white walls to serve as a blank canvas. The listed price is $449,000. 

In Moonambel: Moonambel has seen the largest increase. Five years ago, the median house price was $347,500 but in 2026, it sits at $560,000. That’s an increase of 61 percent. 

The market in Moonambel is mostly open lots, or established million-dollar homes. 32 Brooke Street is on the market for $447,500, below the median price. It’s a restored 1800s miner’s cottage, with two bedrooms and a few chandeliers. 

In Lexton: In Lexton, properties were looking at a median price of $380,000 five years ago. In 2026, the median house price is $460,000 which indicates an increase of 21 percent. 

32 Waldy Street is listed between $449,500 to $494,450 and sits on six acres of land. It’s a three bedroom home with an updated kitchen. The home is walking distance from the local general store.