 The suburb also holds the record for the highest declared price for a (non-subdivision) residential property sale in Ballarat - $1.5 million and has highest percentage of home ownership in Ballarat.Lake Wendouree is bordered by the Ballarat railway line to the north, Drummond Street North and Lexton Street to the east, Mair and Sturt Streets to the south, and Gillies Street to the west.The area was established in the 1870s.