Proclaimed a city in 1871, Ballarat's prosperity, unlike that of many other gold boom towns, continued until the late 19th century, as the city's fields experienced sustained high gold yields for many decades. By the turn of the century, Ballarat's importance relative to Melbourne rapidly faded with the slowing of gold extraction. It has endured as a major regional centre, and is the commercial capital and largest city of the Central Highlands, as well as a significant tourist destination. Ballarat is known for its history, culture and its well-preserved colonial-era heritage, with much of the city subject to heritage overlays.