Ballarat is still battling with home value declines, as interest rates and cost of living challenges continue to bite.
A new study from CoreLogic found over the last quarter, Ballarat recorded some of the worst home value declines in regional Victoria, falling 4.3 per cent over the last three months.
The current median home value sits at just under $531,000.
Director of Ray White Ballarat, Will Munro, says the Ballarat housing market in general is challenging.
“A lot of people two, three years ago when they bought during the pandemic, the market was booming all over Australia and especially here in Ballarat where we saw exponential price growth in a very short amount of time,” he said.
“We’ve experienced 13 interest rate rises consecutively which when you get those kinds of increases, trying to find additional money to pay your mortgage repayments puts a lot of pressure on, so therefore we see people having to sell property.”
“Unfortunately, when the demand drops, we’ve seen prices come back quite a fair bit.”
