Ballarat's housing market has cooled faster than other regional Victorian cities, with the premium end slumping and a Wendouree Parade home recording a $1.3 million price correction.
Data from real estate analytics agency Cotality shows Ballarat's overall home values fell 0.4 per cent in July to a median of $664,909, while unit values dropped one per cent to $439,545. The regional Victorian average decline was 0.3 per cent.
Cotality head of research Gerard Burg said the downturn began after this year's federal budget and was likely to continue. 'Ballarat has come off a little more quickly than the rest of regional Victoria,' he said.
Properties are still selling quickly, with half spending 28 days or less on the market. Supply is down 10.4 per cent year-on-year, with 804 listings last month.
Stone Real Estate Ballarat principal Stu Brien said sellers were reluctant to come to market, and investor interest had shifted. 'Buyers' agents are not as prominent as they were,' he said. The premium end is struggling, with properties above $1 million taking much longer to sell.
Source: thecourier.com.au
