Ballarat home values fall to $630,476 as investor demand cools
Ballarat home values fell 1 per cent in September to $630,476. This marks the fourth straight month of decline.
Ballarat's median house price dropped to $658,031 in September, down $7,195 from August. Median unit price fell to $439,614, losing $1,131.
The Victorian city has now recorded four straight months of falling values. Ballarat's fall is steeper than Bendigo and Geelong.
Investor buyers have long been drawn to Ballarat's affordability. Now they are pulling back because of recent tax changes on investment properties.
Higher interest rates are also adding pressure. The Reserve Bank lifted the cash rate to 4.6 per cent on 29 September.
This is the highest level in 15 years. Regional markets are holding up better overall because they cost less.
Interest rates will likely fall around mid-next year. Housing prices are expected to drop further by then.
- $630,476
- September median value
- $658,031
- Median house price
- $439,614
- Median unit price
- 4.6 per cent
- Cash rate
Why it mattersTax changes and high interest rates are making investment properties less attractive. Affordability is a saving grace for regional Victoria compared with Melbourne.
AustraliaBallarat home buyers and investors face cooler markets and lower prices as interest rates stay elevated and tax policy shifts away from investment property.
✓ Claims checked against the source and corrected before publish. checked 1 h ago
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