Ballarat apartment undersells as regional market cools
A renovated apartment in Ballarat's Redemptorist Monastery sold for $560,000. This was about 23 per cent below the $730,000-$760,000 asking range.
A four-bedroom apartment in the 1915 Redemptorist Monastery sold for $560,000 in mid-September. The apartment had spent 15 months on the market.
The renovated home has a wine bar in a converted bell tower with views over Lake Wendouree. The apartment's asking price was $730,000 to $760,000.
Ballarat's housing market has slowed since a May tax reform. Home values fell 0.3 per cent to $634,479 in September.
The agent blamed steep stairs for putting off buyers. Interest remained competitive.
A Wendouree investment property sold for $405,000. This shows investors remain active despite affordability pressures.
- $560,000
- Apartment sale price
- $730,000-$760,000
- Original asking range
- 15 months
- Time on market
- $634,479
- September home value average
Why it mattersThe slowdown signals cooling demand in regional Victoria after months of stronger growth. It is affecting vendor expectations and investor confidence.
AustraliaRegional Victorian buyers and sellers should expect more modest price movements and longer selling times in the current market.
✓ Claims checked against the source. checked 44 min ago
