Ballarat's house values drop despite nation-wide increase

According to the latest data from CoreLogic the median house price for Ballarat is $557,769 - property growth rates are based on CoreLogic's home value index.

This is a decrease of 3.8 per cent over the past 12 months.

CoreLogic released their housing price data for 2023, which showed Ballarat as one of the most impacted regional areas for housing prices.

Ballarat house prices fell 4.6 per cent in 2022, with the median house price sitting at $574,000 12 months ago.

While the property prices are decreasing, it has slowed marginally in 2023 since its peak in May 2022.

CoreLogic's research director Tim Lawless said Ballarat homes remains above pre-COVID levels but there has been a steady decrease.

"The median value across the Ballarat region in April 2022 was $617,264," he said,

"The market peaked in May 2022 with a median value of $620,170, with values falling by 10.1 per cent since that time to the end of 2023.

"Despite the decline, Ballarat home values remain 26.2 per cent above pre-COVID levels due to the 40.3 per cent rise in values recorded between March 2020 and May 2022."

Other regional areas have also seen a decrease in house values.

Geelong's median house price was $747,455 and dropped 4.4 per cent over 2023.

In Bendigo, the housing median dropped only 1.7 per cent, with a median price of $571,334.

Overall in regional Victoria, median house prices drop 1.6 per cent.

The only regional centre with a higher decrease in value was Warrnambool and the south west, with a 4.4 per cent decrease in 12 months.

Over 2023, homeowners were battered with interest rate rises, but CoreLogic is hopeful this won't be a repeat trend in 2024 due to lower inflation, low consumption and a loosening labour market.

However, the first half of 2024 will see some potential value growth impact from those interest rate increases and "weaker economic conditions", according to CoreLogic's home value index.