Property prices in every Ballarat suburb have decreased since spring last year, but despite the drop, they remain above pre-COVID levels.
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In the 12 months to August, house prices fell from 8.4 per cent to 15.7 per cent across Ballarat suburbs according to CoreLogic.
Lake Wendouree had the largest drop in the median house price over the 12-month period.
The median price declined 15.7 per cent to $875,534.
The median house price in Ballarat Central and Soldiers Hill fell 14.5 per cent to $693,044 and $555,325 respectively, and the median house price Black Hill was down 13.3 per cent to $609,212.
Most other suburbs recorded house price declines of 11 per cent or more.
The suburbs with the least drop in price over 12 months include Brown Hill, Miners Rest and Alfredton, CoreLogic data shows.
Prices fell 8.1 per cent in Brown Hill, 8.4 per cent in Miners Rest and 8.6 per cent in Alfredton.
Outside the city, Daylesford and Ballan median house prices fell 12.4 per cent to $816,584 and $654,912 respectively.
The biggest decline in unit prices, which includes apartments and townhouses, was seen in Mount Clear where the median price fell 5.4 per cent to $375,682 over 12 months to August.
Sebastopol followed with a 2.6 per cent drop in the unit price median to $346,126, while the unit median in Canadian dropped 1.3 per cent to $387,073.
The only Ballarat suburb to experience an increase in median unit prices was Ballarat Central, where prices rose 1.1 per cent to $400,296.
The CoreLogic quarterly figures show a downward trend for all houses across Ballarat suburbs but some suburbs saw an increase in unit prices.
In the three months to August, median house prices fell from 0.3 per cent to 5 per cent, however unit prices in three suburbs increased.
Lake Gardens had the biggest drop in house prices, with 5 per cent decrease over the quarter to a median of $889,034, followed by Lake Wendouree with a 4.2 per cent drop to a median of $875,534.
Unit prices rose the most in Mount Clear with a 1.8 per cent increase to a median of $375,682, followed by Canadian which increased 1.3 per cent to $387,073 and Sebastopol experienced a 0.3 per cent uptick to a $346,126 median.
![Lake Wendouree properties had the largest drop in the median house price. Picture supplied Lake Wendouree properties had the largest drop in the median house price. Picture supplied](/images/transform/v1/crop/frm/HGEQmb32Jrb7fFYffAPJvy/5e383936-f9c2-428c-bfb7-40e32ab891bc.jpg/r0_236_4614_2830_w1200_h678_fmax.jpg)
Unit owners in Wendouree saw the biggest drop over the quarter, falling 3.2 per cent to a median price of $339,288 and Ballarat Central price units decreased 1.1 per cent to a $400,296 median price.
CoreLogic research director Tim Lawless said Ballarat home prices had been trending lower since moving through a record high in April 2022.
"Since that time, housing values are down 12.6 per cent or in dollar terms approximately $79,800 lower," Mr Lawless said.
"Despite the drop, housing values remain 11.3 per cent above pre-COVID levels."
Mr Lawless said the ongoing decline in Ballarat house prices could be attributed to an imbalance between available housing supply and demand.
"The number of homes for sale across the region has risen to above average levels, tracking 22 per cent above the decade average for this time of the year," he said.
"The trend towards lower housing values looks quite entrenched across the region, however the rate of decline has moderated relative to the second half of last year when values were falling by more than 1 per cent month on month."
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