A Ballarat suburb has recorded the biggest fall in average house prices across regional Australia.
New data from Domain shows Soldiers Hill saw an annual price change of -20.5 per cent, sitting at a median price of $550,000.
Sebastopol, Brown Hill and Ballarat North also recorded steep price drops.
Article continues after this ad
Advertisement
Chief of Research and Economics at Domain, Dr. Nicola Powell, says there’s a number of reasons driving the decline.
“We have seen house prices rise at extreme rates of growth in some suburbs during the pandemic, and I think that stretched affordability,” she said.
“Obviously, the cash rate being higher for longer is really impacting buyers’ ability to purchase.”
