The prices in real estate in Balaclava, in the New South Wales region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per m² in Balaclava has had a strong decrease during the last 6 months. In October, the average price per m² was $1,078. In the following month the price per m² decreased considerably to $505. The price for the following two months in (December, January) had a considerable decrease of 69 with regard to the prior two months. The price per m² has had a considerable increase of 206 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of $670 to $1,380.5 during February, and March.
Based upon to the price in Balaclava (suburbs), these have remained the same in the last 6 months. The average price for October is $759,286. During November the price had a considerable reduction till $590,000. During the following two months (December, January) the average price had a considerable reduction of 60 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 216 % during the last two months.