The prices in real estate in Ballarat, in the Victoria 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 Ballarat has had a strong decrease during the last 6 months. In December, the average price per m² was $1,106. In January this price pretty much remained the same at a value of $1,082 per m². In the following two months the price per m² has barely changed, going from $1,094 to $1,068.5 per m². The price per m² has had a considerable deflation of 50 % 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 $1,081.25 to $546 during April, and May.
Based upon to the price in Ballarat (suburbs), these have remained the same in the last 6 months. In our first sample month during December, the average price is $301,209. In January This price remains at $301,113. In the following two months the average price has remained the same with regard to the previous two months from $301,161 to $298,369.5. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 94 %, going from $299,765.25 to $282,783 in April and May.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $268,048 they are 22 % more affordable than the average price for Ballarat. The properties with the highest average price have 4 bedrooms, Their price is 55 % more costly than the average. After that we have properties with 3 bedrooms priced at $313,204.
With regard to the average price per m² , those properties with 3 bedrooms are the most costly ones at a cost of $623 / m², with an average $562 / m² price in Ballarat. The properties with the highest average prices have 1 bedroom. They are 541 % more expensive than the average followed by properties with 2 bedrooms with a price at $910 / m².
The graph displaying the average prices displays the property type "Land" as the most costly one. At an cost of $268,048 it is 2 % more expensive than the average price in Ballarat. "Apartment" is seen as the second dearest property type. The dearest property type is "House" followed by "Apartment". At a price of $291,456 it is 27 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Land" at an average cost of $146 / m² followed by "House" priced at $663 / m². "Apartment" is the most costly type of property with a $833 / m² cost followed by "House" with an average price of $663 / m².