Ballarat house prices have risen for the first time in 17 months, the latest data from CoreLogic has revealed.
The property data company's Home Value Index shows Ballarat dwellings, which includes houses and units combined, increased 0.3 per cent in October.
October's median price for dwellings was $553,661, $680 more than September's median house price.
The data shows it is the first increase - although small - in 17 months with dwelling prices falling 1.1 per cent in three months and 5.1 per cent in 12 months.
Despite prices rising 0.3 per cent in October, the market is still 9.9 per cent, or about $62,300 below 2022's peak.
CoreLogic research director Tim Lawless said we could be seeing signs the Ballarat housing market is stabilising after a 10.1 per cent drop in values between May 2022 and September.
"Despite the sharp drop in values over the past 17 months, housing values remain 26.5 per cent above where they were at the onset of COVID; a reminder of the strong capital gains that were evident during the worst of the pandemic," Mr Lawless said.
"Overall, it looks like local conditions are starting to stabilise after a sharp drop in values, but it's unlikely housing prices will start to show any material upwards pressure until stock levels come down and buyer demand picks up."
Ballarat house prices grew 0.4 per cent in October to a median price of $589,765, almost $3000 more than the previous month.
House prices dipped 1.1 per cent in three months and 5.3 per cent in 12 months.
Meanwhile, Ballarat units fell 0.6 per cent or $11,043 lower than the September rate median price to record a $361,495 median price in October.
Unit prices decreased 1,5 per cent in three months and 3.1 per cent in 12 months, according to CoreLogic.
Mr Lawless said Ballarat listings remained well above levels recorded at the same time in 2022, in fact almost double the number of homes were on the market in October 2023 compared with October 2022.
Compared with the decade average, advertised stock levels are up 28.4 per cent.
"With advertised supply still elevated, buyers aren't facing a great deal of urgency and selling conditions continue to favour buyers over sellers," Mr Lawless said.
"Homes are selling in a median of 55 days compared with only 14 days at the same time last year and discounting rates are at 5 per cent compared with 2 per cent a year ago."
Nationally, CoreLogic's HVI rose a further 0.9 per cent in October, accelerating from a 0.7 per cent rise in September (revised down from 0.8 per cent).
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