New land sales plummet in Ballarat as rate rises bite

May 25, 2023 4:00 pm in by
Image: Supplied / Luke Kelly of RPM

Fresh data shows new land sales in Ballarat have fallen for the fourth consecutive quarter.

Luke Kelly from report author RPM Research Data and Insights says sales fell 55% in the first quarter of 2023 with only 43 lots sold.

“This is happening throughout Melbourne, Geelong, Ballarat and somewhat in Bendigo.”

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“The purchaser’s sentiment to buy right now is probably the lowest it’s been in a long time, that’s off the back of rising interest rates and the cost of living,” Mr. Kelly said.

Despite the dip, the median price of land in Ballarat increased slightly, lifting by 0.5% to $315,999, although buyers were able to take advantage of an increase in rebates and incentives on offer to save an average 5%, equating to about $25,000.

New land released to the market in Ballarat fell to just 62 lots in the quarter, with a total of 375 lots now on the market.

The median lot size remained at 448sqm for the fifth consecutive quarter.