VIC 1st Ballarat IP purchase

Discussion in 'Where to Buy' started by Robjj, 9th Sep, 2018.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Robjj

    Robjj Member

    Joined:
    7th Jul, 2018
    Posts:
    18
    Location:
    Melbourne
    Morning brains trust.

    Currently researching areas for my 1st IP in Ballarat, fundamentals look good to me, like the investment the Vic Gov is making with their GovHub etc.

    Looking around the 400k mark +-10%. Currently researching Ballarat Central, what other areas should I widen my search to? What are must haves for investment grade property in Ballarat ? What yields are you receiving ?

    Many thanks for your advice.

    Rob
     
  2. jodes

    jodes Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    315
    Location:
    Sydney
    Ballarat Central or Ballarat East. Try to go one of the classics- federation style or anything built before the 1950's. Don't buy units.
     
    Robjj and MikeyBallarat like this.
  3. MikeyBallarat

    MikeyBallarat Well-Known Member

    Joined:
    26th Aug, 2016
    Posts:
    678
    Location:
    Ballarat East
    Yes. I agree. I live in Ballarat East and that would be my pick. I would also consider Black Hill, Brown Hill, Golden Point, Canadian, Mount Pleasant and parts of Redan (the parts bordering Ballarat Central).
     
    Robjj and Toon like this.
  4. Ko Ko Naing

    Ko Ko Naing Well-Known Member

    Joined:
    10th Aug, 2015
    Posts:
    619
    Location:
    Melbourne
    Anywhere in Ballarat Central with a good land content will beat anything, but it won’t be cheap, especially when it is renovated. Scarcity of land in central areas will always put you in front of others, compared to those in the west.

    These are must-haves:
    • Detached house
    • At least 3 bedrooms
    • Large garage/shed
    • Central Heating or split A/C heating
    • Close to amenities, shops and central areas
    Attributes on individual property may differ from one to another though such as condition of the house, street appeal, land slope, busyness of street, etc.
     
    Robjj likes this.
  5. TMNT

    TMNT Well-Known Member

    Joined:
    23rd Jul, 2015
    Posts:
    5,572
    Location:
    Melbourne
    Never understood the attraction of wendouree
    Unless by the lake which the price rise is dramatic..

    When I was driving up and back to Central. A few times a day from wendouree, I noticed the distance and time.

    Felt like ages away
     
  6. Ko Ko Naing

    Ko Ko Naing Well-Known Member

    Joined:
    10th Aug, 2015
    Posts:
    619
    Location:
    Melbourne
    I believe the same happened to the east in northern part of Ballarat Central, to the south in Newington and to the west in Lake Gardens. They are all red, surrounding Lake Wendouree suburb, as in the image attached. The only part left in yellow is at the north, which is the best part of Wendouree between Howitt St and Norman St.
    [​IMG]
    [​IMG]
     
  7. TMNT

    TMNT Well-Known Member

    Joined:
    23rd Jul, 2015
    Posts:
    5,572
    Location:
    Melbourne
    What do you mean?
     
  8. Ko Ko Naing

    Ko Ko Naing Well-Known Member

    Joined:
    10th Aug, 2015
    Posts:
    619
    Location:
    Melbourne
    I mean the attraction to Wendouree is just because of its affordability, compared to other directions around the Lake. Especially for home owners, it’s becoming more of lifestyle choice to be able to live close to the Lake.

    It’s a different story for investment purpose, as yield-wise, it’s not looking good at all.
     
  9. MikeyBallarat

    MikeyBallarat Well-Known Member

    Joined:
    26th Aug, 2016
    Posts:
    678
    Location:
    Ballarat East
    Wendouree has a train station, huge shopping centre, homemaker centre, large commercial precinct on Howitt St, and three freeway exits. Not to mention huge blocks. Ballarat locals like it there as long as it’s not ‘The West’ (aka west of Gillies St).

    It tends to be passed over by Melbournites because with the exception of a few houses in Essex/Shelley/etc streets, it doesn’t have the heritage homes that Ballarat is known for. It just doesn’t feel as ‘Ballarat’ as Ballarat Central and East do.
     
  10. Indmr

    Indmr Active Member

    Joined:
    28th Jan, 2019
    Posts:
    43
    Location:
    Australia
    Hi @MikeyBallarat, What are your thoughts for Bonshaw. Not much option for established houses though there are few OTP Florian, Ploughmans, Grandeur.
     
  11. Ko Ko Naing

    Ko Ko Naing Well-Known Member

    Joined:
    10th Aug, 2015
    Posts:
    619
    Location:
    Melbourne
    Bonshaw is too far for a regional city like Ballarat. Locals (both tenants and owner occupiers) prefer living somewhere central.
     
    Indmr likes this.