VIC Ballarat picking up ??

Discussion in 'Where to Buy' started by Jack, 14th Aug, 2017.

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  1. TMNT

    TMNT Well-Known Member

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  2. Toon

    Toon Well-Known Member

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  3. Owlet

    Owlet Well-Known Member

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    Interesting. My PM wasn't supportive of the rent we wished to ask for our IP. Of course at the end of the day - our choice, but interesting nonetheless. In terms of vacancy - I'll soon know how long it takes.
     
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  4. Beelzebub

    Beelzebub Well-Known Member

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    Rent review in September. Will be going up ^
     
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  5. Toon

    Toon Well-Known Member

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    State treasurer pays tribute to Ballarat’s booming economy

    " “The unemployment (in Ballarat) is lower than Melbourne,” he said. “I always say to people if you want to see if an economy is working, check to see if the unemployment rate is lower than the national average and then check to see if the region is below the metropolitan average and both of those things are happening here.

    “People are employing on the back of the growing confidence in the economy and Ballarat is as good an example of that as you can get.” "
     
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  6. Toon

    Toon Well-Known Member

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    Ballarat property prices set to grow despite downturn in Melbourne market

    "Real estate agents are confident property prices will continue to rise in Ballarat, despite a market downturn in Melbourne and other capital cities.

    A weekend of successful auctions in the centre of town is evidence of market strength.

    Around 150 people attended an auction on Saturday to see what Ballarat Real Estate general manager Allister Morrison described as an ‘unbelievable result’.

    An unrenovated three bedroom house at 12 Talbot Street South sold for $404,000 under the hammer, from an opening bid of $200,000.

    “The fact it sold for over 100 per cent the original bid was a stellar result,” Mr Morrison said.

    “We sold another house at 217 Doveton Street. The gentlemen only saw it for the first time today and bought it at auction within 20 minutes of seeing it.

    “So many people are interested in improving period houses. If we had another 20 today (Saturday) they probably all would have sold with the number of people at the auctions.”

    Ballarat real estate agents have attributed the growth in Ballarat’s property market to strong out of town interest.

    Harcourts Ballarat co-director Jason Gigliotti said it was a ‘fantastic’ time for auctions in Ballarat with the marketplace ‘as strong as it has ever been’.

    This growing interest from out of town buyers is proving a challenge for local and first home buyers searching for a home in central Ballarat.

    And high demand is driving up prices in surrounding suburbs too.

    Mr Gigliotti sees the upwards trend continuing for some time.

    “We do notice that even when the market place gets tougher in capital cities we continue on for at least another 12 months with growth,” he said.

    “Our office had our best ever month last month.” "​
     
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  7. Toon

    Toon Well-Known Member

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    Three of the best and cheapest locations with growth prospects: Terry Ryder

    "BALLARAT

    Regional Australia abounds with growth markets at the moment and many of them have attractive prices.

    Ballarat in Victoria stands out because it’s a strong, growing regional city with great links to its capital city, but at a fraction of the price.

    There are growing numbers of Melbourne residents prowling Ballarat looking for affordable properties with attractive rental yields, amid a thriving local economy.

    There are suburbs with median house prices in the mid-$200,000s and others in the low-to-mid-$300,000s. Yields in the 4.5 to 5.5 percent range are on offer.

    Several locations have recorded double-digit price growth in the past 12 months.

    The most popular suburbs, in terms of sales numbers, are Wendouree and Sebastopol, both of which have a median price of $260,000."​
     
  8. Owlet

    Owlet Well-Known Member

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    Thought I'd update. It took 4.5 weeks to get a tenant. Fortunately, the existing tenant gave us over 60 days notice so only 3 vacant days between leases which is great. Current rent is now back at the highest we have ever rented this place for - 2018 rent is now the same as 2014-15 rent. 16/17 rent was significantly reduced to get a tenant. We also accepted pets and will be installing a dishwasher to seal the deal. Rent is 5.6% (of the purchase price). Value has increased almost 50% in 5 years.
     
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  9. David Shih

    David Shih Mortgage Broker Business Member

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    Thanks for sharing mate. Why do you think it took 4.5 weeks, and if you're to do it again would you do anything different to get it rented out quicker?

    Cheers,
    David
     
  10. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    It's interesting to hear that. I'm wondering if the location is the factor here. My properties are located in those areas that I shaded below. Never had a problem, renting them out. I always intentionally took a week in between tenancies to do cosmetic renos. Rather that that, my PM has been great finding suitable tenants for me. Leases on two of my properties are going to end soon in 4 months. I've been monitoring the rental market there to see whether I can increase rent on those two or not. Will update here.
    [​IMG]
     
  11. Owlet

    Owlet Well-Known Member

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    Good questions David.
    New PM and Agency - I won't go through all the issues but we are not happy with current PM.
    Us being more involved and on top of the process.
    Installing built in robes would be a plus.
    (We have made other improvements and updates in the last 12mths - new instant hot water, new screen door, new window screens, new toilet, new exhaust fans, new fences, updated front yard)

    The property was advertised when tenanted and the tenant was not using the heater to save money. A cold and unheated home where you can see your breath in front of your face is probably not very inviting/ homely. This was out of our control.

    I
     
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  12. Owlet

    Owlet Well-Known Member

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    If I could add a red dot - it would be between Drummond St S and Doevton St S.

    We have found May-Aug not the best time to rent. Higher rents Nov - Mar
     
  13. Toon

    Toon Well-Known Member

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  14. TMNT

    TMNT Well-Known Member

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  15. Beelzebub

    Beelzebub Well-Known Member

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    What's the deal with Terry Ryder?
     
  16. Toon

    Toon Well-Known Member

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    The top 10 LGAs in Australia for property growth markets: Hotspotting's Terry Ryder
    • BALLARAT, VIC
    The regional city of Ballarat has become the strongest market in Victoria, having overtaken the City of Greater Geelong which has led the state on busy sales activity for the past year or so. Ballarat is attracting large numbers of buyers out of Melbourne, drawn by its affordability and better rental yields compared to the capital city. Ballarat also appeals for its growth potential, driven by the strength and diversity of the local economy. Our winter survey has identified nine suburbs with rising sales activity and this is starting to translate into strong price growth.
    Must be why I've had two RE agents knocking on my door just this week asking if I want to sell or know anyone who wants to sello_O
     
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  17. MikeyBallarat

    MikeyBallarat Well-Known Member

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    Hayden? They have asked me twice and left multiple letters in my mailbox.
     
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  18. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    I had 2 REAs from different agencies, who sold IPs to me a few years back, called me up during the week if I’m interested in getting appraisals and that the market is really getting hot. Really interesting to see how long the current boom will last in the Rat. ;)
     
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  19. Toon

    Toon Well-Known Member

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    How the first homeowners grant is helping the young live their dreams

    “The increased First Home Owners Grant for regional Victoria has doubled the number of applicants, encouraging young people to live in, and move to, regional Victoria.”

    "... about half of those who had taken up the grant within Ballarat had moved from Melbourne."​
     
  20. TMNT

    TMNT Well-Known Member

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    As far as I'm aware the regional fhog hasn't changed recently. So it's a bit misleading to make it sound the fhog is what's driving up interest