VIC Ballarat picking up ??

Hope they never get a rental again.

First to complain when consequences of their actions catch up with them

 

Had monitored Ballarat for a while and notice that some parts are picking up faster than I thought. Definitely start to feel the ripple. As a junior PI like me ,Melbourne IP is out of reach and low risk Ballarat is top choice for my personal reason. By the way , I have lots of fun on last weekend White Night Ballarat. Cheers !!

 

Welcome to the forum, Jack!

Melbourne has had its turn. Geelong has had its turn. The tide is coming to the Rat now.

 

Let’s run together

 

Exciting times for Geelong and Rat property owners. Soldiers Hill, Black Hill and Central have already had excellent growth.

 

This is good news. I've felt great interest in Wendoree since we were ready to buy in early November and the pace seems to be picking up for the right properties.

I'm currently carrying out a renovation in Wendoree and like the community friendliness and feel of this suburb

 

Ballarat youth unemployment rate second lowest in Australia

 

Puts an end to the ‘Regional Victoria has no jobs’ myth, doesn’t it?

 

Employment figures can be squed partime or casual jobs are all considered as employment in these figures. Theres a lack of full time positions on offer these days

Youth Unemployment Monitor

 

That has been the case for many years. It doesn't discount the positive impact a downward trend in unemployment will have for incomes and house prices in the region.

 

Ballarat property market running hot as Melbourne buyers rush the gold town

'Ballarat is in the thick of a second golden rush. This time, it’s for real estate, rather than shimmering nuggets. The population is about 106,000 and Ballarat is the fourth fastest-growing city in the country...'

'“I see Ballarat today where Geelong was four years ago,” he says. “What appeals … are the comparably low prices, high rental yields and similar proximity to Melbourne’s CBD as what Geelong offers.”'

'With a median house price of $433,000 according to Domain Group data, Ballarat property is about half the price of Melbourne’s. However, this is quickly increasing. For example, in late 2017, Ballarat’s median house price was just $325,000.'

 

I bought my first property in Ballarat in something like 2009-2010, it was a duplex on one title (A 3 bedroom house and a 1 bedroom unit). It was all I could afford at the time for 220k. Regular homes without the unit at the back of mine were selling for about 205k so this was a bit of a bargain because it was absolutely trashed. I was able to renovate and subdivide my place to access equity and keep my portfolio moving - it's now worth about 430k today the bank tells me, though most of this growth is due to my own doing and not the growth of the suburb itself.

I saw just the other day something very similar to the 205k house around the corner sell for 240k. It has been a tough slog in Ballarat the last few years, something I cannot understand with Bendigo & Geelong being so much more expensive. In terms of rentals in 2012-14 they softened quite a lot and have only recently picked up in the last 12 months or so. The market is becoming much tighter.

I believe with the Melbourne boom people will be priced out and look regionally - I'm legitimately considering a sea change with my partner because it is so damn cheap. I'm picking pretty strong growth over the next 2 years for Ballarat.

 

Hi Alex

I'm with you on your expressions of the genral Ballarat market hence our recent purchace We brought a corner block wb 3 bed house on 659 sq mtr in which I have just finished a 16 working day cometic reno on Sunday night ready for photos on Monday
Turns out the realestate didnt get time in taking the photos as a local resident who was a curent client with a well know history for looking after the previous property was shown the property and decided to take ours before going to the rental market even after asking $20 more than the $260 rental market apraisal of our realestate. I had indicted that my price was more in line with the current market rentals ( diplomatically without trying to tell your nan how to suck eggs) which seem to of shifted $20 upwards in rent in the last 2-3 months across the board.

These are my observations but hopfully a good sign. Checking out the current stock levels for a 3 bedder house under 300k there seems to be very slim pickings compared to before Christmas

 

"Victoria’s regional cities had huge increases in demand year-on-year, boosted by an influx of Melbourne buyers seeking more affordable houses.

Demand in Ballarat has grown 62 per cent, with Warrnambool (58 per cent) and Greater Geelong (56 per cent) also experiencing surges of more than 50 per cent, according to the quarterly report.

The website calculates demand based on the number of property views against the average number of property listings.

Realestate.com.au chief economist Nerida Conisbee expected prices to continue to rise in these regional cities throughout the year, driven by increased competition for affordable homes.

Biggin & Scott, Ballarat, director Francesca Nicol said surging demand in her area had been compounded by lower stock levels — expected to increase over the coming weeks.

“Compared to the Melbourne and Sydney markets, Ballarat is still ridiculously affordable. You can still get a beautiful four-bedroom home for less than $600,000, so it’s pretty good going,” she said.

“And there are still homes available at the $200,000-$400,000 level, if people are willing to go four or five minutes from the CBD you can get really cheap property.” "

Melbourne suburbs Australia’s most in demand

 

See how Ballarat has changed from above

 

Was just about to link that! Note Samantha McIntosh earmarked Mount Rowan and Ballarat East are Ballarat’s future growth areas after the current Ballarat West expansion. Good for buyers in established parts of Ballarat East and Wendouree east of Gillies Street!

 

Hi, I need some help from the Ballarat gurus in terms of a few investment properties I am going to visit this Thursday.

Here are my options:

• Couple of houses in Wendouree - Prefect St and Grandview groove - 3 beds, over 500 sqm land - Asking price is just a tad under $300k.
• 2 more houses in Ballarat East - Cecile Court and Humffray St North - 3 beds, over 500 sqm land - Asking price is around $350k.
• The last on my list is in Sebastopol - Beverin St - 3 bed, recently revoated - very large land - Asking price is again just a tad under $300k.

Can you please let me know if I am researching in the right direction and the above shortlist is acceptable for a beginner. What should be the 1st preference from my shortlist above? What are the gotchas to look for? Are there any no-go zones?

This is going to be my 1st ever IP. I only have a budget of around $350k to play with hence can't really look into Melbourne suburbs. And according to my research on PC, I think my only option
is Ballarat. But I am definitely open to researching on other areas so please help with some suggestions if possible.

 

$100 million worth of GovHub project is really getting into reality:
GovHub – building a new heart for the future of Ballarat

That project alone will completely change the look of Ballarat CBD.

 

I’m in the same boat. We could be IP twins. Did you buy anything in Ballarat yet? Some good new ones in Wendouree coming up.

 

Wowzers Wendouree has come a long way! Wish I hadda bought there two years ago when I turned down a $180K 3/1/1/650sqm house in the eastern part of the suburb!