VIC ballarat prospects?

Discussion in 'Where to Buy' started by jomi, 8th Oct, 2015.

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  1. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    IMO, it is still growing steadily and has a safe long-term prospect. I hope its 2017 should follow Melbourne's 2016. It's just my speculation. My property in Ballarat East did well over the last 2 year. Bought for $235,000 and recently valued last month at $280,000. So very happy with it. Pulled equity and bought another one in Ballarat again last week. Not that I intended to, but other regional areas like Geelong (a bit hot and more competitions), Bendigo (scared of potential oversupply with hospital housing) sort of forced me to go back to Ballarat.

    So all in all, IMO its best time is yet to come. But it looks like the town is growing towards the west. As others mentioned here, the east's got its geographical limitation with the protected forest.
     
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  2. bazza1234

    bazza1234 Member

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    So meaning Ballarat East with its more limited supply might be a good long term prospect??
    Good job with the equity gain too!! Will do more research over the chrismas break and see if I can head up there in tue new yeat for some inspections!
     
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  3. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    I'd definitely buy in Ballarat East or North, if it were my 1st IP. In fact, I did buy my first IP there. Yield could be a bit lower now, compared to 2 years ago. But it's got good investment fundamentals. But would avoid those shiny subdivided brand new unit/house with small land content < 400sqm.
     
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  4. TMNT

    TMNT Well-Known Member

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    hmm, Ive noticed that there is lots of land out in the canadian side,
    I assumed that it will always be forrest,
    however I wasnt too sure how this affects growht or the surrodunign areas, or since there is lots of green but undevelopable, it should be a a mini hot spot within ballarat east
     
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  5. Beelzebub

    Beelzebub Well-Known Member

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    It was only just last year that the forest you are looking at on Google Maps was designated as a reserve. Check out Canadian State Forest. This should limit supply on the Eastern side. There's still some infill opportunities but much less than the land subdivisions out west. It's also much greener on that side and closer to Melb which helps with the commuter demographic.

    I purchased in East Ballarat also.

    I believe it's all gone through and happened now:
    One Step Closer For Ballarat’s New Canadian Regional Park
     
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  6. Indifference

    Indifference Well-Known Member

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    Ballarat North / Soldiers Hill is good for a few reasons:

    Heritage Overlays (preserves streetscape)
    Proximity to centre of town
    Close to Ballarat Train Station
    Relatively affordable
    Good local amenities

    Ballarat East (inner) is a "sleeper" area. At only 1 - 1.5 km from the mall, it has great potential as it continues to gentrify, IMHO (disclaimer: I own & live here)
     
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  7. bazza1234

    bazza1234 Member

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    Thanks for the input..looks like the east has some value there. Do you think central ballarat has done its run or has some more steam to go? Capital growth there appears to have been pretty healthy
     
  8. Toon

    Toon Well-Known Member

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  9. Beelzebub

    Beelzebub Well-Known Member

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    Apparently the boom has been driven by a drop in yields... not sure how that works. Journos hey!
     
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  10. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    Mmm... I'm being pushed out from Soldiers Hill, as it's starting to get into "More expensive" territory to me. Soldiers Hill is chasing Lake Wendouree and Ballarat Central/Newington, in terms of the price point. Positive-geared houses with decent land content are harder to find these days in Soldiers Hill.
     
  11. TMNT

    TMNT Well-Known Member

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  12. Beelzebub

    Beelzebub Well-Known Member

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    Positive effect long term.
    Limits supply to the East. Previously it may have ended up being new housing estates. Have a look at Google Maps satellite view to get an idea of what this does.

    I'm not saying you would buy because of this, but it's something to be aware of and definitely goes into the pro column when weighing up options.
     
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  13. TMNT

    TMNT Well-Known Member

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    Fair enough.
    Well if I was considering the area already. That news would be great for longterm prospects
     
  14. Ajgom

    Ajgom New Member

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    Hello all,

    I am starting to look strongly at purchasing my 2nd IP, this time in the Ballarat area. My budget is likely to be around the 250-280k mark, and at the moment I'm looking around the Ballarat East (inner), Ballarat North (inner), Eureka area. Ideally something relatively low maintenance, 2-3 bedrooms on a reasonable block.

    I've been following this thread for a little while now and it's provided some great insight - so thanks to those involved. Can anyone more familiar with the area than myself give any recommendations of my target areas to focus on/avoid, or would you suggest looking in any other areas? Any other advice or recommendations?

    If time permits hopefully I can get up there in the next week or so to do some inspections.

    Thanks in advance
     
  15. Toon

    Toon Well-Known Member

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    Demand is ‘strong’ for industry hub

    I particularly like this bit

    "The $30 million joint initiative between City of Ballarat and the state government is expected to generate 9000 jobs in the long term."

    Wonder what 'long term' means, as that number is close to 10% of the current population!
     
  16. Indifference

    Indifference Well-Known Member

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    This generating 9000 jobs is complete fantasy. Even accounting for non-ongoing jobs for construction is way over the top IMHO.

    It is however a positive for Ballarat & part of a broader business park development.
     
  17. Indifference

    Indifference Well-Known Member

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    Yes I have observed the same & hence the term relative... relative to Ballarat Central, Newington & Lake Wendouree precinct on other side of train tracks & Midland Hwy.
     
  18. Toon

    Toon Well-Known Member

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    When I heard it on the news I thought I'd heard it wrong as I was only half paying attention and then I read it in this article and it is an insanely huge number. That's why I wonder what their definition of 'long term' is - 10 years, 50 years??? The overall plan has been in progress already for 10 years apparently and the first tenants are only just going into stage 1 now.

    Definitely positive for Ballarat though, that's for sure.
     
  19. Toon

    Toon Well-Known Member

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    Looks like 'long term' means 20 years. The following is from the City of Ballarat website:

    The Ballarat West Employment Zone (BWEZ) is the biggest investment development project in the region and is unique in regional Victoria in terms of the scale of economic land development. The Ballarat West Employment Zone is expected to create up to 9000 jobs and inject $5 billion per annum into the Ballarat economy.

    BWEZ is the region’s engine room for jobs and economic growth over the next 20 years, and is designed to support business innovation and business productivity.

    It is a staged development of 438 hectares of land adjacent to the Ballarat Airport as a high-quality industrial estate for a range of manufacturing, agribusiness, construction, freight and logistics, and research and development uses. It will include large lots, a freight hub, access for high-productivity freight vehicles and top-quality infrastructure.

    Designed and constructed for industry to enhance business productivity, Ballarat West Employment Zone (BWEZ) is the region’s engine room for jobs and economic growth over the next 20 years.

     
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  20. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    Here we go: The World's Greenest Brewery and One of the Largest Brewery in Australia to be constructed in Ballarat West Employment Zone!
    Broo to build $100 million brewery

    I'm sure this will definitely boost one of the major industries in Ballarat, which is tourism. So good prospect for the years to come!
     
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