VIC ballarat prospects?

I'm afraid I'm not on top of the market in Ballarat. I'd suggest pulling on some old tracky daks and driving out there and have a look in person.

 

Thanks for the reply TMNT, yes Ballarat may not grow at a rapid rate as Melbourne given that it is only a regional area. By the way, have you bought any properties in Ballarat before? if you have, what suburbs you recommend for a budget of around 200K.

Thanks mate.

 

I would also love to know what PC'ers would recommend for a budget of 200-250k in Ballarat.. Thanks!

 

@live2learn I'm afraid, with $200K budget, the only suburb that comes to my mind is West Wendouree, the roughest of the roughest. If you stretch your budget a little to about $240K, you can still get some BMV ones around Wendouree and Redan with some good land content.

I recently found that some renovated period homes were sold quite well. So if you could get some of them with potentials to add some values through renovations, you could do well.

FYI, @MaddyG

 

For anyone with a bigger budget like $500,000, it is better to buy in Melbourne as I feel the potential for capital appreciation will be greater than Ballarat.

But of course, if your budget is around $250,000, then Ballarat will be good. I think it is now in a rising market - still lots to go but again, don't expect that type of speed seen in Melbourne.

A lot of its growth will be dependent on the state government's effort to grow it and how much they link it up to Melbourne in terms of public transport. If one can reach Melbourne CBD from Ballarat in One Hour's time, this would definitely trigger a boom here. Likewise for the other cities like Bendigo or Shepparton.

 

I still prefer 2 x $250,000 in Ballarat with good land content than 1 x $500,000 in Melbourne. I think it's totally up to individual's strategy. Those 2 Ballarat IPs should pretty much give you positive or neutral cashflow, while a Melbourne will surely leave you with a negative-geared property. If you have capacity to hold that Melbourne property, that's good for you. In terms of growth, Ballarat is nowhere near Melbourne in general.

 

I'm looking at Ballarat at the moment, looking to spend around $300k. Looking in the central areas at a 2 beddy already reno'd or similar, there is a fair bit of good stock around for a decent price with solid yield. 200k, it's a bit depressing to say but there is not much around that will be ready for leasing for that. Going to book some inspections and get ready for the 8 hour drive soon, hopefully I can find something i'm keen on in my first trip!

 

Guys I'd avoid West Wendouree the commission area

You can get original places for 150k and renovated for under 200k.
Long term it might be ok. But you are going to have same pretty average tenants

 

Hi, just wanting to get people's opinions re property in Ballarat East/Eureka??
There is one in particular asking 330-350k, 4BR, 2bath..looks recently renoed. Can't add the link for some reason but address is 810 Eureka Street.

Am after something with a bit of land component but also eay rental as is. Am not based in Ballarat so cant oversee any major renos.

Thanks again. Really value any opinions.

 

Pros:
- Renovated, so should have no issue with rentability
- Large 4 bedders house
- Reasonable backyard

Cons:
- Located close to undesirable Eureka area
- Located on a busy street (Not a main road though)
- A bit overpriced even at $330k (I'd expect 1,000sqm+ for similar areas in Ballarat with that price point)

Personally, I wouldn't buy it, as I tend to like properties with potential to add values through renovations. I give high priority to land content than the condition of a house. So perhaps, depends on each preferences, I guess.

 

Thanks for your feedback. It was more for the easy rentability that appealed to me and the fact i didnt have to do much to it as yet. Will see if there a bit of wiggle room with the price as well

Will keep researching!

 

I haven't gone into any deep research on what's currently available, but these might be options in your price range - all on decent sized blocks and rentable as is:

916 Armstrong Street North Ballarat North Vic 3350 - House for Sale #125609402 - realestate.com.au

421 Cobden Street Mount Pleasant Vic 3350 - House for Sale #123483142 - realestate.com.au

425 Cobden Street Mount Pleasant Vic 3350 - House for Sale #125430038 - realestate.com.au

 

Investment $$$ increasing:

Millions invested in city’s projects

 

Interesting times for Ballarat. I always like to follow the investment $$$ which is often a solid lead indicator. This level of spending is unprecedented for Ballarat in recent times. Maybe it's time has finally arrived?

I think from 1 July onwards demand is likely to
Go up a gear for Ballarat property given the preferential treatment for first home buyers. Also, the various state government departments moving to Ballarat CBD will be a game changer over the medium term.

Keep it central and period and you'll do well - soldiers hill, ballarat east, newington are my picks if you want the best of both worlds, yield and CG.

Don't go low end in Wendouree, Redan, Sebas etc You'll get virtually no growth in real terms and you'll be dealing with appalling tenants. Pay a little more and you'll get disproportionately more back is my advice and better tenants that looks after your prorperty/pay rent!

 

Soldiers hill and Newington for yield? I don't think it's achievable. Growth, yes definitely. I'd buy one if there's a property with a good yield come up for sale tomorrow in those two suburbs.

I'd categorize the suburbs as follows in no particular order:
Yield: Wendouree, Redan
Growth: Ballarat central, Soldiers hill, Newington

I personally avoid West wendouree and Sabastopol. You might be able to find some moderate growth and yield in Ballarat North and some part of Ballarat East.

 

Definitely not soldiers hill for yield.

The rents aren't that much more compared to the crappier areas but you pay 25% more for example.

Lower priced areas have higher yields

 

Will be interesting to see the outcome of the new Vic FHB incentives commencing today.

The example in this article is of a family leaving Newcastle for Ballarat due to affordability. More and more people have been shifting to Ballarat from Melbourne recently and now it looks like it's attracting people from interstate too.

Home owner grant attracts interstate interest

Hopefully this will increase exponentially

 

All green for asking prices, which may not reflect sold prices. Please note that 3350 covers the most prestigious suburb of Lake Wendouree to the suburb full of new estates like Alfredton. Hopefully, the new financial year's FHB benefits will flow in from Melbourne.

 

We just had our property in Ballarat Central valued by the bank today and it's gone up over 20% in just over 2 years- we might finally be starting to get some of the long awaited growth!

 

Do you care to share which suburb it is in?