VIC ballarat prospects?

Hey guys, has someone done some cosmetic reno in Ballarat? E.g. install a new kitchen, painting, new bathroom and so on. Did you find it hard finding good local tradies? I hear reno project in regional areas are always more complicate and expensive.

 

I bought a weatherboard home in Ballarat East, nice easy access to both Melbourne and Geelong.

I really like what Wendouree East has to offer, but wouldn't personally buy in Sebas/Delacombe...not really fond of housing stock there.

Edit: That Wendouree diagram a few posts up is spot on!

 

Thanks for the great map! Ive sent you a private message with a question if you had time to provide some feedback that would be very much appreciated! thanks

 

I went to ballarat yesterday, attended this auction over 20+ groups 6 bidders sold for $364k. I didn't know this part of Reden interest many.

@Scotty B and @Ko Ko Naing thanks for the map that helped a lot to understand the area.

 

It's a nice house (though it needs work) on a good block, but I'm not that much of a fan of the area. Too close to Delacombe for my liking

 

It is a great sized block. Good for a developer and also for a family who still desires a big yard for their kids or even for an older couple who wish to store a caravan or those who wish to build a man cave or someone to dump and build a better house. The block size gives them many options. It is also across the road from Victoria Park which is becoming better and better each year. I remember riding the bike tracks with the elm trees neglected. When the new houses went up where the old army barracks were on Russell St, Council trimmed the under branches and made an effort to present the park better. It is also a nice bike ride from there to the lake. Council values 500sqm at 200k on this year's rates. So 364k for 1200, not such a bad purchase. The 6 bidders didn't think so either.

 

Thanks for sharing the price. I've been eye-ing on this property for a few weeks, although I am not buying at the moment. It's good to see price movement around the area. Yes, I am biased, as I have one in the area. 1000+ sqm ones are harder to find these days. Personally, I always thought of Redan as the next Newcomb(Geelong) of Ballarat. Similar to those who are pushed out of East Geelong due to its price and starting to buy into the next suburb, which is Newcomb, those who are pushed out of Ballarat Central due to its price could look into Redan. Like Newcomb is not as bad as Whittington in general, Redan is not as bad as Sebastopol in general. Ballarat is not Geelong, but just saying, as I've spent quite a lot of my time researching both cities.

 

@Ko Ko Naing What are your thoughts on Skipton street and La Trobe street in Redan, are they noisy main roads ?

 

Agent might call it Skipton st to let buyers think it's just a normal street. It's also called Midland highway and part of A300. It is a very busy main road. You could probably sense that properties on that road are cheaper, compared to others in quieter residential streets in the same area.

La Trobe st is not as bad as Skipton st, but still a large road. Unless you can find a really bargain one with large land content, I'd still avoid properties on that street.

 

Thanks mate much appreciated.

 

Hi all, first time poster here. Just a general question, what is the development prospects in Ballarat currently? Does it suit unit development or is there not sufficient demand for unit style housing?

 

Hi RNB, there is a fair bit of development already happening in the south and western outer suburbs (cookie cutter house and land estates mostly) which could cause a general oversupply in the greater ballarat area.

But I think you are asking more around infill opportunities in the inner areas for units specifically. I'm not an expert on the area by any means but overall it seems there is low demand for units and a preference for houses, townhouses, and villas only. There arent many unit blocks and there are probably several reasons why. First, mine shaft overlays is a real issue in an old gold mining town like ballarat. Basically, the ground underneath the city is like swisse cheese, with mine shaft overlays preventing drilling down too deep for the kinds of foundations i imagine a unit block may require.

Also, heritage restrictions probably make it hard to build higher density dwellings. I may be mistaken, though.

 

There may be opportunities for smaller unit subdivisions in the future. I'm not sure that the density or demand is currently there for a knock down and build currently. Although I believe with continued population growth it will head that way. There may be opportunities for battle ax subdivisions or to build units on flat vacant blocks if you can find them... That being said I haven't ran any numbers on any of this.

 

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.

 

One gotcha for Ballarat is mineshaft overlays/listings. Be sure to check for them on any house on land you are at contract-consideration stages for, and definitely prior to negociating and agreeing final price.

Many odlfthe houses are older, so many require restumping (some major, some minor). Again, consider using this in negotation tactics.

 

Two Ballarat suburbs featured in the table:

SUBURB OR TOWN MEDIAN HOUSE PRICE YEAR ON YEAR GROWTH

Soldiers Hill $434,000 31.52%

Nerrina $565,000 28.41%​

The regional areas of Victoria with the best house price growth

 

I would keep a check on the second qwarter stats for this year when they come out, I have a feeling that theres already been some good growth this year in Ballarat. I have only been focused on Wendouree but I have seen both house and rent prices jump up on the last qwarter of 2017. Nothing to say it could just be the start of any growth.

 

Hey @Ko Ko Naing , are you still happy to recommend Rick Ford for your building inspections? Cheers Mat

 

@Ko Ko Naing

I note this was posted in 2017. Is this map still valid for 2020 if one wants to invest in Wendouree? Thanks and appreciate your view and others as well. First time investor so need all the help I can get!!!