VIC ballarat prospects?

I would lean towards the 9 o'clock sources personally. Ballarat usually follows Melbourne and Melbourne is only just reaching 12 o'clock. I hope it's at 9 o'clock anyway or it'll be a long wait till I get the doubling I'm waiting for

 

Thanks Toon. Are you concerned by the massive supply coming online, out west in Lucas and surrounding suburbs (about 9KM west of Ballarat central)?

Or is this just too far away to make a 'dent' in demand in the inner 2km ring of Ballarat central?

 

I think.short term it will hurt becsude rents and prices will be capped by the oversupply. But longterm it will increase the image and quality of the area, just shows the level of investment going into that particular area

 

I was concerned but the more I read about projected population growth & various investments & infrastructure (i.e. the new $60 million shopping centre due to commence in Delacombe next year), the more I think it will be good for Ballarat overall. I don't think it will impact central areas too much.

 

How central is central? Are you referring to the Ballarat Central specifically? Or any areas around 5km radius of Sturt Street shops? As the yield was definitely not good in Ballarat Central and still is not, I bought one in Ballarat East and one in North at the beginning of the year. Should I be concerned about the oversupply that you guys are talking about?

 

I'm probably thinking more within the 3km radius (I had to measure this on Google ). The areas I would be most concerned about would be on the western side, as that is where the growth seems to have no bounds.

 

3km radius! Yes, mine are still in there.

I believe Eureka is a special case here, as you all know.

 

@cherubym can you elaborate on Eureka's special-case status?

 

After reading a few people's comments in Somersoft and personally driving through most streets in Eureka, I understand why properties in Eureka or around that area within Ballarat East are cheaper compared to the other parts of Ballarat. With all due respects, I am not local, so I am not sure what is going on in that area. Maybe locals can shed some lights. But you can feel it when you are actually on the ground.

 

my first IP was in ballarat east, and I had the EXACT same feelings of you when I went there,

this may help or unhelp your purchase

I liked eurekas large land blocks, not so run down houses, proximity to the city and more access to green,

after my first 2 two trips there I too thought why the prices werent higher.

there are a few things going for and not going for eureka

the good
big blocks
proximity to city
fairly quiet in some areas

the bad
reputation isnt too great
some of the main streets are noisy
doesnt have that homely suburb feeling like in Soldiers hill or golden point
land land land, in the next suburb of canadian, there is heaps of it

Long term I think if you bought now it would be fine, but the land avaiaiblity is probably what will hold it back from booming 20years

you just get a better homely feeling in north or south west of the city

 

Did some heavy research when I bought one in Wendouree and Ballarat East last year. Has steady growth since.

Eureka has a few cottage style, Victorian style older houses.

Lucas isn't a bad prospect however I think you'll be better off spending the money $300K-$350K land and house package elsewhere if your looking in VIC Melbourne.

Sebastopol/Wendouree have some rougher areas but drive around and you'll get a feel. That being said, some gems to be found in these areas.

Long term there shouldn't be a worry to buy in Ballarat. Steady growth, lot of infrastructure and money being pumped into the area, low holding costs, lots of renters. Just buy below the median price range house on 400-600sqm block, 3-4 bedroom, shed/garage (it's a must thing for a lot of people in Ballarat for some reason). Spend between $170K-$250K for an existing home in Ballarat with $220-$300 rent/wk and she'll be right.

 

the thing that bothers me slightly, is that ballarat has been a hot spot by just about every guru.

even the agents im friends with and whom give me their honest opinion on the good and bads about the future, many of them are scratching their heads saying, why hasnt it taken off, or for some areas, why has it gone down!!

my analysis points to only positives for the present and the future however, some of my purchases are only doing well due to BMV combined with average growth

 

It isn't going to explode like Melbourne short term but it is a solid investment to buy and hold long term with minimal holding cost from day one. Can't really find that if your looking in the Melbourne market. Look for the right areas /deals and buy below market value.

 

With regard to the land in Canadian, much of that has recently been reserved as a state park, so cannot be built on. Just to the east of this is the border between Ballarat City and Moorabool & this land is not zoned residential & being on the far western fringe of Moorabool is unlikely to be re-zoned in the foreseeable future.



http://www.vec.vic.gov.au/images/maps/BallaratMapHR.pdf

However, there is no end to land availability to the west of Ballarat, which I think is what is keeping CG down & I would steer clear of these areas personally.

 

@Toon thanks for the share

 

Strong year for region’s real estate

 

Just spoke to my agent and he said there has been a massive increase in properties for lease in Ballarat. Rental yields might be somewhat 'stunted' in the next 12-18months. Lots of new estates with home and land packages being released as well...

 

West of the CBD there are a lot of H&L packages coming online, this could be the dampener to rental yields in some areas.

 

I think it comes down to lifestyle choice, whether being close to amenities and city or being able to live in new houses further away from those. I assume Delacombe in particular has lots and lots of H&L packages. Central, East and North should be ok in terms of rental return wise.

 

Can anyone on the ground say whether Learmonth Road area around McNulty and Ring Road are a good part of Wendouree?

Thanks in advance,