VIC Ballarat Tip: The Capital of Western Victoria

Having looked into (and recently bought) in Ballarat market over the last year it's certainly simmering very comfortably, good properties are selling within days (I know because I missed out). I doubt it's going to get Melbourne/Geelong growth but I expect moderate growth 5.5-6% for well located properties, more if there's a value add

 

I was surprised how quick the good properties were selling compared to Melbourne

 

Yes I am...definitely a big stigma around Lucas, so far from everything, rabbit warren, hard to get around, and it’s considered pretty rough too.

 

That’s certainly true!! Here in Ballarat East reasonably priced homes sell within days - and that’s pretty much been the case since 2017!

 

That is what people said about Armstrong Creek in Geelong...I reckon it is good areas...

 

I just don’t see the value when you can buy an older home walking distance from town for similar money. You used to be able to buy said older home for much less than a home in Lucas - and that’s when it *really* didn’t make sense!

 

For all those non local or starting to look in Ballarat,

in terms of rental, the phenomenon of having 10 applicants per open, all offering more than the advertised rent has subdued significantly,

the rental market is still strong with good properties renting within a couple days and "not so good ones" still renting fairly quickly.

Generally, when property prices go up a lot, the rental market gets tighter too, we seem to be getting closer to a equilibrium

with low rates and easier money I cant see things changing too much, unless we enter into recession territory

 

melbourne was not going through a crash, it was a controlled downturn which was overstated by the media, hence was a great time to buy if you knew what you were doing.

 

Great info to read through here, I'll be taking a drive up to Ballarat soon to start looking at some properties, I like the long term (20 year) prospects for the town with lots of growth in particularly public transport.

 

Way to ask for help Flynn..................

 

Talking in "absolute" terms is meaningless, you need to compared any profit in a relative sense, i.e. against the investment outlay

 

This is what we definitely started seeing with our investment property. It is well priced, however after one week of inspections (5 in total) we had only two applicants whom we rejected for valid reasons. The number of people who inspected the property also dropped compared to what we witnessed in the past. During previous periods, it was rented out after the first inspection. Considering that our house is in excellent condition, this rings the bell.

 

oops I just received a question via msg,
I should add/correct that,
in general, when property prices go up a lot/fast, people cant/wont buy so therefore the numbers of renters increase, thus a tighter market, which is then followed by a softening rental market as the number of investors renting their property out increases

 

That's interesting as I was talking with a property manager on Friday and he was saying they have little stock available and properties are renting out quickly. We have a new home about to be handed over and he is now quoting a higher figure than we originally where working on.

 

Hi to all, for anyone who may be following this thread and looking to buy a property in Wendouree, we will be putting our house on the market in the coming weeks. 3 x 1 brick, ample garaging, central heating, aircon, outdoor patio area in old Wendouree - located close to the College St shops. We have lived in this home for 6 years and it would make a nice investment property imo. Happy to share more info with anyone that is interested. Cheers

 

Well, I am monitoring our suburb for about 2 and a half weeks. Around 10 3-4 bedders are listed for rent. From them, only one disappeared, which I assume was rented. The others still stay.
Agents can quote whatever they want but what I see now is different from what I saw a year ago.

 

Might be interested in that, share the link when it is listed.

 

For sure Tman1992.

FYI our property will be listed online late Wednesday and open for the first viewing on Sat 14th Dec.

Yell out if you want any further info.

 

Thanks @Ko Ko Naing and others for sharing so much information on Ballarat.

@Matyd , congratulations on your new purchase. I see that you made a few trips to Ballarat during your search for the house. Which suburb(s) you finally closed your search in?
Do you mind sharing information on your property?
I am also looking for a property mainly for investment purpose (and our first home). But not sure if I should go for H & L package or look for houses on sale.
Thanks,
Rosh

 

Hi all, great thread. I own 7 properties in Ballarat, a mix of resi and commercial.

I am surprised nobody has mentioned Sebastopol in these threads. With the projected development in the west towards Delacombe, Lucas, Bonshaw it’s only a matter of time before Sebastopol land rockets up. It went up double digits in the last year and is still cheap to buy compared to the rest of Ballarat.

Anything on or close to Albert St, on a big block is the go. Plenty of old houses on big blocks still around.

I would encourage everyone interested in Ballarat to read up about the growth strategy on the Council’s website. Plenty of great info if you are interested in where future growth is headed.

Have had many meetings with council too, all of which are very bullish on Sebastopol - ‘it is Ballarat’s Footscray’ - their words, not mine.

Cheap as chips still, with the best growth prospects in Ballarat over the next 10 years IMO