VIC Ballarat Tip: The Capital of Western Victoria

Just some stains should be fine, i read somewhere someone had a ip that was used as a meth lab and they needed contamination by pros,

 

Double check with a property manager on regulations and legal requirements to make it rentable. I agree with @TMNT that it seems an excellent price for that size of land, especially being in the north side of Ballarat East. Your property inspector (assuming your buyers agent) should be able to advice on whether it is a good buy or not.

Generally, in owner occupier areas, a lot of people won't want to buy this type of property. If you don't mind a bit of project management with renos, this could be a good deal for you. If location is ticked, land size is ticked and price point is ticked, I guess it's just a matter of finding out how to solve the problem with stains and smell.

 

Sounds like it’s on Webb Avenue from what you tell me. If you can get anything in that area for >200k, jump on it

 

Thanks for the guidance! Really appreciate your help.
Had a chat with neighbours, they say it's been mildly used for drugs but not as a drug lab which gives me relief, other than that it ticks all the boxes.
Going to lock the deal today
Thanks again
Airet

 

It's been sorted, as it was just mildly used for drugs.
Thanks

 

It's near Webb avenue at Nunn street, Wish I could get something at Webb avenue.
Still, that area is a beauty.
Thanks

 

If its nunn st, house is backing onto the creek,

So subdivision probablt isnt possible, plus most of the frontages arent big

 

Yeah Agree!
Thanks

 

Hi everyone,
This thread is a fantastic read, so thanks for everyone contributing and sharing! I’m also looking at Ballarat east. My question is how Far East is still good, north of the railway line- Do I stop at Russel square for example, or is it good out to brown hill?

And that far out- still good growth and rental demand, or am I better looking elsewhere?

thanks
R

 

Over the railway line, it’s all good.

 

Pocket within Water St, Humffray St Nth in Brown Hill is still ok, even though it is getting further away from the city.

Be mindful that pretty much most part of north side of Humffray st nth is in bush fire prone zone. If you are looking to develop, there may be building regulations to conform to.

 

Thanks Mikeyballarat and Ko Ko,
I'm planning on west of Russel Square. Fire zones don't worry me, so we will see what I find!

Overall is Ballarat still booming, and has East seen it, or is it still coming in your opinions?

Thanks again.

 

Went to an auction in Ballarat on the weekend, nearly 50-60 people there, property went 25% over the reserve price after the reserve / guide had been upgraded by 30% already between listing date and auction date. Intense bidding and electric atmosphere.
Every Ballarat agent I have spoken with lately tells me that they can’t find good stock (good houses / decent land) fast enough.
The momentum is picking up pace, that’s for sure and it feels like this little caterpillar is about to grow some wings.
For those armchair investors interested in Ballarat, I would recommend a trip up there whenever you can, nothing like witnessing the effects of the current property market renaissance first hand

 

Nice can I ask what area if you dont mind? Cheers

 

1705 Sturt St Alfredton
Initial advertised range $495-540k
Updated estimated price few weeks later $650k
Sold at Auction for $795k

 

Wow, thought it would be Ballarat Central. Cheers

 

damn! what a price,
at double the size of average blocks, thats still a great price

I like main road properties as they usually get zoned comm/high density first, as long as you get it at a discount

 

Great sold price! This older part of Alfredton has always been achieving a decent growth since the boom started. The closer a property is to the Lake, the more buyers it attracts, especially owner occupiers, who wants that lifestyle.

 

yeah true, although this one you can’t really get to from the main road, weird as it is still called Sturt St. It really is a small side street that can’t be accessed directly from Sturt. House in pretty bad condition so really land only

You are right about main rd properties, I hold a fair few at the top end of midland hwy in Seb and the activity around there has been seriously accelerating as well.

Resi zoning abutting a main road gives you lots of options for permitted use. Currently working on converting 3 of the houses into a drive through restaurant - no rezoning required, just a council permit. And Ballarat council is one of the most pro development councils I have ever dealt with

 

Sold! Ballarat homes selling in the blink of an eye

REIV days on market by Emily Sweet - Infogram

Houses are selling in Ballarat twice as fast as the rest of regional Victoria

'BALLARAT'S property market is booming, with many suburbs seeing sales in less than half the time of the regional Victoria average.

The latest, 'days on market' data released by the Real Estate Institute of Victoria (REIV) for January 2020 shows that most Ballarat homes are selling less than a month after they are first listed.

Brown Hill and the new Winter Valley estate are the prime locations for quick sales, with properties averaging just 22 days on the market.

At the other end of the spectrum, homes in Canadian are taking a little longer, at 33 days, but well below the state regional average of 55 days.

In fact homes in Canadian are still selling quicker than those in metropolitan Melbourne which is averaging 34 days on the market...

..."It's being seen by Melbourne as a vibrant market and the place to invest.

"The hotspots up to $600,000 are selling within a week. And of that 55 per cent of our buyers are coming from Melbourne."...

...REIV president Leah Calnan said having homes sell fast is a true sign of a strong market, with areas showing an increased sale rate.

"Buyers have a big appetite for homes in Victoria, and strong competition for homes is causing shorter sales times." Ms Calnan said.

"Demand is high, local agents are being flooded with enquiries as soon as they list a new home for sale."'




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