VIC Ballarat Tip: The Capital of Western Victoria

$290 pw

 

Hi All,
I'm after some trades around Ballarat.
Do you guys have any recommendations?
Here are the trades I'm looking for:
1. Paint
2. Sand/polish timber floorboards
3. Carpenter for joinery works
4. Electrician for downlights/safety make-do of existing switches etc.
Happy to receive PM's
Thanks in advance guys

 

So how are things going to turn up in Ballarat post COVID scare? My land settled and if all goes well, build will start in Mid-May.

 

Nathan, Buggzy Electrical has done good work for me in the past
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My view is that workplaces will start to realise that work-from-home arrangement is not that bad. Satellite regional cities like Geelong, Ballarat and Bendigo will be more attractive to those who are after affordable properties with regional lifestyle and commute to work in Melbourne only when needed. Before that to happen, I think the market will generally slow down like any places in Australia, mainly because of the hike in unemployment rate and lenders, not liking certain industries such as retail, hospitality, sports, etc.

Once everything is settled, I still believe the market will be back to the pre-COVID boom time in Ballarat. In my personal view, this is a health crisis, indirectly affecting economy (somewhat severely), unlike GFC, where it was 100% economic crisis.

 

Hope your right

 

@Dalos.....was just going through thread and fame upon your accidental or very accurate prediction of a recession.......did you inadvertently foresee the Coronavirus????

 

Ha, definitely not the Pandemic, but I did expect some external shock to be the trigger. Glad the rest of my musings panned out roughly too as I made my decisions based on those beliefs! I was expecting something like China slowdown / RE collapse or Trump going to war to set it off. The fundamentals for Australia haven't been looking good for years but economies can quite happily churn along on pure sentiment and the Central Bank and Gov propping them up until some external shock resets everything and you see who was swimming naked when the tide goes out. Can even be in a full on bull market during that time when those comparing to conventional wisdom are shaking their heads on the sidelines, sometimes for a full cycle.

I'm still trying to get my head across what the pandemic recession will look like though, this isn't really a normal scenario. Haven't looked into what happened in 1918 but that was post war, different world economy and the government response / tools will differ as well so not that relevant. My gut tells me if it is in the 4-6 month range we'll see a sharp initial recovery (U shape with a long slightly declining flat period at the bottom, high volatility during it), but to lower levels that before and then perhaps a period of stagnation as the 'regular' recession that was on the cards (even without a shock to external global demand that impacts Australia comparatively more) plays out and the world takes a few years to recover to a new BAU. May see a second upswing then 2,3 or 4 years out). At the current levels of stimulus though, who knows, could go into a big bull market asset price inflation ala US post 2008 as we rob future generations.

If we're looking at 12-18 months of some form on severe restriction and a drag on global trade then I think Australia is in for a world of pain. (as is the rest of the world). Lack of China, lack of immigration (can't understate how important this was to Aus, as it was to Ireland before their big hit), underlying weak fundamentals elsewhere in the economy, lack of demand for mining. Perfect storm. Australia has enjoyed a big gravy train linked into to supporting global growth the last 30 years and immigration the last 10 and looks set to stop.

What that means for property? Might come down to sentiment again. I feel the idea of a freeze on activity might come to play out in reality. With no one having any idea of the 'true' value until things get back to normal it will look odd for a time, low volume, volatility. Forced into the recession that was coming alongside this, immigration down and Melbourne hit I wouldn't be surprised at 20% down when the dust settles in the 4-6 month scenario.

12-18 and anyone's guess. If that comes to pass and we're looking at a slow decade of global recovery Australia is in dire straits.

Part of me thinking Ballarat will be insulated due to the local job market makeup and that it didn't go full Bananas like parts of like Melbourne or Geelong, but if we're looking at high unemployment and a proper recession it won't escape, just be hit less.

Oddly I'm in the same situation is before, prepared to swallow 20%, expect it may dip below that for a time, hope for less, looking around for where gains are to be made. Blood in the water now so if you're holding significant cash (not in a depreciating currency) and find the right point / investment could set you up well.

 

Very well said Ko Ko. Let's hope we go back to pre-COVID times once all this settles down.

 

Thanks @Tony3008
I am still looking for a general builder/renovator/PM, ideally to manage all the trades for me.
I am based in Melbourne, and due to COVID restrictions still working out how to approach this situation best.. (otherwise I am comfortable to project manage it myself)
Any recommendations are appreciated guys

 

Hi Guys

Was going to put an offer for the below listing as an investment opportunity however I have read the bad threads about Wendouree West. Could you give me some insight it what your opinions would be of this property or area in a 5-10 year growth cycle? Also my biggest worry would be finding decent tenants in that area. Any advice would be greatly appreciated https://m.realestate.com.au/property-house-vic-wendouree-133425410

 

What is your end goal and would purchasing a property in Wendouree West help you get towards that goal?
We have one in WW. We've had the same tenant for a few years. No arrears and no issues. Yield is good and the CG keeps ticking along.

 

Thanks for your reply. I really think and hope it would reach my end goal. I’m looking for something with medium to long term growth and positive yield. I have a young family and want build a property portfolio to help finance my families future. Since I already have an investment property in Geelong with a mortgage. I’m in the bracket of taking on a maximum 330k loan. I prefer looking at free standing family houses on good size land. I don’t like apartments with corporate fees or builds in new estates. But not being a local to the Ballarat region I have been doing most of my research online and with help of threads like these.

 

I know the house and with my employment, I have a bit to do with the area. I've been watching a few properties along Gillies St, Grevillea Rd recently. There are some good solid homes, along the bus routes, close to Stocklands, the train station, schools and the Melbourne freeway. I'm thinking the same things as you.
The area is what it is, long term, generational welfare recipients, battlers, some real unfortunates in there. But imho there are worse pockets in Ballarat now.
The 'West' gets a bad rap, but it has improved over the years. There is some good people there, a lot of the oldies and long termers, take pride in their community and they're staunch. There's a few well looked after homes and a lot are privately owned now. I can't advise you on whether it'd be a good investment or not. I guess if you bought cheap enough and found the right tenant, it'd be positive cash flow and the properties have definitely increased in value over the years. But it is the westie heartland and always has been since the '50's idk if that will ever change.

 

@Clint89 Below is my personal view on the property at 1202 Grevillea Road, Wendouree:

• Location: As we all know, it is located in the infamous triangle. In terms of liveability, not comparable against the other side of Gillies St North. Grevillea Road is a semi-main road, not quite a quiet local street
• Building: A typical weatherboard house you can find in the surrounding area, but it's fully renovated, so be prepared to pay a bit of premium for the works that the current owner have done. If you want a hassle-free property, this is good. Hopefully, the renos were done professionally
• Land: 775sqm is a decent land size, as you can imagine. STCA, the corner block like this is normally sought after. Had a look at the aerial view, if you can remove the patio at the back, you might be able to squeeze one unit in at the back. Of course, STCA!
• Rental: $320 - $350pw. Double-check with a property manager, especially in this current COVID19 situation
• Zoning: GRZ zone, so nothing to fancy about
• Price: I think the price is fair enough, given the fact that rental yield would be positive cash flow, depending on how much you can negotiate the price down

 

Agent has emailed interested parties saying sale of this property has fallen through twice now, due buyers being unable to secure finance. For anyone with cash, could be a good time to pick up at a v good price

 

+1 for everything mentioned,

also if you are comparing , that with this one
https://www.realestate.com.au/property-house-vic-wendouree-132610850
id be wary, $210-230k for what is a standard untouched house is too expensive, these were regularly advertised at $165k until 12-24 months ago, plus this one is on the main road, which is both a plus and minus

 

So just to add to the interesting topic, how would this property compare to Grevilliea Rd? Considering it's just around the corner in the supposedly better part of Wendouree. Would it be worth spending the extra money for future capital growth.? I think the rent would be similar.
https://www.realestate.com.au/property-house-vic-wendouree-133335070

 

Most people dont prefer main roads, I like main roads (presuming I get a discount) because it means higher chance of higher density res development, however thats a long term play