VIC Ballarat Tip: The Capital of Western Victoria

Hi All,

I am looking at buying a land and building in Winter Valley near Delacombe Shopping center for investment purposes (new estate coming up which will be walking distance to the shopping center). I am keen to go for a new build as I intend to keep the property for longer term and don't want the hassle of maintenance buying an older property. i am looking for following insights from the group from people who have investment properties in that area:
- Capital Growth potential
- Quality of Tenants.

Based on my estimates, I can put up a decent 4 bedder with rumpus/study on a ~450 sqm land for around $500k fetching rent of around $400/week based on quick search currently available properties on lease.

The newer properties around the area seem to be going around the same price so the pricing seems fair to me.

Keen to get your thoughts. TIA.

 

You should able to get more than that, I lived very close to DTC, the rent was $440 per week

 

Thanks for the info. Just taking a conservative approach. I believe that I can get more too.

 

I personally think this is better for renter in terms of location and amenity. no need for reno, straight into cash flow which IP need. Capital growth already happening in Sebastopol with domino effect. i got IP unit near there. and my yield is 5%. wish i bought house, but thats all i could afford wth single income with 3 kids. good luck.

 

thank you so much. I hope I can get in before it too late!!!

 

With the original post being made a few years back, is Wendouree still considered a decent place to buy?

I've seen places almost $400k currently tenanted for less than $300/w which seems really quite poor yield, I don't expect positive cashflow but a little extra rent would help. Open to other suggestions at a similar pricepoint?

 

25 trains to be built in Victoria with promise of 750 new jobs

 

Not sure what you are looking. I have a 3 bedder in Wendouree currently rented for $340/wk. Rents are going up

 

Hi All,

I’m in Melbourne and looking to buy my 2nd IP in Ballarat with $500k budget incl. stamp duty.

Currently looking at the below property
14 Halbert Street, Wendouree

14 Halbert Street, Wendouree VIC 3355 | Domain

Appreciate your thoughts on this one.

My view:
Pros: location (assuming falling out of the “bad area”, brick house with decent land, subdivision potential?, within my price range

Cons: a bit further from CBD/Ballarat Grammar, one bathroom only, low yield (3.5%)

I’m new to PC and in the process of reading and gaining knowledge about Ballarat and appreciate your feedback.

Thanks

 

This is true. I've just increased $15 per week at my IP in Ballarat East.

So I don't believe rent is going backward, @Calder&Scale .

 

Good area of Wendouree. I have 2 in this section. Close to everything including a quick exit onto the ring road, wouldn't see the location as a con.
Speak to the local agents there, they quite like that pocket.
I have a 3/1/12 in that pocket which I could make the sunroom a bedroom and the laundry a second bathroom. Spoke to some agents who said they wouldn't bother as 3 beds 1 bath are desirable in that area.
Rents will go up

 

Thanks for your comments @craig s. Just wondering if you have any idea how hot the Wendouree market is atm. Buyers sentiment, turnover, difference between asking and sales prices for example etc. I'll go through the data myself as well but in case you got some handy experience, great if you could share.

Cheers

 

Sold prices are a reflection on the strong market in Wendouree.
I'm not one for too much data research, I get on the ground and go see some inspections, auctions and speak to agents and then get a clearer picture.
I bought in the Sydney boom in 2013, Geelong in 2017 and was on the ground and was a struggle to get a place, Wendouree was much the same in 2018, so I bought 2 in 3 months.
I have just put one Wendouree property on the market to free up some money for my next build so will know how hot it is in the next month hopefully
Didn't want to sell any in Wendouree, would have preferred to let a Brisbane place go but Wendouree has moved, Brissy hasn't unfortunately

 

All the best @craig s. Let us know how it is going. Cheers!

 

Thanks for the responses guys. Wasn't concerned about rents going backwards, but low 300s rent on a property worth ~400k is going to leave us with more negative cashflow than expected.
Easily affordable still, but I would have liked it closer to neutral.

After driving around I actually like Redan a lot better, so close to Newington, Clarendon College, ACU, the lake and the town centre.

I saw this property too before lockdown. Probably one of the nicer houses I saw, zero work needed and brick veneer. Didn't love the sunroom though but I'm sure tenants would value it. As people have said, it is a bit further from B Grammar and the centre, I've also heard the top left of Wendouree has gov housing as well.

 

West of Gilles St in the Triangle of Wendouree is majority of commission I believe hence why prices are cheaper in there

 

How do different areas of Wendouree compare/ how are they ranked? I'm assuming bottom left is best, close to the lake, Stockland and Ballarat Grammar. With bottom right second, closer to the lake as well as well as the centre of Ballarat. With the top of Wendouree third, with the top of Wendouree near the reserve being last.

Is this about right?

 

https://m.realestate.com.au/property-house-vic-ballarat+east-136042846

I almost fell off my chair with this one thought the asking price was a typo

 

Not far from these blocks, which gave me a similar reaction the other day!

Lot 26/809 Wilson Street, Ballarat East, VIC 3350 | Jellis Craig

 

360k for vacant land that far out !
That is nuts