VIC Ballarat Tip: The Capital of Western Victoria

Discussion in 'Where to Buy' started by Ko Ko Naing, 22nd Sep, 2018.

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  1. Dalos

    Dalos Member

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    Pretty much what you'd expect with a vacancy rate of 0.7%, long may it continue!

    Hoping central properties get an even higher boost. The finished gov hub should give a short, sharp jump in the surrounding area as well. With the population and jobs growth, wonder what we're going to see in terms of the in-fill / medium density that the council are pushing. Around the station, along with it's redevelopment, there's a big (for ballarat) apartment dev in that lot near Haymes from memory, and perhaps along Creswick (Ubran renewal area) might look fairly different in 10 years. Though Creswick devs right are shops and parking rather than residential.
     
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  2. Toon

    Toon Well-Known Member

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    Hitting housing gold: Two Ballarat suburbs top price increases in 2018

    "The gold rush city had the Midas touch when it comes to house prices in 2018, according to the Real Estate Institute of Victoria.

    Wendouree and Golden Point both launched into the top 10 for house price growth during last year. Placing fourth, behind Loch Sport, Wonthaggi and Maryborough, Wendouree had a 25.7 per cent jump in median sale prices, with Golden Point clocking up a 21.3 per cent increase across 2018.

    And in October to December, Golden Point experienced a 11.6 per cent increase in house price, the highest anywhere in regional Victoria over three months.

    Biggin & Scott Ballarat real estate agent Francesca Nicol said the dramatic increases in Wendouree and Golden Point were because “they’re the only places Melbourne buyers can find period homes in the $300,000 to $400,000 range”.

    “Once upon a time that suburb was Soldiers Hill, and now they’re seeing what they get one suburb over for dramatically cheaper,” she said.

    “For them, travelling between suburbs can take 30 or 40 minutes in Melbourne, so an extra seven minutes in Ballarat is just laughable.”

    Anything north of Eureka Street and the Brown Hill corridor is a massive growth opportunity ... people walk through and see amazing value.

    REIV president Robyn Waters said results for Regional Victoria had been strong when compared to inner Melbourne, with buyers looking to snap up more affordable options.

    “Our latest data showed some surprise quarterly increases in inland Victoria with Golden Point, Irymple and Daylesford all achieving an uplift of more than nine per cent,” she said.

    Ms Nicol said most investors “want period homes” in Ballarat, with two Magpie Street properties in Golden Point selling for more than $600,000 in their first weekends on show.

    She said it was “retirees and downsizers” looking at those houses, where high quality renovations, heating and views across the city come for a comparative bargain.

    “Ballarat people don’t tend to rate views, but if you come from Melbourne or a capital city, you pay a 10 per cent premium for a view. They look our city through different eyes.

    “For the migration to Wendouree, I assume that would be a lot more investor driven, but certainly around Ballarat Grammar, people seem to buy to live there.” "​
     
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  3. MikeyBallarat

    MikeyBallarat Well-Known Member

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    Yup...anything north of Eureka Street is a massive growth opportunity.
     
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  4. Toon

    Toon Well-Known Member

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    South too now with Golden Point going off :)
     
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  5. TMNT

    TMNT Well-Known Member

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    What about comission housing triangle of wendouree, is that rising at the same rates?
     
  6. MikeyBallarat

    MikeyBallarat Well-Known Member

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    I wouldn’t say so, when prices east of Gillies are still reasonable.