VIC Ballarat Tip: The Capital of Western Victoria

From a local Real Estate Agent's weekly update:

"This week the Real Estate Institute of Victoria (REIV) reported some sensational price growth figures throughout Regional Victoria. In Ballarat the suburb of Redan recorded a quarterly rise of 8.1%, Wendouree 7.5%, Brownhill 8.7% and in Ballarat Central 7.7%. Ararat saw price growth of 4.3% and in Maryborough a whopping 10.5%. Such strong growth is expected to continue throughout the rest of the year as interest rates remain low and Melbourne buyers look towards Regional Victoria as a place to live and invest. It is likely that after this current lockdown we will see a new rush of out of town buyers come into our market."​

 

Hi guys, first time user. Hoping to get some insights from Ballarat local investors. I’m currently in the process of looking to purchase an investment property (priority is capital growth over yield). With my borrowing capacity, (around 500K) it looks like what I can afford is some parts of Ballarat such as Wendouree, Eureka & Sebastopol. Preference is a brick home, over 600m2 block and at least 3 bedrooms. Any insights into these suburbs and the potential growth, certain pockets, no go zones etc would be greatly appreciated.

 

Scroll back to the earlier posts at the start of the thread. Those in the know of Ballarat were kind to put together their thoughts on where to buy and where to stay clear of. Have purchased based on this information and these posters have nailed it. Best of luck.

 

Thanks Matyd, just couldn’t see how long ago these insights were posted. Wanted to get specific insight into these two suburbs based on current situation in 2021. Thanks again.

 

Hi all, hoping someone can give us some guidance. We are looking to invest in the Ballarat region. We are based in Melbourne and don’t know too much about the differences in the sub areas of the Ballarat region. Currently we have two properties that we are trying to decide between. One property is in Wendouree (4 bed, 2 bath) and one in Eureka (3 bed, 1 bath). Both houses brick veneer and comparable land sizes. We can’t seem to decide whether the more central position of Eureka to the Ballarat CBD is more valuable than the extra bedroom and bathroom of the property in Wendouree, which is that little further out in comparison to Eureka. Does anyone have any insights into where would be areas of better investment? Any help would be greatly appreciated.

 

Finally under contract, but at what price

 

I think this property was brought up in a thread on here a long time ago, but I can't find it now. Anyway, looks like someone's finally going to try and do something with it at last:


Planning application submitted for Eyre Street building

 

Jellis Craig's 2021 Report:

The Report 2021 - BALLARAT & CENTRAL VICTORIA

Infrastructure and Local Insights

"The Report is Jellis Craig's exclusive annual insight into Ballarat's residential property market and all the factors that drive demand, house price growth and long-term trends.

Despite experiencing lockdown restrictions this year, we are in the midst of an astounding period for real estate in Ballarat. Property prices continue to grow, buyer demand continues to outweigh supply and there are no signs of this abating any time soon.

In this year’s Report, we examine the market in your area and the infrastructure improvements that will add to the liveability of Ballarat and Central Victoria. Demographer Bernard Salt talks to us about the broader implications of the regional boom, and Jellis Craig CEO Nick Dowling makes his predictions about what is next for the property market."​

 

Missed out on buying this in 2001 for only 250k!

It was sad walking past. On Eyre st there is a very small window facing the street - an elderly occupied the very small room behind that window. On the plus -side, she had a roof over her head but...

 

Music to my ears,
I feel that my strategy is paying off as I was doubting myself for a while

I currently own 3 x wendouree properties next to each other forming 1800sqm odd
I doubt density regulations will change for years , but it might be ripe for a multi development

 

Just curious - do you think that capital would have been better spent investing elsewhere rather buying in the same location? That is not putting all eggs in one basket.

 

Until recently I definitely thought had a bought a 600k property back then it would have done so much better due to metro melb shooting up in price with mind boggling results.
However given the recent lag and catch up of Ballarat % wise I think the gains are similar , the wendouree props are worth $370k (as a guess),
Would a 600k prop be worth 1.11m now.
I'd say definitely, going fwd I'd still rather have the 1.1m. Ie I think from 2021 prices this is the better investment choice.
Live and learn

 

https://www.realestate.com.au/property-house-vic-ballarat+east-137283002

was about to recommend this for a good deal, until I saw the foot path cut through the side of the plot

 

I'd like to thank Ko Ko Niang for beginning this thread, as I've been following the thread ever since it started. It’s been very helpful. We've all witnessed how the Ballarat housing market has been flourishing for the past few years.

I'm not from Ballarat and have little knowledge of the place. However, I've recently been trying to buy a property in Ballarat's old Alfredton neighborhood, and I haven't been able to locate much information about the neighborhood in this thread. What are your thoughts on the area's lifestyle, property potential, crime, and other aspects? I'd want to hear your thoughts on this.

 

Yeah, I have my eye on this property for a while. What’s wrong with the foot path going through the side of the plot?

 

looking at the positioning of the footpath near the rear half of the block it almost cuts off half,
no chance of building at the back or tear down/dual occ, essentially youd have to treat it as a 300-400sqm block

 

Old Alfredton is a nice pocket. Close to Victoria Park. Short drive to Stockland and the freeway. Short drive/walk to the Aquatic Centre and Lake Wendouree. A few streets from memory have a large grassed area down the middle of the street. Also good sized blocks. Zoned to Ballarat High School. Also close enough to St Pats, Loretto and Clarendon schools. Walking distance to Aldi, chemist warehouse, post office, servo etc. I am not sure what current prices and yields are like. As the houses are older there is probably scope to manufacture equity too.

 

Just some random thoughts. Rather than staying a regional city, Ballarat is rapidly becoming a satellite of Melbourne. What are your thoughts on this? What are your thoughts about Ballarat's prospects?

 

SOLD - $382,555
Odd price for a private treaty
Advertised for $340-$360k

 

Hey all,

Hoping to tap into your impressive knowledge of the Ballarat market. I read through this 31 page page when starting out in our house hunting. Following some advice on this thread we are looking for a period home as an IP, reasonably close to the city. Saw this one today, was hoping for advice on location.

https://www.realestate.com.au/property-house-vic-soldiers+hill-137677642

8 Nolan St, Soldiers Hill

Obviously very central, but busy road and opposite the train station car park. There is also some construction occurring in the bluestone warehouse at the station, which the agent mentioned is being developed into an indoor food market? Otherwise there is a Quest across the road. Home has the potential for a renovation down the track, and obviously no development potential, but looks solid. Any advice on what I should be concerned about with this location would be greatly appreciated. Thanks in advance!