VIC Ballarat Tip: The Capital of Western Victoria

Avoid Lake Gardens for PPOR, it’s on the wrong side of town and just doesn’t have the heritage housing the other two have. It lacks the classic Ballarat character. Half the point of living in Ballarat is its heritage, so spending $500+ on a new build that’s only gonna date and is comparatively out in the sticks doesn’t really appeal. It’s surrounded by swathes of land and as such lacks investment potential.

You can’t go wrong with either Black Hill or Newington. Both are small suburbs so it may make it hard to find a house there. I would personally choose Black Hill due to its awesome character, walkability to the CBD and proximity to the train station. Just stroll down Peel St and you’re at the Bridge Mall!

With a 600k budget I would try to find the most *original* heritage home, with high ceilings, original wooden windows, original internal doors, ceiling roses, ornate ironwork, plaster/lath, for 3-400k, and use the rest to renovate to taste. This will save you $ in stamp duty and allow you to have a gorgeous Ballarat house that won’t date.

 

Thank you MikeyBallarat. I appreciate your opinion and as soon as I read your response, it made me realise we've been distracted by the shiny and new options. Thanks again for taking the time to post your reply. You have been most helpful

 

Thanks for the kind words! If you still want shiny and new, you can go for it, but remember that it comes at a price, and if you intend on keeping the house for a long time, developer margins will depress capital growth. What was once new must become old, after all!

 

I was gonna say, “Why not Lake Wendouree suburb, as it is for lifestyle choice?” Just kidding.

Out of the three suburbs you listed, I prefer Newington most. It’s also close to the lake, especially the northern side. Amenities such as Victoria Park, Clarendon College are right there. When we first invested in the Rat, Newington, Ballarat Central and Soldiers Hill were our target areas. But didn’t get to buy in any. We could’ve done a lot better if we bought at least 1 or 2 there. I still have a strong feeling (you could say, speculation) that Newington still has potential for more growth. Being right next to Ballarat Central, buyers will spill over from there. The only downside is that it’s not that close to a train station, which might be important to commuters to Melbourne. Not sure if that’s one of your requirements.

With Lake Gardens, I completely agree with what @MikeyBallarat said above, being on the wrong side of the lake and having new builds. I’d say I have too much investor-mindset and am not a big fan of the west.

With Black Hill, many parts of it are in bush fire prone zone. Not that Ballarat is known for bush fire or anything, it’s just that when you do some reno/building works, you will need to conform to some rules and regulations. But I do love the view of Ballarat from hills around Black Hill streets.

I hope my opinions help!

 

Thanks Ko Ko!

I am a bit bummed that Lake Gardens doesn't get a rap - I understand why though in terms of investment potential. Having driven through the area again today, it's a beautiful neighborhood, just across from the lake/gardens and so close to the train station aswell as all of the amenities Wendouree offers (aquatic centre, Stocklands, Howitt St medical facilities etc etc).

Newington is super $$ atm imo. I wouldn't touch it right now because it is hot. Anything in our price range is going to be the other side of Eyre St which is ok but the area itself seems a bit hit and miss. Some houses are lovely and others are waiting to be loved (over time this will happen of course). As it will be a PPOR, I have to get the feeling that the neighborhood is a nice one!!

In the meantime, I'll keep looking online. It only takes one appealing listing after all!!

Thanks for your reply and I do take everything you have said onboard.

Much appreciated

 

Ballarat house prices continue to rise

"House prices in Ballarat are continuing to grow strongly across the city, the latest quarterly figures show.

There is still little sign of any knock-on effect from the Melbourne house market downturn with prices in most suburbs rising steadily. Redan prices had a particularly noticeable surge, going up 9.8 per cent in the last three months, while other strong rises occurred in Black Hill (8.3 per cent) and Mount Pleasant (6.8 per cent).

There are several suburbs in Ballarat where house prices have grown by around a quarter in the past year, including Redan and Wendouree.

Property owners in Mount Pleasant are also likely to see high net gains in their house values over the past year, with average values rising by more than 34 per cent - although fewer than 50 sales have taken place in the suburb in the last 12 months.

People have been looking at Ballarat and saying 'for a lot less money, I can get a pretty awesome house and have access to much better services, facilities and education and healthcare'

"It's interesting - a lot of the Melbourne suburbs have gone down 30 per cent," said Allister Morrison of Ballarat Real Estate. "You can be an hour and 20 minutes up the highway but they are different stories when it comes to property prices."

Last month, The Courier talked to several local estate agents, who all predicted that increasing demand from internal migration - including many from Melbourne - and Ballarat's relative affordability was likely to keep the local market buoyant.

"People have been looking at Ballarat and saying 'for a lot less money, I can get a pretty awesome house and have access to much better services, facilities and education and healthcare'," said Mr Morrison.

House prices have fallen in only two areas - Lake Wendouree properties registered a slight 0.7 per cent drop year on year, while house costs in Buninyong fell by 2.4 per cent annually.

However, the average house price growth around the city as a whole was 11.3 per cent, with median house prices just a few thousand dollars shy of the $400,000. They currently stand at $395,000, compared to $387,000 in the final quarter of last year."
​

 

@SharonE123 we have one for sale at the moment in Ballarat Central within your $600k budget if you're interested

 

Hit me up @jodes I'd love to know the details! How do I go about finding out more info....

 

Hi all, can anyone recommend a property manager for Ballarat, Wendouree in particular?

 

You can't beat Jamie Stevens from Ballarat Property Group! If you google him, I'm sure you'll find tonnes of recommendations from others. He's a rare find

Home | Ballarat Property Group

 

I use Hocking Stuart Ballarat. You can always choose an agency, but might be hard to get a specific property manager. PM me if you want to know more about him.

 

New record median prices set in some of Ballarat's most traditionally affordable suburbs

"BALLARAT'S top suburbs are outpacing the rest of regional Victoria according to latest Real Estate Institute of Victoria (REIV) figures...

Mr Morse said Ballarat was appealing more and more to Melbourne buyers looking for a change of lifestyle or looking to move with young families so their children can attend some of the prestigious schools in the region...

"A lot of the people we deal with are more Melbourne based, I'd say just at the weekend 70 per cent have been from Melbourne.

"With expectations that the Reserve Bank will cut interest rates, we would expect more and more investors to come in as we continue throughout the year""​

 

Ballarat Central has its right to be at the top. But Lucas and Alfredton at the top? Some new builds (outliers) must have skewed the media price for those two suburbs. I'd be very careful about buying in Lucas and some parts of Alfredton.

 

Look at the rise of Ballarat East! Some really strong sales here as of late

 

You are right, @MikeyBallarat !
A couple of $400k+ sold properties in Ballarat that are appealing to owner occupiers:

• 408 Eureka St for $405,000 - 408 Eureka Street, Ballarat East, Vic 3350
  
• 809B York St for $575,000 - 809B York Street, Ballarat East, Vic 3350
  
• 110 Eureka St for $447,500 - 110 Eureka Street, Ballarat East, Vic 3350

As we all know, those needed some works will sell a bit less though. Owner occupiers from Melbourne who can afford to pay for renovated Period homes will still be happy to pay such amount to be able to readily move in without the need to worry about renos and stuff.

 

Great thread! Thank you to all for contributing!

I'm starting to look into Ballarat to purchase; I will be looking at a number of houses over the following month! Looking forward to providing my input and hear your thoughts!

 

Some updates for all the infrastructure projects that I listed in my first post in this thread... (All photos were taken on official first day of the winter 2019 - 01/06/2019):

Ballarat GovHub












Ballarat Station Precinct










Eureka/Mars Stadium

 

A few more...

Ballarat Sports & Events Centre












Ballarat West Employment Zone










Sebastopol Library (Completed as of June 2019)

 

Pro tip. Buy a drone

 

Just joined the property chat community. This is a very informative thread. I am thinking seriously to invest in Ballarat area in two to three weeks time. I am concentrating on Wendouree/ Redan/Brownhill because of their lower prices. I am evaluating what are the chances of ripple effect taking its course. Any thoughts which of the choices indicated above may fare better? Which areas/streets to avoid? Which streets/area are more in demand. I am based in Sydney, so am trying to go for a property which holds its value with minimal rental gaps. Please feel free to recommend any area/suburb.