VIC Ballarat Tip: The Capital of Western Victoria

I went down the route of buy the cheapest house in the not so worst area, so I avoided the wendouree housing comission, so I have no period homes
the property prices did nothing for years, theyve risen had the most activity in the past few years,

still not sure or undecided whether my strategy is better than buying something unique like period homes even though they are significantly higher price point

 

WEll, I used to live in Norlane. I wish I could have bought back then and tried but a 200k house went to 300k in about 5 years. I couldn't catch it.
Eventually it has to clean up. Be careful of anything with a street named after a flower, I was told.

 

Don't think these FHO schemes work at all. Developers simply tack that on and jack up the price.

 

This is probably the thing a newbie such as myself needs to hear. We've since decided against the FHOG and decided that a period home would be our first IP. Have since received some financial advice and will be looking to make a purchase early next year.

Not that im interested in this purchase however the Dual OCC would be positive cashflow from day one.

156 Humffray Street North, Ballarat East, Vic 3350

With future development in the future? It doesnt quite fit my strategy but I think this could tick the CG and CF strat in one.

 

Top location.

 

Wendouree West won’t clean up like Norlane.

The rest of Ballarat is still cheap enough to buy elsewhere. Not to mention that Norlane is a super convenient location for travelling to Melb, whereas Wendouree West is the wrong side for Melbourne commuting. All of Wendouree West is rough, but some streets in Norlane were nice with house proud owners, even when it was worth nothing.

I would even say the rough parts of Ballarat East will clean up before Wendouree West. Maybe even the infamous ‘horseshoe’...

Edit: the issue with the ‘flower name’ thing (which everyone in Ballarat knows) is that there are some very nice streets east of Gillies St with flower names too!

 

Agree it won't quite be like Norlane but some parts will. Centrelink is not going to be lifted by the coalition. There are fewer options for people on it to move around. Parts of wendouree west will creep back to some kind of normality but only in certain streets, particularly those closer to the station.

 

I still think ballarat east will clean up quicker but i wouldnt bet my life on it, wendouree west is more central and closer to stockland, but as you said, its ingrained into the brains of the locals,

there is a steak house that opened about a year ago, seems pretty posh for the area, assuming its still open

 

Last time I was in the mall last year it was completely dead. I talked to a few shop holders and they said its usually the case. It's a pity they cannot do something innovative with the mall. I read Ballarat is growing at 3% last year. Stadium is good, station, but still a very stodgy council lacking in innovation.

 

They are redeveloping the Mall though? $15m over 3 years and opening it to traffic again.

 

This was what I posted in August last year: Ballarat Boom 2018! [VIC]

Since then, the market has shown no sign of slowing down. Who knows when the peak will come!

But as far as infrastructure projects are progressing and both employment and population rate keep on improving, the price will continue to increase till a point where it becomes unaffordable to owner occupiers and/or numbers don’t make sense anymore to investors.

 

May I please know what the story is behind streets named after a flower?
I bought one on Rose Avenue, Norlane last year. 730sqm block to land bank for a few years.
I actually found Rose Avenue to be nicer than most other pockets.

 

They were referring to the streets named after flowers in Wendouree West, not Norlane - they form a commission house area which has a bad reputation.

 

Property Report for 21 King Street South, Ballarat East VIC 3350

Awww yeah!!!
Bear in mind this is really 2bed/1bath...the third bedroom and second bathroom are in a separate bungalow.

 

Hi,
This is such a great thread to read and getting some background information in investing in Ballarat. Thanks everyone and to Koko for the original post.

I have a question, which I should also ask the council, is there minimal land size requirement for subdivision? I am looking to invest the first time in the area and just started to get to know the area especially Ballarat East and Wendouree.

I'm looking for any advice on doing subdivision as well. Thanks in advance.
Regards,
Hunt

 

I used to look at subdividing my properties a couple of years back. I believe the default minimum lot size is 300sqm, although you might be able to talk to the council for your specifics. See below for a few bookmarks that I have in my browser, which you might find it useful with your DD:

http://planningschemes.dpcd.vic.gov.au/schemes/vpps/32_08.pdf

https://www.planning.vic.gov.au/__d...s,-Residential-Zones-State-of-Play-report.pdf

http://ballarateast.net/wp-content/uploads/2014/03/Reformed-Residential-Zones-FAQ-and-Notice.pdf

http://planning-schemes.delwp.vic.g...df_file/0007/463930/Ballarat_PS_Ordinance.pdf

Ballarat East is creeping its way up and prices are getting higher and higher, as land is limited towards the east side. For Wendouree, you might find more bang for your buck, but there are plenty of land available in the west. Whether it is releasable or not is another story.

 

There's no minimum lot size as such. Generally speaking in a General Residential Zone - Sched.1 below 300 sqm you require "development plans". So an application to subdivide will need to be accompanied by an application to develop the land also. Where as above 300 sqm the application is only for subdivision as the subsequent dwelling does not require planning approval and can move straight toward a building permit application.

What you can and can't do depends a lot on location, easements and location of assets, neighbourhood character, lot orientation and shape etc etc...

Talk to a good planner, find out what you can and can't do and start planning from there.

 

Thanks for the information Ko Ko! Appreciate it.

 

Sydney buyers increasingly snapping up Ballarat and Bendigo investment properties

"...Ms Brain is one of many Sydneysiders buying into Victoria’s regional cities as house and apartment prices remain relatively affordable and the lifestyle offers them more time with family.

Her sister lives in Ballarat and told her about the area booming with new estates and new jobs...
She bought an old Victorian house in Soldiers Hill, once used as a dance hall, and converted it into three apartments.

The trend is no surprise given Ballarat’s median house price sits at $387,500, Domain’s latest data shows. But that may not last given Ballarat’s median has risen by 73 per cent over the past 10 years. It’s a similar story in Bendigo where the median house price has jumped 62 per cent to $380,000 since 2009.

Adding to the appeal, particularly for investors, is the fact that rents have likewise risen in regional areas — particularly over the past year — with homes in Ballarat and Bendigo bringing in a median rent of $330 per week.

...Ballarat’s rental vacancy rate is the lowest in regional Victoria at 0.8 per cent on Real Estate Institute of Victoria data from March while Bendigo’s sits at 1 per cent.

Domain economist Trent Wiltshire said Ballarat and Bendigo had price growth almost as fast as Melbourne’s over the past decade.

“The relative affordability of Ballarat and Bendigo versus Sydney has made those areas popular with investors,” Mr Wiltshire said. “The big question is what’s going to happen to infrastructure? If Ballarat and Bendigo do become more connected with a faster rail service, then they could become even more attractive to buyers.”

“The bulk of what we sell is period type homes and that’s what people want to buy,” she said.
Buyers are also loving Ballarat’s emerging foodie scene with new restaurants opening in the area almost weekly, Ms Nicol said..."​

 

Interesting that Ballarat just severed it's ties with Visit Ballarat

Ballarat's tourism growth as "much slower than the rest of regional Victoria", and compared the city's 2.6 per cent increase in international visitors since 2017 with Bendigo, which it said had a rise of almost 12 per cent. It also said regional Victoria had seen more than 10 per cent growth in this sector.

State Govt Not happy about it