Ballarat or am I missing something? Seems like everyone knows each other there, half decent uni, not exposed to a single industry (well there was a time where most people did work for IBM but they've since been offshored...) and prices haven't really moved at all. Looking at Sebastopol, maybe Wendouree and Mount Helen/Clear.
I have one in Ballarat (Miners Rest) which is doing well. We liked Ballarat because it is still affordable, yield is reasonable and the town is diverse and within an hours drive to Melbourne. Nice package. Only negative which is applicable to Victoria, is high stamp duty compared to every other state.
I drove down Lydiard St last weekend. One of the best looking streets I have ever seen, so well preserved.
We were also keen on Ballarat a while back and spent a few weekends driving around. There are some sensational streets & houses, but just as many that look like a stiff breeze would knock over! What put us off in the end was that the places to go for would be the old houses with character. Our PPOR is a 110 year old weatherboard Federation house and maintenance is no picnic. She's a solid old girl, but man, when something goes wrong, something goes WRONG. eg, on Monday our lights were flickering and the kettle would trip the house out. Neighbours were fine so we called United Energy, who promptly came around, took the main fuse out, condemned the mains terminal on the roof and left us powerless. A few frantic phonecalls and a very long day the next day to get it back to code and re-connected left us with a $2.5k bill. Just one of the many things that crop up along with way with old houses.
I bought an IP on the Sebastapol/Redan border last year and am very happy on numerous levels. Firstly, cost of entry was minimal as price was low, rental demand and return is favourable and there is a lost of state and federal investment going into the wider Ballarat area. One of the factors for me was the upgrade to road and rail links to Melbourne. I think the express trains will be just a lick over 60 minutes by the end of the year, which puts in the in the same commuter category as the outer suburbs on the metro trainlines, but you can pick up a rental ready 3 bedder for ~$200k if you look hard enough. One final bonus is I'm very happy with my PM and the low costs of maintenance and repairs. Tenant wanted some fly screens and PM also got the contractor to also fix a minor toilet leak and swinging back gate at the same time. Total cost for everything was <$200. You wouldnt get a tradie to turn up for that price in Melbourne
Recently purchased in Ballarat East. Close to the CBD and the State Government has just declared the Canadian Forest a park, so relatively well protected in the long term from major land releases.
Ballarat surprising has not done a lot but with the way Melbourne has increased people will not have an option but to move to places like Ballarat and this should in the long run increases prices. I would live in Ballarat if I worked on the west side of Melbourne.
For under $200k I'd look at Wendouree area. You would get better quality stock and I think that area has better prospects. It's shown better growth and is closer to the freeway and a train station.
I'm waiting & hoping for this effect to kick in too. I think the market has been so flat due to them going gangbusters out west with new estates.
I agree. If I were going to buy more in Victoria, I'd be seriously looking here as some of the properties for sale appear to be great value, particularly once Ballarat moves past 9 o'clock again!
Spent the day in Ballarat today and went to 12 OFIs. Looking to spend between $250k and $350k on a first IP. Was not attracted to many of the homes I saw, needed a lot of work, and while I'm sure there's money to be made, not something I can commit to at the moment. The last house of the day was a property in Soldiers Hill, 1km from CBD and train station. Nice, quiet, tree-lined street. Brick home, 3bed, 1bath, period, art deco, perfect condition on 461sqm. $350k. Rental yield estimated between 4.5% and 5%. Interested in people's opinion of the area and Ballarat in general. Realise Melbourne is probably got more potential for CG, but happy to hold for a while, and play safe with first investment. Thanks in advance.
I am fairly new to Ballarat region and Wendouree seems to be a good starting point. Do you think this area is good? I can see that this area has its own train station. Can you suggest some good suburbs for investing in Ballarat . Cheers.
