VIC So what am i missing about ballarat?

looked at few listting and data. lot of stock available. almost as much as was in 2016. prices didnt come of yet, by much, ~ 10% but the asking price on REA/domain is another ~ 15% lower of that. yields going up.... seems like a great entrance point. what do people think?

what i am mostly confused about is price: some places asking 400k while neighboring houses going for 700k. other suburbs approaching a 1M. why such a diverification in a small city (comparing apples to apples, i.e. all on similar land size, not main road etc.). main diff is state of house renovated vs not so much, but in other places diff isnt that large....

 

any quick list what to avoid and where is good? ballarat east?

 

yep that what got me to look into B at the first place

 

Post some examples of the discrepancies so we can advise.
Worse thing about Ballarat is the long winter/weather.
Traffic also can be bad in some areas at some times.
Most suburbs have good and bad areas.
Market has been quite slow for last few months. Will be quiet for most of Jan.
Many don’t want to renovate anymore.

 

so for instance comparing few 4 beddesr:
https://www.domain.com.au/62-victoria-street-ballarat-east-vic-3350-2018845595 super overpriced

https://www.domain.com.au/101-morres-street-ballarat-east-vic-3350-2018925417 basically land value but massive block. thats like 3x chaper than the one above....

https://www.domain.com.au/10-nelmore-court-ballarat-east-vic-3350-2018974136 seems to be fair value. maybe touch bit expensive....

 

I could live in that.
Single garage as workshop.
Price ? Negotiate.
Weather forget it.

 

Location, Location Location. 700sqm is not massive. I think morres st is overvalued you would need to pay to it knock down and when you rebuilt then you maybe be over capitalized , did you notice the dilapitated surrounds and power lines hanging every where. You could get prime land for 350k in better places than Ballarat. Renovated Victorian houses in excellent location will bring premium prices any-where, they are not plentiful , are often in prime locations and people who want them dont care how much they cost people are prepared to cough up for them to get location they want with the style of house they want.

 

What about the COVID VIC land tax surcharge that will be in place for the next 10 years...?

 

First home renovated to within an inch of it's life. Super cute, but not my style. I wouldn't buy it if I was moving there.

Second home dilapidated, smaller. Either knock down job.

Third, modern, nice. That's the one I'd live in.

Note, that I know nothing of the market in Ballarat, I've never looked, but I don't see much the price descrepency based on just the pictures. Those that want the old victorian homes will pay good money for them.

 

Seems to be similar to a lot of Melbourne suburbs in terms of ten year trend.
See picture

 

thats pretty much what i am learning from the exercise. victorian houses come with a premium. never even imagined that. i also know nothing about ballarat just read and googled a few things. nothing is planned but interesting to monitor.

 

morres st is a crazy floor plan so 99% of owner occupiers would rule it out even if they didnt mind rennovating.
Probably would make the most sense from an investment perspective but could be a money pit.
roof looks cooked and the weatherboards need some love or replacing

 

These places are quite different in terms of location even though all in the same Suburb - One north of Victoria - older area, one South (newer homes) and one on Victoria (Federation renovated).

If you are trying to compare then look at places of similar style within the surrounding streets.

For example for Nelmore ct - https://www.realestate.com.au/sold/...e=rea:sold:srp-map&sourceElement=listing-tile

The agent includes 3 comparisons - 20 Rice is a different location and on 1898m2 which is not really comparable. so perhaps whats comparable is the price only..

11 Nelmore sold for 745K on in June 2021. https://www.property.com.au/vic/ballarat-east-3350/nelmore-ct/11-pid-14555581/ values that at 737K today.
There does not appear to be much change in the values since 2021 but DYOR.

#10 Nelmore sold for $427K in Oct 15. 7% growth would take that to $785K which is what the sellers are likely looking for.

I would think if I was looking for an investment I would be able to do better price wise based on the high volume of properties for sale in ballarat and the slow moving of properties - look at the ones that have been on the market for 60- days or more for example.

 

As I have said stay away from the character weatherboard houses they are money pits.

The demographics of Ballarat is changing. Newer houses are the way to go as land development has stopped. Lot of immigrants moving to that city. Some will commute to Melbourne. Rail service is really good and will get better

Bought land at 185k building for 293k. End value low 6s

 

Not sure why you would be buying there when as you've mentioned listings are at the highest they've been since 2016.

Might be a trough now but who longs how long that will last for before you see growth. I'd like to see those listing numbers come down a bit first and show signs that the market is starting to tighten before I dive in.

Also it has already had massive growth. It's doubled in the last 10 years. What's the odds of it doing that again of over the next 10? People are investing in WA because it's moved no where in the last 10 years.

All about cycles.

 

exactly. time to study and share with PC friends not buying yet.

but overall - i am always lookign for dips in market. highest listing won't last forever, and if u can get a 400k good house in a place that in principle has traditionally good job perspective - why not to study it

 

our garage ceiling partially collapsed. the garage roof is clean and clear, no mold or mildew and the inside garage is quite dry as we open the door and gate very often. Could anyone provide any advice? thank you!

 

Get a gyprocker in & repair it.