Should buy props in BALLARAT?

any props expertise know about investment in BALLARAT? is it good area for investment props now, if so, which area is best choice as there are many areas such as Ballarat north, Ballarat central, wendouree, lake wendouree etc..? humbly waiting for advices.
 
I have some long term growth statistics for Ballarat and some of her areas which maybe of interest to you:

Ballarat: 1994 Median House Price: $75,000............2004 MHP: $190,000.................Change of: 153%

Beaufort: 1994 MHP: $47,500.................2004: $133,250............181%

Bendigo (just for fun): 1994: $84,000..........2004: $200,000..........138%

Buninyong: 1994: $101,500..................2004: $222,500..............119%

Castlemaine: (not Ballarat, just for fun).. 1994: $74,875.......2004: $210,000.......180%

Creswick: 1994: $71,500....................2004: $170,000........138%

Daylesford: (Lovely tourist area): 1994: $90,000.............2004: $260,000..................189%

Miners Rest: 1994: $117,500............2004: $235,000............100%

Sebastopol: 1994: $75,000...............2004: $173,500..........131%

Skipton: 1994: $33,500.................2004: $115,000.............243%

Wendouree: 1994: $79,250..............2004: $176,056............122%

The data is a little old to gauge the Ballarat city and immediate suburb(s) performance, but interesting figures all the same..(I'm over investing in Bendigo area, and values are on par with that of Ballarat and region, give or take the odd less or more gain).

Statistics courtesy of Victorian Valuer-General 1994-2005

Also there is this thread in main property forum, which I think you know about, you guys might be able to trade notes?

http://www.somersoft.com/forums/showthread.php?t=39504

Plus there would be more recent stats from:

http://www.dpi.vic.gov.au/DSE/nrenp...5722F0013844F84B3A8C1C5C29729CA25728F00186F94

"A Guide to Property Values features the best property sales information available in Victoria and is produced using information from the Victorian Valuer-General.

Figures cover houses, flats and units, vacant residential land and commercial, industrial and rural properties. They are compiled using information lodged every time a property sale is completed.

Produced annually for more than two decades, the guide tells you all you need to know about property sales prices and trends across the state. It provides property statistics for Victoria’s 79 municipalities and lists yearly medians by suburb over a ten-year period.

The guide also includes graphs and maps that show trends at a glance and an analysis of the latest data by Valuer-General Victoria.

A Guide to Property Values is produced by the Department of Sustainability and Environment’s LANDATA®.

The 2006 guide is now available.

Buy A Guide to Property Values online or order it by emailing [email protected] or by phoning (+61 3) 8636 2464."


Also I found this site not long ago:

(They source their values from Valuer-General too):

http://www.propertyvalue.com.au/faq.php

So, then you would have latest long term growth figures for almost any town, city you wish....mighty fine info to have, along with all your other due diligence :)
 
Hi Newpoint, below is the body of a report on prices for the Ballarat postcode area, which I received a couple of weeks ago. Sorry I just can't get the format right though.



Postcode Overview For 3350


The movement in median prices for postcode 3350 since your initial inquiry and during the last 3 months:
Since initial inquiry Last 3 months
Units: Increased by 8% No change
Houses: Increased by 0% No change


Median price: Jun 07 Sep 07 Dec 07
UNITS $173,500 $189,000 $187,500
HOUSES $224,000 $220,000 $225,000


Your Updated Postcode House Price Estimate

Based on the movement in the median property price in your postcode over the last 3 months, the selling price of the majority of units in your postcode has moved to between:

$214,000 to $236,000

This compares to your postcodes previous median price estimate as follows:

Original estimate Jun 07:
$212,800 to $235,200​


Hope this also helps when combined with the more long term data.

Cheers

Toon
 
Hi newpoint,
As I live around the area, here's some more snippets of info. for you:
* Beaufort is around 50km. from B'Rat and is know for its 'Rainbow Festival' in Feb. Apparently it's known around the world for this.
* Skipton is also a good distance away.
* Sebastopol has always been a lower socio-economic area although there are a lot of new units, etc. there now.
* Wendouree, the blue-ribbon suburb, now has a dry Lake Wendouree to contend with. Some areas of Wendouree are commission home zones.
Hope this helps.
 
Ballarat flat at present

Hi there,
I have one IP in Ballarat (bought about 4 years ago). The last couple of years have been a very flat market there. Don't know if it's going to turn around any time soon, especially with interest rates as they are at present, but I can tell you that I'm not looking there for another at the moment.
Cheers,
Posnow
 
I'd be aiming for something with easy access to Melb. So, close to the station (apparently they may be building a 2nd station in Wendouree).

Those working in Melb have much higher wages, and many catch the train. Thats why access to Melb via the station or at least to the highway would be best.

I know someone who bought acreage recently on the non-Melbourne side of Ballarat recently because the same land on the Melbourne side was twice the price. Guess it shows that there's a lot stronger demand from commuters.
 
Hi Newpoint,

This was from an article on The Age today:

Vacancy rates in middle and outer Melbourne suburbs have fallen to 1%. In regional Victoria, Ballarat has a vacancy rate of 1.1%, down from 4% in February last year, and rates are as low as 1.2% in East Gippsland and 1.6% in Geelong.​

Full article

As Posnow mentioned, Ballarat has been flat for a couple of years. I also bought my first IP there in 2003. I'm hoping to substantially increase my yield when the lease is renewed though with those low vacancy rates.

Good luck.

Toon
 
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