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Just a bit of further good news for investors in Ballarat at the moment: http://www.thecourier.com.au/news/local/news/general/caravan-park-only-option-for-some-seeking-rent/1709821.aspx

Both your choices sound good. You will have no trouble getting tenants for units in Mt Helen & Errard St is so close to the CBD & the train station that it should also be easy to keep tenanted.

I have two residential IP's in Ballarat, along with some land and have lived in Ballarat for 37 years. From calculations I can make on both my own properties along with those of many other people I know, I would say you should expect a doubling in property values within 10 years (probably more...