Ballarat
- Thread starter pickle pickle
- Start date
hi everyone,
whats everyones opinion of sebastopol??
ive found one that the numbers seem to stack up, but before I actually have a look at it (its a bit of a drive for me),
I think central ballarat or just north is better, and I think wendouree is too far from a pure IP perspective, and am looking to be as close as I can to the CBD
whats everyones opinion of sebastopol??
ive found one that the numbers seem to stack up, but before I actually have a look at it (its a bit of a drive for me),
I think central ballarat or just north is better, and I think wendouree is too far from a pure IP perspective, and am looking to be as close as I can to the CBD
PM: You should note that Redan and Sebastopol have the highest unemployment rate in Ballarat, subsequently you are likely to be dealing with a socially disadvantaged demographic.
With that said, these areas have experienced moderate CG.
I think it would be a wasted opportunity buying in Sebastopol at the moment, as buying in Central Ballarat is still incredibly affordable and yields are very healthy. If you were to fast forward 12/18 months down the track, then Sebas would make more sense.
Also, I don't think you should rule out Wendouree as long as you stay between Norman Rd and Howitt St. That pocket has a lot of potential as it is close to the lake, shops, Wendouree station and employment. Council in conjunction with the state govt have published plans to turn Wendouree into an employment hub. Check the respective websites for more details..
Good luck
With that said, these areas have experienced moderate CG.
I think it would be a wasted opportunity buying in Sebastopol at the moment, as buying in Central Ballarat is still incredibly affordable and yields are very healthy. If you were to fast forward 12/18 months down the track, then Sebas would make more sense.
Also, I don't think you should rule out Wendouree as long as you stay between Norman Rd and Howitt St. That pocket has a lot of potential as it is close to the lake, shops, Wendouree station and employment. Council in conjunction with the state govt have published plans to turn Wendouree into an employment hub. Check the respective websites for more details..
Good luck
A real estate agent I would recommend is Vaughan King from The Estate Agent Ballarat, but I haven't used that agency as property managers so I can't give an opinion there. The PM I am using I'm not really happy enough with to recommend to others.
Hey Property Meister, what do you mean by a pure IP perspective? Wendouree is where all the workers live, has the only other railway station in Ballarat has all the required ammenities eg: Stocklands Wendouree?
Interestingly, heading off to Ballarat tomorrow (Sat) to view a property with an approx 5% net return and a future 4 unit site in............Wendouree
I would not use Vaughan.
It is personal but I think he over priced a property (to get the listing) I wanted to purchase directly from the owner. I could not go there as it was not worth it.
But now it means I would not use him to sell any of my properties and I would have to be careful when looking at his properties.
That's funny, as one of the reasons he was recommended to me and why I now recommend him to others was that he doesn't tend to over price properties like most of them do. My friend listed recently with him and sold in under two weeks and I have also listed with him and chose to list higher than what he recommended. Whereas I have listed with other agents in the past and then been advised to lower my asking price when there has been little interest shown.
It might have just been this property but it has really put me off from using him.
He did sell it in the end but took him about 3 months.
I purchased a property recently in a reasonably central Ballarat location, with a four bedroom house on a lot of greater than 1500sqm for well below asking price. Believe me there are still bargins to be found in Ballarat, particularly for infill development.
Just thought id share my long phone call with a small agent in Ballarat
Made an enquiry about a property that was archived (little did I know)
anyway, agent kindly got in touch with me, sounded like a rental specialist and here are some things which he had to say which did surprise me
from a rental perspective:
- 3/4bdrs should be avoided
- over 2/3 of the rental market is and into the future will be dominated by students, young workers, divorcees, couples w/o children or couples having kids far later
- 1/2 bdr is the way to go
- big blocks with big gardens are a big no-no due to maintenace
- newish townhouses with no/little backyards are renting like hotcakes
- wb homes should be avoided due to maintainance costs unless they have already been thoroughly cleaned/inspected
Made an enquiry about a property that was archived (little did I know)
anyway, agent kindly got in touch with me, sounded like a rental specialist and here are some things which he had to say which did surprise me
from a rental perspective:
- 3/4bdrs should be avoided
- over 2/3 of the rental market is and into the future will be dominated by students, young workers, divorcees, couples w/o children or couples having kids far later
- 1/2 bdr is the way to go
- big blocks with big gardens are a big no-no due to maintenace
- newish townhouses with no/little backyards are renting like hotcakes
- wb homes should be avoided due to maintainance costs unless they have already been thoroughly cleaned/inspected
oops ... we have a three-bedroom weatherboard on a decent block in Mount Pleasant. Haven't had it long and the first tenant broke her lease, but it's rented within a week both times it was on the market. Not saying you're wrong, more than maybe we should not consider it a long-term hold
.Anyone care to offer an informed opinion on this as a buy-and-hold minimal input property. I haven't come across a five year lease before except on serviced apartments.
A long term lease of approx 5 years makes this 2 bedroom brick unit a great opportunity. If you are considering your first investment property or adding to you portfolio, you will not get a better opportunity than this. Brick veneer, tile roof, single lock up garage. Gas cooking. Split system heating and cooling. Current Rent at $235pw with CPI increments.
http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Ballarat/?adid=2008887710
Land area is obviously wrong!
A long term lease of approx 5 years makes this 2 bedroom brick unit a great opportunity. If you are considering your first investment property or adding to you portfolio, you will not get a better opportunity than this. Brick veneer, tile roof, single lock up garage. Gas cooking. Split system heating and cooling. Current Rent at $235pw with CPI increments.
http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Ballarat/?adid=2008887710
Land area is obviously wrong!
Hi Tony,
the other error is the (misleading) suburb. That unit is in Sebastapol and far closer to the edge of town than the CBD. There are better suburbs in Ballarat for a 6 % yield. I wouldn't want such a long resi lease tied only to CPI. Too much certainty for the tenant.
There is no value add opportunity to land and growth may or may not eventuate in the next five years. Melbourne and larger Vic such as Geelong and ballarat will require active strategies over the next few years to manufacture growth/ Buy and hold won't cut it for a while.
For me it would be pass..........next
the other error is the (misleading) suburb. That unit is in Sebastapol and far closer to the edge of town than the CBD. There are better suburbs in Ballarat for a 6 % yield. I wouldn't want such a long resi lease tied only to CPI. Too much certainty for the tenant.
There is no value add opportunity to land and growth may or may not eventuate in the next five years. Melbourne and larger Vic such as Geelong and ballarat will require active strategies over the next few years to manufacture growth/ Buy and hold won't cut it for a while.
For me it would be pass..........next
Thanks for the feedback - I'm of an age where I'm not looking to increase my borrowing (and probably couldn't if I wanted to) but could add one more property in the $200-250K to my other two (in Frankston and Melton) as long as it pays for itself. Point taken about location - I've only just started looking at Ballarat and have yet to get a firm handle on where is and isn't good.
T.
T.
Here's an update on the rental market in Ballarat:
http://www.thecourier.com.au/news/local/news/general/ballarat-rental-market-tightens-up-on-tenants/2279777.aspx
Rises of 10-15% certainly make rises tied to CPI as mentioned above, specially for 5yrs, look very foolish. I notice that property is still for sale too.
http://www.thecourier.com.au/news/local/news/general/ballarat-rental-market-tightens-up-on-tenants/2279777.aspx
Rises of 10-15% certainly make rises tied to CPI as mentioned above, specially for 5yrs, look very foolish. I notice that property is still for sale too.
I'm looking hard at what's on offer in Ballarat and for me it comes down to (say) a 2+1+1 unit at around $195-200K renting for $220 or a 2+2+1 at $240K renting for $240. Extra rent (80%) around $800p.a., extra interest $3000. So on the numbers, a 2+1. Against that, in a future market with much less demand than now, a 2+2 has a scarcity value that a 2+1 doesn't. Any comments?
I did phone a Ballarat letting agent who basically confirmed what has been said before - units are a much better letting proposition than family houses and stay out of Wendouree West, though she was quite positive about Sebastopol.
I did phone a Ballarat letting agent who basically confirmed what has been said before - units are a much better letting proposition than family houses and stay out of Wendouree West, though she was quite positive about Sebastopol.
Hi all,
I am historically a Bendigo boy with my properties but I am looking at Ballarat with an intensified interest. I am going to town on Thursday for a look around. Specially I am looking at some larger blocks out in Brown Hill.
i had a look through 3 or 4 pages but couldnt see much information on Brown Hill. What are peoples thoughts on it? More specifically on the eastern side of the freeway.
Cheers
Ben
I am historically a Bendigo boy with my properties but I am looking at Ballarat with an intensified interest. I am going to town on Thursday for a look around. Specially I am looking at some larger blocks out in Brown Hill.
i had a look through 3 or 4 pages but couldnt see much information on Brown Hill. What are peoples thoughts on it? More specifically on the eastern side of the freeway.
Cheers
Ben
