Bendigo/Ballarat

Hello Somersofters, I was wondering if anyone could point me in the right direction as far as the more desirable areas of either Bendigo or Ballarat. I read/heard that the Government is going to invest monies in these areas in the future, can anyone clarify that. Still looking for our first IP and still running around like a headless chook researching every area. Would love some help on this so I can focus on one place.
thanks in advance.:)
 
My sister lives in Eaglehawk.

I wouldn't particularly invest there (bit of a ghost town, and too big a representation of bogans in the demographic - just go for a visit to the Eaglehawk IGA and you'll see what I mean - but it's cheap), but her take is that property is still relatively affordable in Bendigo generally.

Don't know anything about Ballarat.

Of course; some spots will be horrible, and others good value, and still others bluechip and top end.

So, rather than "running around like a headless chook researching every area", concentrate on ONE area - say; Bendigo and go out there for a few days, drive around and find out where the better areas are.

Then, narrow it down to a few streets in that area and watch what's going on in those.

Here's a tip though; look for better streets that are close to the shops and schools, and preferably near any transport services.
 
Hi,

We're also thinking of looking in Bendigo for our first IP. They have just received massive govt funding to build/revitalise the hospital precinct so anywhere within walking distance to the new hospital which will be built on the historic Anne Caudle site should have good rental and CG potential IMHO. :) Good luck and will be interested to see how you go.

Sutnorinvest
 
Ballarat IP

Hi chickenrittle,

I recently bought a 3 bedroom house in Ballarat East and apart from the price still being reasonable my reasons were as follows.
Ballarat has a population of more than 90000 and is not reliant on a single industry. It has a good university and employment is pretty solid.
Rental vacancies are currently at 0.5% and capital growth for the past 10 years is approx 11%.
My main reason for buying there though was future infrastructure improvements with the vic govt committed to improving the rail link into Melbourne. Currently regional trains and metropolitan trains share the same tracks but within 2-3 years regional trains will move through the metropolitan area on seperate tracks with no overheads meaning metropolitan trains can't access them. This will reduce travel time b/w Ballarat and Melbourne by a further 5-10 mins which doesn't sound like much but will bring travel time overall to just over an hour.
Secondly the outer metropolitan boundary is Melton but this is currently serviced by the regional network until it is electrified which is due to be completed in 2017. This will mean an even quicker journey b/w Ballarat and Melbourne CBD. It will also make the service safer. No offence to Melton residents but it is a hotspot for trouble on the network.
The western hwy b/w Ballarat and Melb has recently been completed and the drive is now only 1 hour and 2-3 lanes all the way into Melbourne. Admittadly the govt has a problem with the westgate bridge but nothing a new tunnel won't fix (wishful thinking maybe).
Ballarat's population as a % is growing faster than Geelong and Bendigo which is another plus.

Good luck
 
Oh my lord you are all such generous folk, thank you all for you wonderful information. I have had such bad financial advice in the past that I've decided to take it into my own hands and this is such new territory for me that I'm doubting my every move. I will keep you all posted on my progress. Thank you again
chickenrittle:)
 
I just bought a development block in Bendigo.

great area in my view, putting my money where my mouth is too. there are a couple of other threads on here about Bendigo and Ballarat.

To me they are so much more attractive than Melbourne at the moment. Higher yield and more room to move up. Plus i feel there is more scope to add value there through reno/development.

From my initial talks with the council they seem quite nice too!
 
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