A short and sweet request for feedback –
What’s everyones thoughts on Ballarat?
There seems to be quite a few CF+ properties over that way, but being from WA I don’t know a great deal about the area.
Property WA,
I live and invest here in Ballarat, and would be happy to answer any questions that i can for you.
At the moment the market here is very similiar to a lot places at the moment. Meaning that the +CF IP’s are still hard to find, but it is definitley possible to create them if you know what you are doing.
There is certainly a lot of developers buying large residential blocks that are in good locations and developing units or townhouses. These are popping up all over the town at the moment. I haven’t been involved in any of these so i can’t speak of there returns.
I am passionate about Ballarat and the surrounding areas, and i believe that there is a lot of good solid growth happening here at the moment. Although over the last 12 months property prices haven’t done anything exciting, there has still been plenty of growth in the areas of new subdivision’s, estate’s, and industrial developments. Also the City of Ballarat is committed to the development of the area, and i like the outlooks for the area.
Like anywhere though, if you can find +CF IP i would certainly be looking into it further.
Cheers,
Robert
[biggrin]“You don’t have to be rich to invest in Property, but to be rich you have to invest in Property”
I live in Ballarat and worked in real estate in the area for a number of years. rental demand is usually high and vacancy rates seem to stay very low latest 2.0.
i also have an investment property in Ballarat and the capitol growth has been been great over the past 5 years for this property and now looking for another.
if i can be of any assistance just let me know.
what about Frankston in Melbourne?
Things I can see are:
– large enough local population to be self sustaining
– can buy a unit close to CBD and beach starting at $150k
– access to Melbourne city if needed
– close to Mornington Peninsula
– not a lot of land left close to the CDB to develop (vacant land that is)
– good growth prospectsI’m not too worried about sharing this as I’m not planning to buy the whole place, there is plenty to go around.
The only downside is rental yields are pretty low, around $130 for a 2br unit, but I guess thats where the solution comes in!
Chris
Hi chrisconuts, callander & crickrobert,
Thanks a heap for your posts.
Quite interesting you noted the development side of things crickrobert, as a few of the places Ive come across have the potential for retaining the original house and building a second dwelling.
From what Ive been told the council is quite good for information too when it comes to developing and that appears to be reflected in your thoughts. If there’s development activity the council must hold positive views.
And rental rates are generally quite low? Another plus – thanks for the insite.
Haven’t looked at Frankston but may just have too Chris.
Any further opinions or feedback most welcome.
Any information is useful.
One of my work colleagues bought a 1 br unit in Frankston 5 yrs ago, and can’t even realise the same price as it was purchased for. It has been on the market for 1 yr, with now, 4 agents.
he either bought too high, or is not ‘meeting the market’.
he told me the price, and it doesn’t sound unreasonable, but if he cant sell it……..You mention adding a second dwelling. the property next to our rental property in Ballarat has done just that, renovated the origional house and added a second dwelling.
this has now made us thing of doing the same as our block is a good size and council seem to be reasonable about these things.
Thanks for the feedback Callender,
Do you happen to know what size block your neighbour is on? Iv’e heard the council likes each property to have somewhat of a backyard and frontyard but Im not sure of their specific dimensional requirements.
Any forumites developed in Ballarat? or had any problems with finding tenants for that matter?
If I could find + cf in ballarat I would buy there 7 days a week
We buy properties cash fast settlements no fees no fuss. contact me on 0408 355568
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The neighbouring property to ours is a corner block so they have a seperate drive for each house. the block is approx 1000sqm.
they origionally paid approx $180, 000 for the origional house as it was a bit run down. are currently building the second property (nearly finished) two bedrooms & a garage. will be looking at $230,000 for the second property and will do a quick reno for the origional house and probably sell for around the $240,000.
wish we were quicker and purchased this property ourselves.[blink]
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