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Buying to live or invest in the Ballarat property market

19 August 2015

With interest rates sitting at an all-time low in Australia, there are many people considering either entering the property market for the first time, or considering a foray into investing in property.

In the current climate many first time home buyers who live in capital cities, close to work and amenities that suit their lifestyle, are opting to continue renting and are instead buying their first property as an investment in booming regional centres.

Ballarat is a fantastic market that has many benefits to first home buyers, those wanting a tree change, people looking for a more relaxed pace, and investors. It is close enough to a major capital city for people to commute to work, and offers all the benefits of top schools and university, health, hospitality and lifestyle.

If you are looking to invest, here are a few facts* that you may find interesting…..

As at August 2015:

  • ·         The population of Ballarat is 93,501

  • ·         The rental population of Ballarat is 29.39%

  • ·         In central Ballarat, the rental population is 40.73%

  • ·         The vacancy rate for rental properties in Ballarat is 2.33%

  • ·         There are only 833 properties available for rent in Ballarat

  • ·         The median yield on a rental property is around 4.1% (house) and 5.3% (apartment)

Alfredton, a popular suburb of Ballarat, has a population of around 7,195 people, with 22% of them living in rental accommodation, whilst in Mount Clear – close to the main university campus – the rental population is around 32.6% and the vacancy rate is a low 1.82%.

If you are looking to buy in the Ballarat market, with interest rates so low, it’s a great time to get serious about it.

The median house price in the Ballarat region has jumped 20% in the last 2 years, but is still a far more affordable option that metro areas of the state. As at August 2015, the median house price in Ballarat sat around the $340,000 mark, whist for units it sits at $220,000. There is 25% less stock available in the Ballarat market than there was this time 12 months ago.

As we touched on in our article last month, there are many great reasons to buy – to live or invest – in Ballarat.

If you want to know more about the best suburbs to invest, or where to look to be close to amenities such as schools, shops, parks and gardens, don’t hesitate to drop us an email.

*Facts and statistics with thanks to Real Estate Investar. All statistics believed true and correct at time of publishing.