Buying Into Ballarat’s Boom: An Opportunity For the Savvy Investor
Right now is a crucial time in the Ballarat real estate market. With almost 40 years’ experience, our team at Jens Veal has never seen anything like what’s going on at the moment. According to the ABS, Ballarat is currently 7th in the state for property development, with 144 new houses added in October 2018 alone. There is currently a significant opportunity for people all over Australia to invest in Ballarat.
In the past six years, we’ve seen massive growth of up to 70 percent in the central area of Ballarat – a lot of which has happened in the last two to three years. On the fringes of real estate in Ballarat for the same time period, the growth has been reported as between 30 and 35 percent. This is massive growth for outside a town centre and it is rapidly catching up to the central area. This surge is a result of population growth, high demand and a shortage of supply in greater Ballarat. This shortage is a guarantee that a property purchased won’t sit vacant for long.
Ballarat has a huge student population who are always looking for rentals. The state government has approved the removal of one of their departments called ‘GovHub’ to Ballarat and the city will also be welcoming a wind farm in the near future. To further prove economic growth, the Ballarat unemployment rate is at 4%, essentially considered ‘full employment’ by the Australian Bureau of Statistics.
The outer suburbs of Ballarat have seen an immense number of blocks developed and we are seeing an accelerated spike in their price per block. Thousands of blocks have been registered for sale in the last few years and we’re also seeing massive capital growth in that area of the market. We are the best real estate agent in Ballarat to help you because we are client-focused and see the opportunities in this burgeoning market.
Jens Veal currently has no vacant rental properties – an unusual occurrence for this time of year – and demand remains strong, driven by employment in the Ballarat area as well as people moving to Ballarat for the lifestyle and affordable price point.
The attractive Ballarat lifestyle is built on the pillars of quality education, industry development, historical value and proximity to Melbourne. People can live a quieter country life on a bigger block of land – while still being able to reach Melbourne by train in 1 hour and 4 minutes. Investors in Ballarat are seeing a 5% return value, which is likely to rise in the next 12 months. The city is in great shape and it looks good for the future!
No matter where you’re from in Australia now is the right time to buy into the Ballarat market, and we are ready to develop the best plan for your property.
Please do not hesitate to call me for more information on the above .