Invest in Ballarat (Melbourne)

Hi Jjinvester

I can give you my experience.

I purchase a miner cottage in Ballarat (Soldiers Hill is the exact suburb) for $220k, un-renovated in mid 2013.

After putting about $3,500 in small renovations with high impact (new painting, carpets, fencing, light fittings, etc), my rental income is $350p/w which is more than enough to cover for all property expenses (loan, rates, insurance, etc)

I think Ballarat is a good place to invest but the market is a bit slow. I guess it depends what’s you want to get out of it.

Cheers

I agree with JacM. I was living in Melbourne (Bayside) when I purchase my first property in Ballarat. I traveled every weekend for about 2 months until I ‘grasp’ a basic understanding of the area I wanted to purchase. That research and actual time spent in the local area paid off as I could see the opportunity in the house I bought.

I reckon that I would have never bought this IP out off internet alone.

RE Eureka St, I don’t know of any specific issues affecting that area. I believe that good IPs can be found in many areas, from Alfredton and Wendouree Lakes (premium locations) to Wendouree West and Sebastopol (bottom end of the spectrum). All depend what is your plan, strategy and final goal.

Hope this helps

Luke

Hi jay
With the offer have you received s counter offer?

That way you will get a fill on what the vendors want.

You might well be dealing with a lazy selling agent. Don’t sweat it, they probably won’t manage to sell the house, then the vendor will get jack of it and list with another agent. Keep an eye on it, it will probably appear as a new ad under another agent.

Just remember that the agent is there to get the most money possible, and things like calling you to say that there is ‘other interest’ is a way to help get the sale and increase the price. If the property is only worth $210k to you, then don’t go above it (especially if you already said that you wouldn’t).

I would reply with an email and say, $210k with 60 day settlement, and you’ll come in and sign the contract today. I would state that the offer is valid to Friday (because they will have more open days on the weekend, so you don’t want them to have another showing), otherwise you’ll move on to other properties and the offer will be withdrawn.

My father did the same thing a few weeks ago, and it was rejected. After 4 weeks the agent came back and said they’d accept the offer now, my father dropped the offer by $50k, and they accepted…

• This reply was modified 10 years, 5 months ago by  TheNewGuy.

Congratulations! :D

Remember not to sign anything without having your solicitor look over the contract first.