Demand is outpacing supply as regional living grows in popularity!
As government and industry pour billions of dollars into Victoria’s third-largest city, Australians are moving to Ballarat in unprecedented numbers. Infrastructure development, healthcare, and services dominate the city’s job market, where the population of 114,000 is set to balloon to 200,000 in greater Ballarat by 2040.
Drone Photography by Linkage Group
Average home prices have risen almost 25% over the past 2 years with the highest increases trending upwards in the last six months. Post-pandemic, couples, and families which account for 52.6% of Ballarat’s residents are prioritising lifestyle and traditional values over the attractions of Melbourne, which were shuttered during lockdowns.
Representing terrific returns on investment in the area, Ballarat’s rental market is 2.6% higher than the state average of 24.77% as well as leading Victoria’s overall vacancy rates. A large percentage of Ballarat’s rental market is driven by tertiary education with many converting to permanent residents and taking up high-salaried jobs in the area’s growth industries. The desire for greater work-life balance for many young couples and families is informing the city’s planning for the future with state-of-the-art infrastructure, new schools, and public services as well as rejuvenation of the city’s parks and gardens.
Investment in Ballarat’s historic railway station and transport network will expand services not only to Melbourne but serve as a regional hub for the entire west of the state from as far north as Mildura to coastal Victoria’s Great Ocean Road. The opportunity to access Melbourne within 90 minutes is balanced by Ballarat’s close proximity to vast regional parks, reserves, and waterways are enjoyed year-round by outdoor enthusiasts. There’s also plenty to attract indoors at regional galleries, where parking is easy and crowds few and far between.
The Delacombe area, which includes Bonshaw, is experiencing the fastest growth in the area. Rivulet is one of the fastest selling land developments which is ideally located on Bonshaw Creek, echoing the surrounding area’s lush bushland and wide, open spaces. A reserve in keeping with the regional character is being brought back to life for the enjoyment of Rivulet Estate residents as well as native birds and wildlife.
In the last financial year, the project has made a tremendous result of more than 160 lots sold. With the construction running on site, Rivulet estate will deliver 60 titled lands for the new families who plan to move in. Linkage Group is aiming to deliver a lifestyle community to Ballarat and help to make contributions to the regional area growth.
Affordability plays a defining role in Ballarat’s property market, where liveability is an intrinsic characteristic of the area that continues to grow with its population. With average home prices rising at an accelerated rate, Ballarat real estate represents an excellent opportunity to invest in the future.
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