Property investors who have had real estate in Ballan, 3342 should be pleased with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 10.01%
While Ballan,3342 ranked number 74th in VIC for increase in median house value (annualised) increase, it is ranked 495th over the last 5 years.
LACK OF BUYER INTEREST may well be the reason that Ballan is offering property investors an average of -5.61. This rate of discount on properties puts Suburb at number 540th in terms of most discounted suburbs in VIC
A $350 per week rent on the median house gives suburb investors a gross yield of circa 3.94%, without taking into account capital value appreciation, which has been averaging out at 7.42%.
Information supplied by:
Gold rush stop banks on low prices
Median house price: $380,000
Three-year growth: 15.5%
Rental yield: 4.1%
Once regarded as a valuable staging point for coaches during the Victorian gold rush, Ballan is now a highly affordable suburb that serves as the main administrative centre of the Shire of Moorabool.
The suburb did not see much growth over the past year leading up to July 2017, with prices increasing by only 0.8%. Nonetheless, the average vacancy rate dropped significantly in that same period from 1.3% to just 0.4%, suggesting that there is interest in this area.
Ballan is close to the Western Freeway, linking it to Melbourne, while the Geelong Ballan Road provides a path to Geelong. Melbourne can also be reached by train via the Ballan railway station, which is a short distance from the town centre.