Low Ballarat Rental Vacancy Rate Opens Opportunities
The record-setting low vacancy rates continue across Greater Ballarat as more and more people are drawn to the supportive community, relaxing country lifestyle and affordable property prices. The vacancy rates are the lowest we have seen in 16 years1 and look promising for the future of the real estate market in Ballarat.
Chris Byrne from Jens Veal Partners has revealed that vacancy rates for Ballarat rentals remain the lowest in Victoria’s main centres at 0.7%, well below the Melbourne vacancy rate of 1.8%2. In addition to the unique lifestyle that Ballarat offers, a primary reason for the exceptionally low vacancy rates in the area is its affordability. At a median of $260 per week, Ballarat boasts more attractive rental prices than Geelong and Melbourne, at $300 and $385 respectively.
While firmer loan guidelines caused by these low vacancy rates have served as a disincentive to some bigger investors, many long-time renters have taken the leap into buying their first home. Suburbs where the owners live in the house promotes a more stable long-term community and ultimately boosts the economy. For those tired of renting in the Ballarat area or having trouble finding a rental property, consider buying in Ballarat, where the prices are on average 42.82% – which translates to $536,790 – cheaper than Melbourne’s average3.
Jens Veal Partners can confirm that property management firms in the area have submitted their results to the Real Estate Institute of Victoria, which in turn assists the distribution of accurate, up to date information about vacancy rates in Ballarat and the surrounding areas.
Ballarat real estate agents still report high activity with only a very minor decrease, and zero decrease in values, in regards to both real estate and sales. All of the industry professionals at Jens Veal Partners agree that the Ballarat real estate market will enjoy a booming 20194.
1 ‘Vacancy Rate Drops Again in Victoria’, ABC News, Kerr & Anderson, J & R 2018, updated 24 August, https://www.abc.net.au/news/2018-08-24/rental-vacancy-rate-drops-again-in-victoria/10155782, accessed 13 February 2019.
2 Rental Report June 2018 released by Victorian State Government, Health and Human Services Department, accessed 13 February 2019.
3 ‘A Guide to Property Values’, Victorian Property and Land Titles, accessed 13 February 2019, https://www.propertyandlandtitles.vic.gov.au/property-information/property-prices.
4 All images sourced from a premium Shutterstock account.
