Property Value – Ballarat
In a lot of ways, where within a city you buy your house is as important to the property value as what city the house is actually located in. This is because here a house is located impacts the way of living and therefore the property value. The city of Ballarat is a great example of this, with its inner and more established suburbs being originally laid out around the key mining areas. These suburbs include: Mount Pleasant, Redan, Ballarat East, Bakery Hill, Soliders Hill, as well as Black Hill, Brown Hill, Golden Point, Newington, Canadian, and Sebastopol. Having been established for a longer time frame, many of the houses in these areas are older, (although many have been renovated on the interior), these communities are also home to older and more well-established amenities as well, including shops, restaurants, and some of the oldest schools in the area.
Not only are the houses in these inner suburbs older, but they are also more central and are located closer to many of the employment opportunities, cultural events and festivals, entertainment venues and public transit amenities that attracted home buyers to the city in the first place. Because of all of the amenities, and the established neighbourhoods, the property values in these areas reflect just that. With the majority of these houses having noticeably higher property values than those of houses that are located further out. The increased property values are because of the opportunities that these neighbourhoods bring to the lives of residents because of their excellent proximity to core of the city.
Following the gold rush era, the city of Ballarat experienced a great boom in terms of a demand for real estate. This led to a great increase the housing development, with many housing being developed further out from the already well-established inner suburbs of the city. Because these properties were developed further out, there is less of a compact style of housing, providing homeowners with larger homes and larger lots -this size however, comes with a tradeoff, and that tradeoff is that houses such as these, that are further are not a part of those established neighbourhoods, or necessarily in the district for the more established schools, these houses are not necessarily located close to public transit. These houses come with the tradeoff of having somewhat of a commute. This commute, and the lack of popular amenities that are nearby are reflected in the property values of houses in the outer suburbs of Ballarat. Many people love living further out, and there are huge benefits to it, including a quitter neighbourhood, and in a lot of cases newer schools. It is just a matter of finding the right place for you and your family.
Property values in Ballarat are determined by a number of factors, one of the largest being the location obviously. Because buying a piece of real estate is such a large investment, choosing the right property and the right location is necessary, and it will impact the return that you get on your investment down the line. If you are considering selling your home, but are not sure how the location will impact the bottom line, think about the accessibility that you have the popular amenities that your city offers. Take a look at the neighbourhood that you live in, is it a more established community, or is it one that is up and coming. While up and coming neighbourhoods might not have the impressive property value today over time they do grow and become more established and popular, and can become one of those sought after locations.