Ballarat Real Estate

Hot competition for a big corner office.

Published: 14/06/2006

Photo Courtesy of the Ballarat Courier

A prime piece of commercial property in Ballarat was sold at auction for $890,000 yesterday to a local buyer.

The auction of the Forbes Gear building on the corner of Lydiard and Dana Streets attracted a large crowd with numerous bidders.

Ballarat Real Estate agent Allister Morrison said the turnout at the auction for the 12-office building showed the strength of the region’s commercial property market.

“The building sold for a big price, and I believe the investor is keen to lease the property out, and we’ve already had a number of inquires,” Mr Morrison said.

“It’s an excellent location, and commercial property is held so tightly in Ballarat, so when it does come up for sale, people jump on it.”

Mr Morrison said the vendor, whose name has not been revealed, was pleased with the selling price.

Mr Morrison said commercial property in Ballarat attracted a lot of Melbourne investors because Melbourne property prices were so high and returns were shrinking.

“Investors are looking for opportunities outside Melbourne, and Ballarat properties have excellent returns, so this can only be a good thing for Ballarat,” Mr Morrison said.

Real Estate Legends

Published: 31/05/2003

Ballarat Real Estate recently honoured six staff members for more than 10 years service with the company which is shortly to celebrate its 20th anniversary.

Pictured are, from left, Leanne Whyte, Jan Franklin, Michael Golding,
Des Roache, Mike Brayshaw and Len Dean.

There’s gold in them thar hills

Published: 19/01/2003

Extract from the Domain Section of The Age Newspaper on Sunday January 19, 2003 entitled; ‘There’s gold in them thar hills’. Ballarat Real Estate Pty Ltd was the only Ballarat Agent quoted exclusively in this front page article.

‘Flats are in oversupply in the city, but in regional centres the rental market is booming reports Deborah Gough’

“Ron Morison of Ballarat Real Estate said the city’s growth had been fuelled by the proximity to Melbourne. He said firms like Mars and McCain’s and the State Revenue Office had had an enormous impact on higher-end family home rentals, which reach up to $400 a week.

State Government promises of a fast train and education facilities like Ballarat University, the Australian Catholic University and the School of Mines had an impact on the lower end of the market’s rentals. These properties provided better capital return than the more expensive homes.

“Property always goes up, so the worst that can happen is you reduce the price by $10, so you have a guaranteed income. There is never a problem letting residential property because everyone needs food and shelter,” Mr Morrison said.

Mr Morrison said one Melbourne investor on his books had eight rental properties because his returns were higher than he would get in Melbourne and encouraged his friends to do so as well.

He said many properties had around an 8 per cent return, particularly if the property had been bought more than 18 months ago.

“The other big thing in Ballarat now is that we are seeing a period of extreme optimism in the city, where in the past locals had knocked it. Now we all realise that this is a hidden treasure, with the fast trains and State Revenue Office, it is basically the flavour of the month,” Mr Morrison said.”

Sturt Street Premises Fetch Record Price

Published: 28/04/2001

Private investor pays close to $1 million for VicRoads offices A private Ballarat investor has purchased the VicRoads office premises on Sturt Street for almost one million dollars. Managing Director of Ballarat Real Estate, Ron Morrison, auctioned the building off yesterday morning for $940,000. “It is a record-breaking figure for a premises in Ballarat as far as I know”, he said.

The bid for the building started at $600,000 and well- exceeded its reserve price of $800,000. Mr Morrison said the investor was likely to lease out the property. VicRoads has owned and occupied the building since it was built in 1966. When it decided recently to combine its two Ballarat offices, the Sturt Street site was out up for auction. Mr Morrison said the premises, which has a land area of 1840 square metres (almost half an acre), was a prime piece of Ballarat real estate in an ideal location for an office block. “Today we are offering the ultimate position on the fringe of the Central Business District of Ballarat right on leafy Sturt Street … in the dress circle of Ballarat”, Mr Morrison said before the auction. Other advantages of the building included the outdoor living and barbecue area, the second office at the back of the building, and the security fencing and parking opportunities, Mr Morrison said. Around 150 people attended the auction yesterday, and Mr Morrison estimated that there were around six serious bidders - including investors from Melbourne.

“This is a good indication that the commercial property market in Ballarat is rising in value”, Mr Morrison said. VicRoads staff will occupy the building until the settlement in June. For enquiries regarding the leasing of the building contact Ballarat Real Estate on 5331 2233.

Home Buyers Grant One More Piece of Good News

Published: 24/07/2000

The $7000 First Home Buyer’s Grant is one of several factors tipped to drive Ballarat real estate prices to record highs in the next few months local real estate agents have said. Ballarat Real Estate Institute of Victoria president Marie Bamford said the $7000 was a significant boost for the local market, coming as it did on top of strong price increases in the last 12 months and the presence of out-of-town buyers in the market.

“The $7000 has brought some buyers into the market early and attracted buyers who would not otherwise be in the market at all”, she said. “There is a very strong perception, by anyone not from Ballarat, that prices here are very affordable”. Veteran Ballarat real estate agent and proprietor of Ballarat Real Estate, Ron Morrison, said the good quality $60,000 to $70,000 house in Ballarat was a thing of the past.

“One result of the grant will be bracket creep”, he said. “If an $80,000 house increases in value to, say $100,000, the owners have more equity. “This means they can borrow more money so they start looking at the next level - say a $130,000 house. “This, in turn, pushes these up to, say, $140,000 or $150,000. “The grant will not just affect the first home buyer end of the market”. Mr Morrison said properties retailing in the $60,000 to $80,000 range comparatively recently were now trading in the $70,000 to $90,000 range. “I would estimate that the market rose by 15 per cent over the two years to around the start of this year”, he said. “The latest increases are coming on top of that”. GoldCredit chief executive officer Robert Moore is also confident Ballarat’s property market is on the up and up.

“It would appear the $7,000 grant has already provided a shot in the arm for an already strengthening market”, he said. “Recent revaluation figures published by the city council indicate substantial increases in the value of properties in most parts of Ballarat”. Mr Moore said there was “strong anecdotal evidence” much of the increase had occurred in recent times and that the possibility of a fast train and low interest rates had boosted market confidence. “It appears, following indications that the economy is slowing down, that interest rates are stabilising,” he said. Mr Moore’s general experience had been that interest rates had always been the biggest single factor in determining the level of activity in the housing market. He said the longer term effect of the recent tax cuts on the housing sector could also be expected to be positive.

Ballarat Real Estate Industry Booms

Published: 06/06/2000

BALLARAT’S real estate industry is booming with agents at Ballarat Real Estate reporting sales of more that $1 million in the past fortnight. The firm credits sales from a wide range of properties and areas in central Ballarat and country regions with helping achieve this success. Ballarat Real Estate principal Ron Morrison said the Ballarat market was beginning to reflect the Melbourne market.

“Property prices in Ballarat are following the Melbourne trends,” he said. “We expect that there will be further increases in values in the months to come”. Mr Morrison said that the rise in prices was due to an influx of residents from other cities moving to Ballarat. “Ballarat has a lot going for it.

There is so much new development happening and you can sense a real excitement and optimism about the future,” he said. “I think this is prompting people to move to the city to take advantage of all that this magnificent city has to offer. “Our rental department has also reported strong interest from newcomers. Currently we have a vacancy rate of less than one per cent”.

The company boasts commercial and business sales at an all time high with results for a number of commercial properties, including the VicRoads Regional Office in Sturt St, achieving results well above reserve prices. Mr Morrison said he believed that a shortage of properties was contributing to the price boom. “There are more buyers than our existing stock could ever hope to supply. Investors and families looking to upgrade from their existing accomodation are all very active within the market.

“Many homes we sell are gone within a couple of days,” he said. Mr Morrison attributes the success of the 18-year-old business to its home town name and prominent Sturt St position.

Lease Signing

Published: 04/09/1999

Ballarat Real Estate’s Ron Morrison and Strathfield Group’s Wayne Herrick inspected the new Strathfield Car Radios and Mobile Electronics store in Ballarat after the signing of the leases and prior to the store’s grand opening on August 26. The Ballarat store at 26 Bridge Mall brings the total of Strathfield stores to nearly 100 across Australia.

The opening of this newest store confirms Strathfield’s intentions to bring city prices for car audios, mobile communications and home office equipment to regional areas of Victoria. Stores have also been recently opened in Bendigo, Geelong and Albury. Mr Garvey said: “The search for the right property in Ballarat for Strathfield took nearly three months”.

“The Bridge Mall was selected because of its good mix of businesses, both local and national, reasonable rents and excellent public car parking facilities nearby. “The Bridge Mall is currently experiencing strong demand from the local and national retail sector with several recent shop openings, namely the new Poppy’s shop at 53 Bridge Mall and Miller Brothers Fashions at 59 Bridge Mall”. A current retailing opportunity exists at 85A Bridge Mall. There is also office/studio space available on the first floor of 26 Bridge Mall. Both properties can be inspected through Ballarat Real Estate’s commercial property department. Phone 5331 2233.