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Dave & Annie’s Journey

Last week I had the pleasure of securing a 3BR 1950’s era brick home in a beautiful location within Ballarat for two very special clients. The brief was particularly challenging for two reasons; firstly, they had already purchased last year in Ballarat’s Wendouree (north of the city) and I was determined to diversify them in terms of location and target tenant. Their Wendouree property is also a 1950’s brick house but that is pretty much where the parellel ends. They have a secure long term tenant who runs her business from home, and it’s fair to say that Wendouree is a family area offering a high chance of long term tenancies. Surrounded by schools (both public and private) and offering rail station, a shopping mall and family lifestyle, it’s a hot pocket for investors right now.

So our second property selection criteria eliminated Wendouree and the neighbouring Ballarat North, and I made a deliberate decision to target the city’s southern pockets including Redan, Newington and Mount Clear. Our find was one street back from the Redan/Newington border on leafy Winter Street. Featuring period detailing, a modern fit out and 3 large bedrooms, this house was home to three younger tenants on employment contracts and they kept the property like it was a show home. With an advertised price of $239,000 and a competing buyer, I had to be tactical and I offered the winning bid of $235,100 and date stamped it for validity for that afternoon only. With an existing fixed term rental of $270pw, this equates to two solid, reliable brick homes delivering gross rental yields of 6%. A stellar – and diversified result for my second time Ballarat investors.

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