Land to the north of Ballarat has been eagerly snapped up since the City of Ballarat proposed its new growth zones, with 60 hectares of Mount Rowan farmland sold for $5.7 million at auction.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The three separate lots were sold as a whole, zoned as farmland with some industrial zoning.
Friday's auction attracted 55 bids, according to Hockingstuart director Tim Valpied.
Bordered by the Midland Highway to the east and the Western Highway to the south, the blocks include an 1880s Victorian home, and Olliers Road through the middle.
There's also low-lying land to the south that could form part of wetlands or public space in future.
While Mr Valpied could not disclose the successful bidder, he said he "presumed" it was a developer, and they were not from Ballarat.
"We advertised this site as a land-banking opportunity, because clearly it sold for a lot more than its zoning suggested," he explained.
OUR SAY: Ballarat at the crossroads of change
"It's really sold with people looking at the future, and there's elements of speculation with that."
There were several elements to the land which would lend itself well to development, he added, including its proximity to the CBD and the Western Highway, and the fact that it is undulating and reasonably flat with little vegetation.
He noted the land had only been advertised for four weeks before the auction.
"I think the timely release of information from the City of Ballarat during the week certainly buoyed the confidence for the buyers," he said.
"Interest came locally and from developers from Melbourne and Geelong, there was interest from far and wide."
He said the sale indicated there was still a lot of developer interest in Ballarat, and confidence in future plans.
"Land is continuing to sell very well, the population's growing," he said.
"Demographers like Bernard Salt keep talking about Ballarat in a positive fashion, with what the town has to offer, and our proximity to Melbourne and the freeway.
"It'd be nice to see Ballarat a bit more balanced and not building in the one direction."
The City of Ballarat's new growth zone proposals - of which Mount Rowan between Howe Street and the Midland Highway is one - were released on Wednesday.
COUNCIL'S PROPOSED NORTHERN GROWTH ZONE
The plans will be discussed and voted on at the October 30 council meeting.
Previously, council has pushed for 50 per cent infill development, with proposals to build more apartments and higher density accommodation within the city, though greenfield sites will also be crucial - Ballarat's population could be higher than 150,000 by 2040, and some of its suburbs, like Delacombe and Alfredton, are amongst the fastest growing in the state.
Last week's council report, which also recommends further development to the south-west of the city, states the northern option is the most cost-effective for installing water, drainage and roads.
It could be developed to a self-sufficient size, although its location is "physically separated" from the rest of urban Ballarat.
The Ballarat Showgrounds may be built across the road from the Midland Highway blocks, off Rosehill Road, however the proposal has already attracted a petition opposing it.
Upgrades along the Midland Highway have also recently been completed, including improving access to the Western Highway, though as many have commented online regarding the future growth plans, other infrastructure like schools and hospitals will be needed in the area, as well as upgrades to infrastructure in the CBD.
After the blocks sold for such a high price, Mr Valpied said it's likely there'll be similar sales in the near future, especially when council considers the growth plan this week.
"Usually what happens with a result like this is beyond what people generally would have expected, often it brings out other potential sales," he said.
Have you signed up to The Courier's variety of news emails? You can register below and make sure you are up to date with everything that's happening in Ballarat.
