A block of land sold just outside of Ballarat indicates there is still appetite for property of all types across the city, according to a real estate agent.
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The 120-acre, or 48-hectare block, is on Dowling Road, north of Blind Creek Road and the railway, on the western edge of Mitchell Park.
Close to Ballarat Airport and the Ballarat West Employment Zone, it also sits adjacent to one of the future growth areas proposed last year - the north-western Cardigan zone was rejected by council in favour of a further western zone and a Mount Rowan zone.
PRD Nationwide Ballarat senior sales consultant and partner Robert McClure said the sale, following an expression of interest process, showed developers were looking for different options as Ballarat continues to grow.
The land is zoned rural living, he said, and subject to council approval, could be subdivided into 11 smaller blocks, providing lower density lifestyle housing.
That contrasts the rush on smaller blocks in the growth zones, which remain attractive and reasonably affordable.
What's happening is (city workers) have now established they don't need to be in the office five days a week, they can work from home four days then have a day of meetings in Melbourne
- PRD Nationwide Ballarat's Robert McClure
Mr McClure said the demand has not stopped.
"What we're seeing is people are now starting to say Melbourne's too busy, too dear, and we'd like to move somewhere affordable but with good Melbourne access on the train," he said.
"Ballarat's not going to go through a slump like other areas, we've got plenty of growth left."
He pointed to data showing Ballarat as one of the top three fastest growing regional areas in Australia - "developers can't make the land available quick enough," he said.
The coronavirus pandemic presents a challenge for the market, but Mr McClure said it had barely slowed down in Ballarat, contrary to some metropolitan areas.
In the long-term, the trend towards working from home could lead to more opportunities for Ballarat as a city.
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"What's happening is (city workers) have now established they don't need to be in the office five days a week, they can work from home four days then have a day of meetings in Melbourne," Mr McClure said - that's a positive for regional centres like Ballarat.
"In Ballarat, they might buy centrally, in Newington, or Soldiers Hill, and walk to work - they can't do that in Melbourne, find a house with a dog and two kids and walk to work.
"In my opinion, Ballarat is a little more isolated compared to other areas as far as prices dropping."
He added he was watching the construction of the GovHub project, and the eventual $460m expansion of the Ballarat Base Hospital, with great interest.
Another advantage was the extension of the state government's first home buyer's grant, which will now run until next June.
"The first homebuyers are a fair share of our market all the time," Mr McClure said.
"With low interest rates, it's nearly as affordable to buy than rent, if you have the deposit saved.
"Everything seems to be so positive for Ballarat except for the virus, there's so many opportunities in Ballarat."
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