Talking to a few locals, Learmonth was thriving once - then the lake lost its water.
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Soon after, businesses began shrinking and closing, the school closed, one of the churches closed, and while the footy and netball teams were strong, it felt like something was missing.
The town's fortunes could be beginning to turn around, with the renewed interest in rural living during the pandemic leading to more house blocks coming onto the market, and a refresh of some key businesses.
While not every resident will support the new developments - there's a 15-block development for sale on the eastern side of town, and another proposed in the motel - it's hoped bringing in new residents will help grow the town without losing its tight-knit feel.
A Facebook post on a community page attracted hundreds of comments, many of them broadly supportive and optimistic about the developments.
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Paul Ryan has lived in Learmonth all his life, the fourth generation in town, and now has grandkids living there as well - that's six generations, he said proudly.
He said he still remembers the speedboat and yachting competitions on the lake before the water level began to recede, and with it, the town itself.
"The town has been stagnant with growth, and a lot of people like it like that, but I think you need a certain amount of growth to keep the footy club, netball club, bowling club rolling and going from strength to strength," he said.
"The cafe's added a fair bit to the town, they do a really good job there and employ local young people, it's terrific - we get our mail there now, there's a good business there, and The Stag (hotel) reopened the last month, they're doing a great job, they're having a real crack at it.
"Any business that comes into town is a plus - one, they make and spend money, and two, they employ local people, you've gotta be all for that.
"We've got a local policeman in the town, nothing gets by him, you need people to feel really safe in the town, and he lives here, he does a terrific job."
He said he supports the new development in what was "unused land".
"I reckon it's great for Learmonth - if we can get a dozen families there with kids that play footy, netball, or bowls, who work - that's what it's all about," he said.
"Sport's really the heartbeat of the town."
Learmonth Football Netball Club president Stephen Griffin concurred.
He grew up in nearby Coghills Creek, and has fond memories of spending time at the lake at the caravan park as a child.
'It was more booming 40 or so years ago, now it's a more elderly demographic, and I think it needs to be revitalised with some younger people, more families being part of the community," he said.
"All my life, we're still contemplating that one day we might move out there, and I can see how it'd be appealing for heaps of different types of people - if only the lake would get water in it, it'd be an absolute goldmine."
While the school, Catholic Church, and general store have closed, there has been new activity in the town.
The social enterprise Learmonth Cidery has attracted acclaim from afar, while the revitalised Cafe Sidra is pumping.
The Stag's new owner, Ashlee Brook, said she was "overwhelmed" by the support from people across the district, and how quickly word of mouth had spread - she said she can't wait for next month's karaoke, as the first night was a ripper.
"I've been here roughly 18 years, I've been here at the good peak - school, general store, pub booming, other store open, footy going on great, then you see it decline," she said.
"I'd love to see it get back up to that peak, it's a brilliant little town and the people are amazing, and unfortunately, without having the lake full, everyone's forgotten about us," she said.
"Having that estate come in will give us a chance to bring more to the town, it'll be great for the town, as long as it doesn't explode like Miners Rest.
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"If we explode, we lose our small country town charm, but another 21 houses coming in, that's going to bring a lot more people - there's people in the houses, people visiting them, hopefully it'll encourage the council to fill up our lake, because everyone's quite annoyed about that."
The 15 blocks in the Lakes Edge development start at 927 square metres, according to agent Toby Tanis, who said the interest so far from potential buyers had been "incredible already".
The City of Ballarat confirmed an initial planning permit was approved in 2013-14, amended in 2019, and extended in 2020.
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