As a tree change hotspot with infrastructure projects rapidly on the rise, Ballarat’s population is booming and it’s fast capturing the attention of property investors.
Ballarat is located just over an hour by train west of Melbourne and is Victoria’s largest inland city. Surrounded by gold rush heritage, renowned wineries and creative arts, it has long been on the tourist radar. For locals, bushwalks, leafy streets, parks and gardens create a haven of nature-filled lifestyle choices.
Now, the city is booming thanks to a wealth of infrastructure projects in the works, set to significantly boost the local economy. Plans range from the transformation of the Ballarat Station Precinct to the redevelopment of Ballarat Base Hospital. It’s little wonder, therefore, that the city is the fourth-fastest growing in the country.
The city of Ballarat's current population is 113,725. This is set to soar to 144,108 by 2036. For investors and businesses looking to establish, expand or relocate, the booming population growth means the horizon is sparkling with excellent opportunities.
The region has an estimated 45,800 jobs. The under-construction Ballarat West Employment Zone is a business district set to drive economic growth over the next 20 years, and support a further 450 permanent jobs across a range of sectors.
The buzz surrounding major works in Ballarat can’t be overstated. Recently opened GovHub, which will be home to 1000 workers, including 600 public sector jobs which are being created or relocated from Melbourne. This investment by the Victorian state government shows their desire to decentralise the public sector workforce to regional areas. A project to upgrade the Ballarat Link Road will be delivered over the next few decades, providing a direct link from the Western Freeway to the Midland Highway.
Another project in the works in the $540 million Ballarat Base Hospital Redevelopment. It’s expected to provide the capacity for 18,000 more emergency patients per year, with an extra 14,500 patients able to be treated at the hospital. Further to this, the investment will create 1,384 construction jobs and, once complete, up to 1,000 extra full time positions.
The Ballarat West Employment Zone is a staged development on 438 hectares, next to Ballarat Airport. It’s expected to create up to 9000 jobs and inject $5 billion per year into the economy.
The estate will be used for manufacturing, agribusiness, construction, freight, research and development.
With rapid population growth and tonnes of infrastructure works, Ballarat has become the strongest market in Victoria. The regional city has overtaken the City of Greater Geelong, which has been the leader in sales over the past year. Ballarat still has an affordable median house price of around $634,438, with an upward shift in prices over the last six years.
Given the positive projections, infrastructure, jobs growth and recreational opportunities in Ballarat, the region is quickly becoming a tree change destination with many of the benefits of Melbourne.
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