An entire postcode of Heritage Overlay?

Bidding for investor clients in Ballarat’s beautiful pocket of Soldiers Hill yesterday required some fortitude when the rain arrived. Bracing for the downpour and congested on the little verandah, buyers, onlookers and neighbours gathered to watch the gorgeous two bedroom, renovated weatherboard cottage go under the hammer.

We had selected 303 Ligar St as a perfect contender in the final week of the auction campaign and our inspection did not disappoint. The neighbouring properties caught our attention and the consistent array of Victorian and Edwardian beauties added to the charm of the street.

The elevation of the block gave us a great vista of the surrounding areas and the city landmarks. Just a short stroll down the hill sits the Ballarat train station and a further three minute hike placed us within Ballarat’s bustling township.

Soldier’s Hill is well known among the Melburnian ‘tree-change’ fraternity for good reason. The suburb sits adjacent to the north against Ballarat Central, meaning that access by foot into the city is very easy.

The standout feature of Soldiers Hill however is the period nature of the entire suburb.

Being of important historical heritage (the earliest planned suburb of Ballarat), it is completely covered by a Heritage Overlay.

Some of our oldest, prettiest suburbs of Melbourne echo some similarities in architectural features. 

We see ornate Victorian lacework in suburbs like Fitzroy (pictured), Williamstown, Prahran, Armadale and South Yarra.

The history and emergence of this beautiful pocket is quite different to Melbourne’s history though. The Goldfields region flourished in the mid 1800’s and the abundance of wealth in the area from the gold rush remains evident today in the stunning and grand architecture. The suburb was named Soldiers Hill shortly after 1850 and the meaning of the name harks back to the colonial forces who were present at the time of the  Eureka Stockade riot. 

Today, Ballarat remains a mixed offering to property buyers. Investors have flocked to the area over the years in an effort to secure a combination of capital growth and rental yield. While the capital growth historically doesn’t compete with Melbourne’s inner-ring housing capital growth, houses like this in Ligar St deliver rental returns in the 4-4.5% vicinity; a healthy advance on Melbourne’s rental returns for a similar property. 

Soldier’s Hill has traditionally outperformed most other Ballarat suburbs based on it’s proximity to the city and station, stunning streetscapes, grand homes and owner-occupier appeal. 

It is this last growth driver that cannot be ignored. Properties that have their values driven by local and out-of-town owner-occupier markets will always provide stronger resilience in the face of market adjustments and will out-perform long term.

Wishing our investors a wonderful journey as landlords, with limited adventure, great tenants and attractive long term capital growth.