Build-to-Rent Developments Offer New Affordability Options for Ballarat Tenants

A key fact is emerging in Ballarat's rental market: build-to-rent developments are on the rise, offering tenants a new affordability option in a city where the median house price is around $510,000.

This matters now because the current market conditions, with Melbourne's auction clearance rates at record lows, are driving buyers to consider regional areas like Ballarat. The resulting increase in demand is putting pressure on the local rental market, with tenants facing rising rents and decreased vacancy rates. As a result, build-to-rent developments are becoming an attractive option for those who want to enjoy the benefits of renting without the uncertainty of private landlords.

In Ballarat, areas like Lake Wendouree and Alfredton are experiencing significant growth, with new developments and infrastructure projects underway. The Ballarat City Council's investment in the Lake Wendouree precinct, including the redevelopment of the Lake Wendouree foreshore, is enhancing the area's appeal for renters. Meanwhile, organisations like the Committee for Ballarat are working to promote the city's liveability and affordability, making it an attractive option for tenants. The University of Ballarat and the Ballarat Base Hospital are also major drawcards for renters, with many students and healthcare workers seeking accommodation in the area.

According to data from the Real Estate Institute of Victoria, the median rent for a three-bedroom house in Ballarat is around $380 per week. In contrast, build-to-rent developments are offering rents starting from around $320 per week for a one-bedroom apartment. This represents a significant saving for tenants, who can also enjoy the benefits of modern amenities and security of tenure. For example, a build-to-rent development on Mair Street is offering tenants a range of amenities, including a gym, pool, and community garden, for a rent of around $350 per week.

As the build-to-rent sector continues to grow in Ballarat, tenants can expect to see more options become available.

What Does the Future Hold?

In practical terms, tenants can start by exploring online listings and contacting local real estate agents to inquire about build-to-rent developments in the area. They can also visit the Ballarat City Council's website to learn more about the city's housing strategy and the initiatives being implemented to increase affordability. By taking a proactive approach, tenants can navigate the changing rental market in Ballarat and find a build-to-rent property that offers them a secure and affordable place to call home.