The Ballarat economy has been tracking strongly over the first quarter of 2019 and confidence is running high throughout most property sectors.
This quarter we focus our attention on the industrial property market. With significant private and government investment in infrastructure in and around Ballarat, we have experienced a significant increase in demand for industrial land resulting in price increases.
Winter Valley Business Park which we are currently marketing, is located in the Ballarat West Growth Area and has recently experienced a major upturn in prices driven by a looming shortage of “Industrial 1” zoned land as new and expanding local businesses source land on the western side of Ballarat.
We have also noted strong demand for established industrial sheds ranging from 200m2 to 1,000m2 which are being purchased by both local business operators and local and external investors.
Strong sales have also led to a shortage of stock and there are now opportunities for developers to take advantage of the current increased demand, particularly in the Ballarat West corridor.
A similar story applies to the industrial rental market where both new and growing businesses are in some cases taking up leases in preference to purchasing so they can invest more capital into their businesses.
This is leading to a shortage of rental stock in most price ranges.