In this section, we take a dive into the nitty-gritty of 425 Armstrong St, Ballarat Central. We analyse the property itself, its surrounds and the numbers that matter. We also take a look at the comparable sales in the area and how they stack up against the property.

The Numbers


3 - Bedroom

1 - Bathroom

1 - Car space


Land Size: 610m2

Internal Living - 80m2 (approx.)



Front - West (afternoon sun)

Rear - East (morning sun)


Sale Method


Buyers Guide - $370K - $390K


Price Appraisal

Logical Price: $380,000 - $395,000

Emotional Price: $395,000 - $410,000

Our Target Price: $385,000 - $395,000

Sold Prior to Auction: $417,500


Renovation Allowance

Not required immediately


Estimated Rental Return



Gross Rental Yield (on max. target)

3.94% (current)​

The Recommendations 

Contents Insurance

- Approx. $90/month 


Property Manager
To be confirmed 


Tax Depreciation Schedule
BMT Tax Depreciation 

- Approx. $700 


The Documents

Contract of Sale and Section 32
Solicitor Feedback (on approval of offer)
Build & Pest Report (on approval of offer)

The Stats

Distance to CBD

Car: 4mins (1.4kms) 

Bus: 20mins, including an 11mins walk to the bus stop from the house and 2mins bus 

Bike: 5mins (1.4kms)

Walk: 13mins (1km) 


As the crow flies: 1.6kms

Distance to Airport

110km, 80mins by car to Tullamarine and Avalon 

Walking Distance

• Sturt Street 21mins walk (shops, cafes, restaurants) 

• Ballarat Station 21mins walk

• Ballarat Clarendon College 38mins walk

• Lake Wendouree and its associated parkland is a 40mins walk

• Royal Oak Hotel 7mins walk 

• Corner store cafe 5mins walk 

• Woolworths Ballarat Central 18mins walk 

• Cubby House brewing 11mins walk 

• Mojo Pool Lounge & Bar 10mins walk 

• The Lost Ones (Basement Bar) 19mins walk 

• Hydrant Food Hall 18mins walk 

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425 Armstrong Street South, Ballarat Central


Our Photo's and Video's

Our Thoughts

On approach to this property, you are presented with a beautiful quaint cottage oozing character and the homely feel. Straight away with the white picket fence and heritage home, you know it's going to pull on the emotional chords to most. Internally, the same character follows through from the outside with the high ceilings, wide hallways, feature skirting and architraves. All three bedrooms are of decent size and the front living room is also large. To the rear, the kitchen, dining and bathroom are all more modern, but a little dated. However, in perfectly good condition to lease as is.


There is a shared driveway owned by the council and this can be used for cars to access the rear of the property for off-street parking. The neighbour does not use this as their driveway/garage is on the other side of their property. 


The strategy here is simply to land bank in a high growth suburb with a quality tenant. Secondary to that, you have a large 610m2 block of land that has plenty of potential. First and foremost, it's the ability to extend off the back of the property to as far back as the where the current shed is. We would recommend keeping the front 4 rooms and then extending out from there to include a large living area, new bathroom and kitchen. You can also push up to include a master retreat with bathroom and living space. The land steps down to two levels of the grassed area, this could be left as is for kids and pets to play/run around. There are great district views looking back out the back of the property and these would be amplified with a really nice extension out and up.


Regarding parking, you could look at options to purchase the driveway from the council and use this as exclusive parking. Alternatively, recommendations by an architect at the time would be advised.


Keeping the front 4 rooms as bedrooms and master ensuite upstairs would mean it's a 5 bedroom 2 bath property. In today's market, a valuation of $675,000 - $725,000 would be fair. The market is only going one way at the moment, so plenty of potential in the future for you.


For the time being, simply, let's find a great tenant and lease the property out as is. If we are successful at purchasing the property, there is the opportunity to prepare and lodge plans based on the above, just so you have the approval in place for when the time is right.


What We Recommend

We have a target price range of between $385,000 - $395,000 for this property. We would recommend an offer at $385,000 initially with a max. counter at $395,000. We would do this on the contract and it would be subject to the following conditions:


• Subject to a bank valuation

• Subject to access the property during the settlement period for tenant viewings

• Subject to building & pest reports

• Deposit not to be released to the vendor


Next Steps

• Luke to review the property

• Luke provide feedback (yes/no)
• Milk Chocolate send Luke the purchase advice and contract for signing
• Luke signs purchase advice and contract via DocuSign

• Milk Chocolate make formal written offer to sales agent.

What's Around


Housing Commission Heat Map 

3% of residents rent from a state or federal housing authority in the area where the subject property is located. The neighbouring blocks have higher proportions of 0%, 1%, 2% and 10%.

1% of residents rent from a state or federal housing authority in Ballarat Central. The neighbouring suburbs of Soldiers Hill, Newington, Redan, Golden Point and Ballarat East are 1%, 1%, 10%, 3% and 7%.

Comparable Recent Sales


Here we provide the most recent sales in the area that are no more than 500m from your property and not older than three months. We also provide a rating (superior, equal or inferior) of the comparable property against your property across three categories; market timing, location and overall. Generally speaking, if the property ranks overall inferior, then we can expect your property to be valued higher and vice versa if rated superior. Market timing refers to the strength of the market when the comparable property was purchased compared to now.

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  • The zoning in Ballarat Central is GRZ1, meaning General Residential Zone

Buildings are limited to three storeys, with a maximum building height of 11m

  • There are minimum Garden Area Requirements for lots between 501-650sqm (the subject property lot is 581sqm), meaning 30% of the lot must be used to provide a garden area on the ground level. 

  • The subject property is in a heritage overlay area, meaning any renovations to the house must be sympathetic to the existing character and will be meet with more stringent planning requirements.   


All plans must comply with council planning laws and nothing is certain until a development application is submitted and approved. 

* Milk Chocolate price data used on this website is sourced and relies upon information supplied by a number of external sources (including governmental authorities). This data is supplied on the basis that while Milk Chocolate believes all the information provided will be correct at the time of writing, it does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by you, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information on this website through any cause whatsoever and limits any liability it may have to the amount paid to the external sources for the supply of such information.