In this section, we take a dive into the nitty-gritty of 507 Lyons St South, 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: 463m2

Internal Living - 87.9sqm (approx.)

Building Inspector Measurements

Floor Plan with Windows & Doors


Rear - West

Front - East


Sale Method

Private Treaty

Buyers Guide - $330K - $350K

Price Appraisal

Logical Price: $330,000 - 345,000

Emotional Price: $345,000 - $355,000

Our Target Price: $335,000 - $345,000


Purchase Price: $335,000

Rental Return

Current - $250/wk - expires, July 2019 

Market Rent - $270 - $280/wk​

Gross Rental Yield 

3.88% (current)​

The Recommendations 

Contents Insurance

- Approx. $90/month 


Property Manager
Trevor Petrie Real Estate (Current)  


Tax Depreciation Schedule
BMT Tax Depreciation 

- Approx. $700 


The Documents

Contract of Sale
Vendor Statement
Solicitor Feedback
Minerals Resource Act 1990,
Refer pages 21 & 169
Building Report 
Pest Report
Rental Condition Report
Pre-Settlement Inspection

The Stats

Distance to CBD

Car: 5mins (1.6kms) 
Bus: 10mins, including a 6min walk to the bus stop from the house, 4mins bus ride to the CBD 
Bike: 15mins (3.9kms)

Walk: 7mins (1.6kms) 

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 25mins walk

• Ballarat Hospital 25mins walk 

Ballarat Clarendon College 37mins walk

Lake Wendouree and its associated parkland 39mins walk

• Woolworths Ballarat Central 21mins walk ​

Athletic Club Brewery 29mins walk

The Lost Ones (Basement Bar) 22mins walk 

Hydrant Food Hall 20mins walk ​

Hot Temple 22mins walk ​

L'espresso 18mins walk 

• Ballarat GovHub 22mins walk 

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507 Lyons St South, Ballarat Central

Our Photo's and Video's

Our Thoughts


The property is old and dated with signs of wear and tear on the inside and outside. The play on this one is to definitely buy, hold and then renovate at the end of the lease term which is July 2019 (if funds are available). The renovation would be a rear extension adding significant floor space and reconfiguring the internal layout to allow for 4 bedrooms (currently 3). However, in saying that, a really smart internal reconfiguration with no extension, but a separate studio is also possible - click here to view a recent sale in the area like this. There would be some demons in the house so we'd want to allow a 20% buffer for the renovation. The rental yield is not great, so cash flow wise, it doesn't tick the box, however, the play here is with a long-term view to renovate and manufacture equity.
Currently leased until July 2019 for $250/wk, the Current tenant is a 60yo woman, no pets, no kids, she's on walking sticks, has a gardener and cleaner - so the property is maintained as well as it could be.

What We Recommend

We have a target price range of between $335,000 - $345,000 for this property. We will start the negotiations at $335,000 and work through the process to land at $345,000 as a max offer. We would do this as a formal written offer with the following conditions:


• Subject to a bank valuation

Subject to finance

• 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 makes a formal written offer to the sales agent.

What's Around


Housing Commission Heat Map 

3% of residents rent from a state or federal housing authority in the block where the subject property is located. The neighbouring blocks have lower proportions, except for Redan at 10%.

1% of residents rent from a state or federal housing authority in Ballarat Central. The inner neighbouring suburbs have 3% and 10%.

Comparable Recent Sales


Here we provide the most recent sales in the area that are no more than 1km 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 400-500sqm (the subject property lot is 463sqm), meaning 25% 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 met with more stringent planning requirements. Click here for further heritage overlay information

  • The subject property is in an Aboriginal overlay area meaning any sub-divisions must meet the Aboriginal overlay planning requirements. Typically new dwellings and alterations (renovations) to existing dwellings are exempt from needing Aboriginal overlay approval. Click here for further Aboriginal overlay information  


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.