Goldfields buys Ballarat farm
Goldfields Group has purchased a Ballarat farm for a housing estate.
The Smythes Creek site, 132 Cherry Flat Road, spreads 40 hectares and is expected to yield 430 lots.
At the town’s south west outskirt the land is Precinct Structure Plan-approved for repurposing.
Goldfields expects to build real estate there worth c$92m.
It would be the developer’s second Ballarat project: in 2017 it launched Winterfield (pictured, top) at adjacent Delacombe.
National director of Communities, Paul Cicchiello, said the group had confidence in the long-term strength of the town, 115 kilometres west of Melbourne (story continues below).
“Prior to the pandemic, the fundamental strength of the Ballarat community and propensity for growth in the local property market were apparent,” according to the executive.
“Since the launch of Winterfield…our sales team has seen a steady increase in total enquiries and sales and, interestingly, a long-term upward trend in the proportion of buyers looking to relocate from metropolitan Melbourne”.
Much of the new demand came in the second half of last year, he added.
Today we reported Troon Group and MaxCap sold a Delacombe bulky goods investment – the Ballarat Lifestyle Centre – for $12.39m.
