Morwell offers a materially higher gross yield (5.7% vs 4.4%), making it the stronger income candidate at current prices. Morwell achieves positive cashflow without negative gearing support, while Ballarat requires additional tax offset or rental growth to break even. Vacancy conditions favour Morwell (1% vs 1.5%), indicating tighter rental demand relative to supply.
Research context only. Not financial advice. Both markets carry distinct risks specific to their location, employment base, and economic profile. Read the individual suburb research pages before drawing conclusions. All policy references reflect proposed changes subject to final legislation.
| Metric | Ballarat VIC · #23 | Morwell VIC · #7 |
|---|---|---|
| Gross Yield | 4.4% | 5.7% |
| Vacancy Rate | 1.5% | 1% |
| Median Price | $580k | $358k |
| Weekly Rent | $490/wk | $390/wk |
| Net pre-costs pa | $-4,680 | +$1,664 |
| Cashflow | Negative | Positive |
| Rent Growth 12m | +4.5% | +5.5% |
| Price Growth 12m | +5% | +5.1% |
| NG Dependence | High | None |
| Discovery Status | Known | Unknown |
| Population | 117k | 14k |
| Cycle Stage | Mid | Early |
| Policy Impact | ◆ NEUTRAL | ▲ STRONG UPGRADE |
| Signal Score | 50 / Tier 3 | 68 / Tier 1 |
4.4% yield is below cashflow-positive threshold but offers population scale (117,000), transport links (1hr to Melbourne CBD), and the best asset liquidity in the VIC set. Federation University provides student rental demand. Included as the defensive, lower-risk option.
5.7% yield is cashflow-positive at 6.5% rate and improves as rent grows at +5.5%pa. Keppel data centre catalyst is literally next door: Morwell is the primary accommodation suburb for the construction workforce. New build lots available at <$420k all-in, still NG-eligible under budget rules.
CoreLogic VIC Q1 2025 · REI Victoria Ballarat Q4 2024 · SQM Research · Federation University enrolment data 2024 · Ballarat City Council population projections
Data vintage: Q1 2025
CoreLogic SA3 Latrobe Valley Q1 2025 · SQM Research vacancy Mar 2025 · REI Victoria Q4 2024 · Latrobe Valley Authority Transition Plan 2024
Data vintage: Q1 2025
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Research only. Not financial advice. Data vintage Q1 2025 (indicative estimates from public sources). Verify all metrics independently with local property managers and licensed advisers before making any investment decision. All negative gearing and budget policy references reflect proposed changes subject to final legislation. Consult a registered tax adviser for personal tax position.