Ballarat

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.

Yield at 4.4% requires meaningful negative gearing support. Budget changes hit this cashflow profile hardest. High NG dependence makes cashflow significantly worse under new rules. Longer DOM and higher interest rate sensitivity.

4.4% yield at $580k = $25,480 rent vs $30,160 interest = -$4,680 pre-cost. Requires NG and property cost deductions. Existing investors have 12-month grace window. New builds retain unlimited NG eligibility. CGT indexation partially offsets; long-hold (7yr+) required.