Chat with us, powered by LiveChatBendigo still affordable despite double-digit percentage price growth

Bendigo still affordable despite double-digit percentage price growth

First-home buyer bags Bendigo unit for $175,000

Skyrocketing prices have not blemished Bendigo’s reputation as a property hotspot for entry-level buyers.

In the past 12 months, its median house price has jumped 15.7 per cent to $550,000, according to realestate.com.au data.

The price growth is a result of strong demand from local buyers and those from Melbourne and interstate, according to Barry Plant Bendigo Licensed Estate Agent and Sales Consultant, Reecy Owins.

Apart from affordability, Bendigo offers buyers strong infrastructure, job opportunities and an easy laidback lifestyle.

Within easy commuting distance of Melbourne by road or rail, the regional city attracts all types of buyers including investors, first-home buyers, families, retirees and those working remotely.

“Many are wanting larger homes with bigger gardens and room for a home office, while others are starting up the property ladder or scaling down,” Ms Owins said.

Properties are attracting multiple offers and selling quickly, with some selling sight unseen, and most above the owner’s expectations.

Homes priced below $600,000 and within a few kilometres of Bendigo's centre are popular with investors and first-home buyers.

A one-room unit at 3/80 Bright Street, California Gully, lasted only four days on the market before it was bagged for a bargain $175,000 by a local first-home buyer.

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“This property attracted three offers and was ideal for those trying to break into the market,” Ms Owins said.

An older-style four-bedroom house on 3336sq m at 30 Rennie Street, Huntly, was on the market for only three days, before it was snapped up by a Melbourne investor for $555,000.

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“We received seven offers for this property, mainly from investors including one from overseas,” Ms Owins said.

“While it needed a bit of work, it had subdivision potential.”

Bendigo’s strong rental market is a magnet for investors, as it offers high returns and low vacancy rates.

Houses lease for $370 a week with an annual rental yield of 3.4 per cent, while units rent for $305 a week with a yield of 4.2 per cent, according to realestate.com.au.

The city’s tightly held period homes are snapped up quickly when they are listed, including the four-bedroom charmer named Fairview at 165 Don Street.

“This property drew multiple offers and was sold to Melbourne investors for $680,000,” Ms Owins said.

The stylishly renovated and extended house features old-world details and is in a prime location near The Sacred Heart Cathedral and the arts precinct.

And in North Bendigo, a Melbourne buyer paid $370,000 for a two-bedroom 1800s miner’s cottage at 16 Prouses Road.

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The owners, who bought the property in 2017 for $210,000, were over the moon with the sale, Ms Owins said.

Those wanting to build dream homes or investment properties are swooping on house and land packages in new estates, including the Cooinda Estate in Strathfieldsaye.

Ms Owin, who has 36 years of experience in real estate, sold 26 of the 30 house and land packages in the estate priced in the high $400,000s.

“Strathfieldsaye is a growth area with schools, shops, transport and medical centres, but prices here are on the rise,” she said.

While the market has slowed down a little in Bendigo in the past few weeks, property sales remain strong.

“There’s no mad rush for homes now, compared to previous months,” she said.

“And with more properties coming on the market, supply is meeting demand.”