The future's looking brighter than ever for investors in Victoria’s regional cities that are poised to host the 2026 Commonwealth Games.
“The Investor Evening is our opportunity to thank our clients and to offer them the latest information about the market,” Mr Parkes said.
More than 100 people attended the annual end-of-year event, including residential rental providers, suppliers, and potential buyers looking to invest in Bendigo and surrounding areas.
Barry Plant CEO Mike McCarthy, and Bendigo director of the Commonwealth Games Andrew Cooney, were guest speakers at the gathering.
“Mr McCarthy gave our clients a valuable vision into the Victorian real estate market in the past 12 to 18 months,” Mr Parkes said.
“He also provided positive predictions moving forward.”
While the market had dipped a little in the region, it had powered through and outperformed Melbourne during the pandemic, according to Mr McCarthy.
Mr Cooney outlined the positive impact the Games would have on the local economy, with 200,000 people expected to visit the area during the course of the two weeks in March.
Bendigo will host a variety of the events, including netball, lawn bowls, table tennis, track cycling, squash and basketball.
They will be held at multiple venues, such as the local stadium, showgrounds and the QEO (Queen Elizabeth Oval) precinct.
Located near the Bendigo Aquatic Centre and Tom Flood Sports Centre, the QEO is Bendigo’s premier sports oval that includes a historic grandstand that holds 900 people, a big screen and sound system.
The CBD, with Rosalind Park, Bendigo Art Gallery and Ulumbarra performing arts theatre, is expected to be the cultural hub of the Games, according to Mr Parkes.
“This is a massive opportunity for Bendigo to showcase its attractions,” he said.
“And the community to get together to show the world what we have to offer.”
Mr Cooney also mentioned a number of infrastructure developments planned for the international event, including the creation of an athlete’s village in Flora Hill.
The village would include three to four-bedroom units and townhouses to accommodate about 1600 athletes and officials, with works to commence mid next year.
There was the potential for the dwellings in the village to be sold to investors after the event, according to Mr Parkes.
Barry Plant Bendigo currently manages 800 properties in a robust rental market, which attracts investors living locally, interstate and overseas.
“Due to a shortage of properties available for rent and high demand for rental homes in the area, they are enjoying great returns,” Mr Parkes said.
The Greater Bendigo region has an average rental price of $430 a week with an average growth of 14.15 per cent in the last 12 months, according to realestate.com.au.
Infrastructure development, employment opportunities and lifestyle were major drawcards to the area, Mr Parkes said.
The office’s diverse range of tenants included those who had sold their homes in capital cities.
“They are wanting to rent with a view to buying and settling here,” Mr Parkes said.
Many were also students, young families and professional couples attached to La Trobe University’s Bendigo campus.
And some were retirees as well as those downsizing from larger properties and farms, who wanted to live closer to the CBD.
Barry Plant Bendigo has a team of eight experienced property management professionals, led by Property Management Department manager Betty Shalevski.
They have an understanding of how the local market works and are supported by regular training programs, up-to-the-minute market information and state-of-the-art technology.
They are also adept at matching the tenant with the ideal property and providing landlords with everything they need to give them excellent security and great returns.
Whether you’re looking to rent out your investment property or you’re a tenant looking for a property that matches your needs and budget, contact the team here.