VIC has seen average median house prices change by 8.23% which means that Bendigo, 3550 has done well for property investors by showing a capital gain of 10.00% over the last year
Taking the average capital gain, or increase in median house value, Bendigo,3550 has racked up an average of 10.00% over the period. This ranks it number 2240th in the whole country for real estate investors looking at median house price increases.
Vendor discounting in Bendigo is giving property investors an average Vendor Discount of around -6.47%. This puts suburb at number 207th in VIC when ranking the most discounted suburbs.
At number 2482 in a list of fastest selling suburbs, Bendigo is in the bottom 40% of suburbs in Australia with an average of days on market 95.04 for properties listed there.
Using the current median advertised rental of $290 and the average annual increase in value of a median property of 5.91%, investors should hope to achieve an overall return of 3.92%
Bendigo has had a very poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of -15.81% to date .
When looking at the potential capital gains offered to property investors over the last 3 years, Bendigo comes in at number 338th in VIC.
LACK OF BUYER INTEREST may well be the reason that Bendigo is offering property investors an average of -5.27. This rate of discount on properties puts Suburb at number 225th in terms of most discounted suburbs in VIC
On average over the past year, suburb has had 1.58 sales per month, which equates to 19 per year.
A $250 per week rent on the median house gives suburb investors a gross yield of circa 4.98%, without taking into account capital value appreciation, which has been averaging out at 3.49%.
Bendigo is one of Victoria's regional powerhouses, and its property market is backed by a diverse economy.Full summary
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Bendigo is one of Victoria's regional powerhouses, and its property market is backed by a diverse economy.
“Located approximately 130km north of Melbourne’s CBD, Bendigo exists as one of Victoria’s key rural hubs. The area has a diverse and robust economy that comprises mining, agriculture, manufacturing, tourism, health, and a strong financial presence, with Australia’s only provincial stock exchange,” explains PRDnationwide’s Dan O’Halloran.
“The Bendigo real estate market is large enough to maintain a reasonable level of supply and demand throughout tough economic conditions, which makes it an attractive and secure investment option.”
He adds that Bendigo’s relative affordability compared to Melbourne, coupled with a strong community vibe assists to attract many new homeowners to the area each year. Rental yields are strong too, which will be of interest to investors.
Its demographics certainly look strong, with population growth averaging out at just under 2% per year over four years, according to ABS statistics. Renters make up around a third of the market.