VIC has seen average median house prices change by -1.69% which means that Bendigo, 3550 has not done well for property investors by showing a capital gain of 6.49% over the last year
Bendigo,3550 has offered an average of 6.49% return per annum in house price rises to property investors over the last three years.
Property investors looking for a bargain in Bendigo should be aiming for at least -6.28% off the asking price, which is the average vendor discount being achieved at the moment.
Using the current median advertised rental of $330 and the average annual increase in value of a median property of 6.21%, investors should hope to achieve an overall return of 4.19%
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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.