At number 649th in the list of Australian suburbs ordered by increase in median house value over the last year, Bendigo, 3550 is in the top 20% with a property value increase of 8.61% recorded in median house prices.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Bendigo has increased when compared to the 5 year average annual rate.
Property investors looking for a bargain in Bendigo should be aiming for at least -6.00% off the asking price, which is the average vendor discount being achieved at the moment.
Situated 132.17km from the CBD, Bendigo is one of Greater Bendigo (C) localities in the postcode 3550.
Bendigo, 3550 ranked 222th in VIC when comparing growth in median property values or capital gain over the last 12 months. Bendigo is one of 2099 in our list for VIC
A -7.09% growth in median value for property investors in Bendigo,3550 puts this suburb at number 8th in terms of best performing suburbs in VIC
Advertised rents are around the $290 mark per week – giving a return of 5.48% based on the median price in Suburb
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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.