VIC has seen average median house prices change by 8.62% which means that Bendigo, 3550 has done well for property investors by showing a capital gain of -1.25% over the last year
Bendigo,3550 has offered an average of -1.25% return per annum in house price rises to property investors over the last three years.
Vendor discounting in Bendigo is giving property investors an average Vendor Discount of around -6.61%. This puts suburb at number 110th in VIC when ranking the most discounted suburbs.
In the last year 132 properties changed hands in Bendigo, which puts it as the 170th most active market in VIC when comparing the number of sales per suburb.
Using the current median advertised rental of $300 and the average annual increase in value of a median property of 5.69%, investors should hope to achieve an overall return of 3.95%
Property value increases in Bendigo have tracked lower than the VIC average of 7.50% over the last 12 months.
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.
Sellers are offering property buyers an average discount of -8.68% to buyers in Bendigo at the moment, which is less than average for the rest of VIC.
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.