On a property high

Date: 23 August 2013
Bendigo’s property market has outperformed other main regional centres since the Global Financial Crisis.

Official State Government figures show Bendigo’s median house price has jumped at least 31 per cent from late 2008 to the end of 2012.

Geelong and Ballarat’s median house prices increased by about 25 per cent over the same period.

Wodonga’s house prices jumped only two per cent in the four years.

Real Estate Institute of Victoria Bendigo division chairman and Tweed Sutherland First National director Matt Leonard said the past 12 months also painted a positive picture of the market.

“Generally, Bendigo was very revered post the GFC and one of the few markets in Victoria and nationally to see continued increases to median house prices,” he said.

“Bendigo was very fortunate [during the GFC] and was protected by a certain degree.

“Historically it has a conservative market but, it can be quite progressive with its growth.” Mr Leonard said several positive factors contributed to Bendigo’s growth including affordability, low vacancy rate and increasing rates of relocation.

“Bendigo is one of the most affordable cities in Victoria and has a continued low (rental) vacancy rate,” he said.

Although the city’s vacancy rate has increased to one per cent from nil to 0.5 per cent in the past six months, Mr Leonard said he expected this figure to fall.

Significant infrastructure projects, especially the Bendigo hospital redevelopment, will increase the demand for rental properties in the area reducing the vacancy rate.

First National Real Estate Tweed Sutherland

Source: Bendigo Weekly, 23 Aug 2013
Back to articles Filed under: Media / VIC News Tags: bendigo, first national real estate tweed sutherland, property market
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