VIC Bendigo Suburbs!

I've noticed that as well - around this side of town there is almost nothing available. With the way prices are going at the moment, around 1% per month, perhaps the sub $400k segment will go the way of the dodo?

 

Agree its a global trend and only a few will head back to the city later. Most will get used to the lifestyle and some remote work or do a mix. I live in China and a lot of things here are very ahead as far as the online life stuff goes here. I don't really need to leave my house as everything comes to me. Super spoilt. On line is only now waking up seriously around the world. It's another change in work-life as slowly change is being forced.

 

I very recently missed out on a property for a PPOR because I was trying hard to squeeze the price down below advertised range. I think the vendors were days away from accepting my offer. Then at the last minute some else stepped into the ring and bought the place. Fingers crossed the other party's finance falls through and I get another chance at it.

I regret hustling for the property like it was IP

 

Hi All,

I have a 5 property bedroom house that I want to renovate it with the intent of targeting the top of the market at approx 1 million range.
This property is in Ironbark 5 min walk to the st John's of God hospital and 10 min walk. To the cathedral. Modern internal layout, good views, with and a home office, interconnected to the house, but separated from it.

What are your thoughts in relation to these kind of properties in the current situation?

Thanks

 

The houses that sell for 1 mill tend to be old heritage houses in excellent condition close to town. It's doable. it guess it all depends on how much work is required to do the reno etc.

I fundamentally feel that the land value in Bendigo is still too low to warrant most developments. I believe it can be done but the risk of not making a profit is reasonably high.

One million is toward the upper end of Bendigo market. You are probably trying to attract someone thinking of moving from Melb that have well paid guaranteed employment waiting for them when they move to bendigo.

Anecdotally, there seem to be quite a few people trying to leave Melb. I'm not sure how many of them are cashed up enough to purchase a 1 million property without having guaranteed employment in Bendigo. Or how many of them are wanting a family home as well.

I would have thought large families were the least mobile/agile buyers looking to get away from Melb in a hurry.

 

I feel that unless you are a tradie yourself or if you can do quality renovation at a low cost, do not attempt to do it and hope that the end product sells for top dollars. It is hard to happen here in Bendigo.

You might be better off selling the house as it is, at the prevalent market price and let the new buyer worry about the subsequent renovation. At least this way, you reduce your capital outlay, time input and also make your property more affordable, hence possibly more attractive to a wider range of buyers.

 

Been looking at regionals of late and ended up buying (site unseen) in Bendigo today - a 1600 sqm prop in Kennington (right opposite Latrobe Uni campus) with a large 4x2x2 bed brick house and just enough room at the back to squeeze a new 3 bed unit.

Rental market is the tightest I have seen of any region I have ever invested in (circa 0.3%-0.4%) and the resultant pressure on dwelling prices is jacking up values (c5% over the past few months). All desktop research though and chatted to a dozen agents and some locals (virtually). Looked at Geelong and Ballarat as well but settled on Bendigo for various reasons. Looking at some further sites there and will update in coming weeks.

 

Great Size block by the sounds of it.

 

thats fantastic. I bought in Ballarat sight unseen ten years ago. Never any regrets!

 

Several agents i spoke to in Bendigo are expecting an even more heated market once Melbourne residents are allowed to travel over here. To beat the expected competition, it might be worth the effort for buyers to buy a site unseen, so long as certain due diligences are done.

 

Hi everybody,
Also looking to purchase a property in Bendigo to occupy with a low crime rate, good size back yard for my pets, a suburb with some nice places, parks to walk around, and not too far from shops. my budget is maxed up to $400.000,
Reading this thread Kangaroo flat, Golden Square is not considered the best suburbs but not the worst either, and the good Epsom, Ironbark, Strathdale etc are a bit out of our reach.
We are considering Kangaroo flat, Golden Square as these suburbs seem to fit our price range but also looking for the better part of suburbs?.

I have found this property at Kangaroo flat but not sure about the area would Morrison st be in the better part of Kangaroo flat?
https://www.realestate.com.au/property-house-vic-kangaroo+flat-134743418

Thanks

 

I don't consider Epsom to be a great suburb.

That house you linked to might be a good rental

 

Yes was told by the agent that the house is currently been rented on a month to month.
I will be living in the house so want to find info about the area the house is located (crime rate, parks, shops) before I commit any further, Do you know much about the street?

 

Providing advice about choosing a PPOR is challenging as you personal feelings about a house would be be very subjective.

For what it's worth, This house might be okay 3 Obrien Street, Quarry Hill, Vic 3550 - House for Sale - realestate.com.au You could try your luck and offer 400k for it.

 

You'd be nuts not to inspect this place

https://m.realestate.com.au/propert...QFvNw-7w-mcf0S1ElUsVv3UjtsHCxDMfZG2j3tLUk_B10

@aarond

 

Agree - that is quite a good buy if you are happy to do a bit of work.

 

That's very very good value. I wish I was currently in a position to add another one to the portfolio. A great spot, not far from me at the moment...land component alone would be $320k+. A $50k tasteful renno would easily bring it close to $500k.

 

I wouldnt bother reno it. It will rent beautifully as is.
Maybe paint the kitchen cabinets.
You can even paint bathroom tiles these days

As outdated as the bathroom tiles are. It still looks pretty neat. The layout of the house is very functional. The garage is really desirable among renters too.

 

Curious to know what it sold for, any chance you happen to know? Cheers

 

Sorry, No Clue