VIC Bendigo Suburbs!

My personal feeling is that in the long term parts of Long Gully that are closer to town have significant growth potential, but I’m talking 20-30 years.

The property you linked is in quite a nice area, and you should be able to get approval to subdivide it into 2 or maybe even 3 townhouse size blocks I would think.

Are you thinking of building as well or reselling the divided block?

 

I would probably prefer to build as I can do all the design and documentation work myself (plus or minus helping the builder on site if viable). It might be a bit difficult to squeeze 3 townhouses on that block but I don't know the Council and they might be ok with blocks that are slightly less than 300sqm?

 

An older “townhouse” (more of a flat/apartment I think) just sold for $320k on the main road just near Holly St - unrenovated too, block size of 278m2

https://www.domain.com.au/4-69-mackenzie-street-west-golden-square-vic-3555-2017122106

Obviously DYOR but the area’s nice and it’s a decent sized block.

 

There's a big block in Golden Square for sale at the moment with two cottages on it. I reckon of you were good at desiging a sub division then you could split it into three blocks and build a third Cottage

 

Thanks Lowey, that's really interesting. Need to run some numbers and check all the docs but it's definitely an option.

 

Love that block but I'm relatively new to property investment and I prefer to start with something smaller to see how I go...

 

Looks like a knockdown and start again. By the time you cleared the block and get all the permits to do so and then subdivide u could be in it for $70000-$80000. I’d say give it a miss

 

You can but have to supply council with the plans including the designs for the townhouses.

 

I think Long Gully, California Gully and even Eaglehawk, the supposed "lousier" suburbs of Bendigo are actually good areas to buy in if you are after an investment property. If you want buy and live there, this is another matter.

I have enclosed 2 examples for all to see.

The first is 6 Panton St in Eaglehawk. Sold for $180,000 in 2020. Now asking $330 to $360k. Double the price in a short span of 1.5 years.

The second is 17 Wood St in Long Gully. Sold for $340,000 in 2020. Now in Market for $500 to $550k and is already under offer, presumably within the range. Not as incredible as the Eaglehawk one, but still a handsome 50% increase within 1.5 years.

Would one be able to achieve such phenomenal growth if they had bought in the better suburbs of say Strathdale or Florahill etc? I would say it is possible but harder. Plus you need to fork out more money to buy them in the first place.

 

I think any kind of development is a big step. I wouldn't jump into developing as a new investor.

The benefit of the house on gsquare is you have two sources of rental income straight away.

 

Planning alone will take years

 

As for Long Gully. I wouldn't write it off too quickly,

Long Gully is close to the CBD. Part of Long Gully are almost in North Bendigo which is one of the wealthier areas.

This one is worth consideration 12 Bray Street, Long Gully | PH Property

 

For those familiar with Bendigo, wondering what the thoughts are for the following house and location (for an IP):

63 Drought Street, Bendigo, Vic 3550
https://www.realestate.com.au/property-house-vic-bendigo-137512858

Thanks in advance!

 

Excellent location, but IIRC has been on for a few weeks, so might be gone already.

 

Yep agree with Gus, some parts (NOT west of eaglehawk road) are ripe for gentrification

 

Thanks for the advice - I was meant to get back with an offer today if interested. Seems a bit overpriced to me. Love the location but seems to me to be the worst part of the street, but in the best pocket. Also hospital is visible from that part of the street.

 

Good area no problems there.

 

Hello, my family will be moving to Bendigo and we will be renting before looking to buy. We don’t want to pay more than $400/week in rent but that doesn’t leave us with much in the current rental market it seems! I have a good idea on what the nicer suburbs are but can someone give me some insight on suburbs like White Hills, Epsom, Ascot and Golden square please? Which is the better of those? Thanks

 

For that budget, I would suggest anything you can live with in those suburbs will be fine. Naturally further out generally will be newer stock. I would strongly recommend not renting for too long if you do intend to buy - the market here is averaging 2-3% per month, with multiple offers above asking price within days of most properties listing...and like rentals, properties for sale are near record low levels of stock...it's crazy out there!

 

Good luck finding a rental. Your budget is okay, but the rental market has jumped significantly in recent times. My ip is rented below $400 but if my tenants left I could easily get well over for $400. That would be for a 4 bed home in a pretty good area for a family.

Tenants like mine will be smart and stay as long as possible because if they left they would pay heaps more. I don't mind for the time being, they are good tenants.

I have wondered before if rental prices might drop. But it doesn't look that way yet. As for the price of buying. It's still going up. Luckily, I'm not in the market right now, so it doesn't worry me, but I do wonder if there will be a slight correction in second half of 2022. We'll wait and see