VIC Bendigo Suburbs!

All of those suburbs are fine. I live in White Hills and really like it here. It's an older suberb with 2 good primary schools, 3 cafes, excellent Botanic gardens (with new central hub under construction), and good access to Bendigo Creek Trail and city centre. Ascot and Epsom have newer estate houses but fewer amenities in walking distance.

 

North Bendigo isn’t one of the wealthiest areas of Bendigo.

 

Here’s one for $390pw Golden Square.

https://www.realestate.com.au/property-house-vic-golden+square-433077950

 

Thank you for the feedback everyone, much appreciated!

I sae the listing for that house and it looks pretty good! I have a feeling it will go before we are able to apply for it though.

 

I’m actively looking for an IP in Bendigo, a house quite central for under $700k. Massive under supply at the moment, only one place has come up in the last 2 weeks within 15 min walk of CBD. What are everyone’s thoughts on Bendigo’s remaining growth - is it at or very close to the end of its cycle?

 

If you'd asked 2 weeks ago I would have said to jump on this 176 St Aidans Rd, Kennington, Vic 3550 - House for Sale - realestate.com.au

Maybe this 7 Moran Street, Bendigo, Vic 3550 - House for Sale - realestate.com.au

This one is a bit above your bracket, but I think it looks okay at first glance 10 Waterloo Street, Bendigo, Vic 3550 - House for Sale - realestate.com.au


The market is still very hot. I think you're not likely to find many properties by looking online. You'd want to directly contact the agents and try to get something off market

 

Thanks for your insight Bendigus. What are your thoughts on where the market is at in Bendigo - much room left for growth? I feel I’m a bit late to the party, but feel like that’s the case anywhere in Vic!

 

This is a really hard thing to say. I'm not in the market right now because I don't have the funds.. But I guess ultimately the question is lets suppose I had the funds, would I still be keen on the area...

I think the long term prospects for the town are strong. As for short term, I think the town has several major construction projects etc. so it will continue to be in demand too.

Now that alone sounds like a glowing review., I even think despite Bendigo house prices having moved up lots recently that it will continue to do so throughout 2022

But...

* I do wonder at what point Bendigo becomes less attractive than fringe Melbourne suburbs.

* Bendigo Rental yields have always been pretty high compared to capital cities. Rents in dollar terms have jumped significantly too. But I wonder when measured as a percentage if the yield rate has dropped.

I wouldn't be too surprised if house prices flatlin in 2023 and then lower slightly in 2024. Maybe flatten out in 2025 still

Who knows

 

If you plan to make money within a short timeframe, say less than 10 years, yes, peak or not-peak will play a very important role. However, if you are planning on investing in properties for looooooong term, say 10+ years, I'd say let's revisit this conversation in November 2031 and see where Bendigo median price is at.

At the moment, Bendigo median price on realestate.com.au is saying $565,000. My crystal ball is saying it'll be a lot more than that, if not double.

 

Thanks again for your insight Bendigus, much appreciated!

I have only been focusing on inner city locations, but am now widening the search to get a bit more land for the money. I saw this one which appears a good buy - close to the school, more on the northern end of Flora Hill, and a big block. What are your thoughts on this location?

27 Ellis Street, Flora Hill, Vic 3550
https://www.realestate.com.au/property-house-vic-flora+hill-137982490

 

Thanks for the advice Ko Ko, I think there is a lot to like about Bendigo. I hadn’t visited until we started looking for an IP, and I have to admit my wife and I were very impressed. Beautiful heritage city, clean, nice sense of community. I can see the potential as a desirable place to live. IMO, it would be the most attractive large regional city in Vic.

 

The area it self is fine the actual street isn't ideal, but it's okay. Have a look at Ellis Street on Google street view. It's quite busy around school drop off times.

The agent, Matt from PRD is nice at Ellis st.

My fav at the moment is 12 Margaret Crescent, Flora Hill. It needs a little work. Slightly better area, much better street, bigger block.

I would have bought it last week if I wasn't in the midst of a big Reno at the moment. I would expect it to be sold in a few days, if not already

 

hey there! what is the vacancy rates for Ascot? I cannot seem to find any data on this. Will Ascot continue to grow??

 

If you can’t find data, it wouldn’t be too different from Epsom and White Hills. It’s probably best to conceptualise Bendigo suburbs (or maybe elsewhere too) as clusters (much like Canberra)

 

How do you see Bendigo performing over 2022? The rental market is still very hot. Purchased 2 IPs in 2019 & 2020 and both have (almost) doubled. Rents have significantly increased as well.

Interested to see how Q1 starts. Part of me wants to pull out more equity and continue to hold but the other part of me wants to sell and deploy the cash into the stock market or purchase in Melbourne.

Bendigo was great value when you could get a nice house (3-7 years old) for 350k. Heading towards 600k is making me question if there's going to be any future growth? You can get into some fringe suburbs in Melbourne for that.

 

Interesting question and if I could answer that I would be a multi millionaire. Bendigo in the last 25 years has had in my opinion to big surges this one we’re in now has been the longest and highest. The rental market is still very strong as well as the sales market. How long this continues I don’t know. Bendigo typically doesn’t decrease in value but you may see some stagnation when prices stabilise. Up to you and your financial position as to what’s best for you to do in this strong market

 

I don't see much point in selling whilst there is a strong rental yield. Regardless of if growth slows.

Withdrawing Equity for purchase of another investment would be my thinking.

As for Brisbane04s comments about stagnation. Bendigo was stagnant for quite some time leading up to 2019. It may well stagnate again, but I doubt that will be anytime soon. There's so much construction etc happening in Bendigo. So lots of jobs for the next few years.

 

Once there’s some more greenfield land things will “normalise” (say 0.5% per month) a bit, but won’t it go stagnant like pre-2019. Starting to see a little more supply of land, but it’s still only a drop in the ocean.

What killed the last boom was a flood of supply - lots of estates and lots of construction like NRAS projects and the one next to North Bendigo oval.

 

So do you think the estates out in Marong etc won't have the same effect this time?

Why? Because further proximity to town? And because not enough of them?

I agree with you, I don't think it will stagnate. But it has to slow down considerably, it can't stay this hot