VIC Would you buy within 1 km of of bendigo hospital

Hi guys

Just wondering if anyone can share any insights on real estate recent developments near bendigo in terms of ip
the following are my thoughts
Looks like its a huge expansion of the hospital thus thinking that it would promote growth but for discussion sake there are around 90 properties for sale in the category of apartments units townhouses but easily hundreds available for rent atm in re.com.au

Is this normal for this time of the yr or could this be due to the new hospital expansion

Also i have read that there are 190 units built for staff accomodation not sure how much they are rented for but i guess should be cheaper than market

I have no clue about the impact if air bnb on the rental market if so be and in the pictures I have seen quite a few properties are on slope - is this normal across bendigo

Looking to buy a small IP with a budget of around 250k near to the hospital but can't afford to be vacant for long ... that's all

Any inputs would be great

Thanks

 

Hi guys any inputs on this

Much appreciated

Thanks

 

Property market in Bendigo is still stagnant on the whole. The Hospital factor has been over hyped I feel. And the rental market has been well conditioned over the years to accept the increase in population brought about by the hospital such that there no exist no shortages now. At best if you buy near hospital, it will be quicker to be rented out than the rest but do not expect high returns from it.

The over supply of houses here is still pretty bad. Lots of old and existing houses for sale. It will take a long time for the market to absorb these excess supply. Until then, rent will be subdued I feel.

In the short term, Ballarat and Geelong are better bets than Bendigo. At least we see sustained and real growth in these 2 towns over the last one year.

In the long, long term, Bendigo still has good growth potential. If you are insistent in buying here, buy around the hospital, the CBD or the La Trobe uni areas. These are the "safe zones" I feel.

 

^^^^ This.

I've been trying really hard to make numbers work for Bendigo in a similar way to how numbers work for Geelong/Ballarat, but they just aren't stacking up for me currently in any candidate properties I've been running through my calculations.

Bendigo is certainly big enough to be a stable economy and it largely is just that - stable.

Perhaps its because, whilst all three cities now habe V-Line trains (fast trains that get users to Melbourne Southern X station quickly); Bendigo is just that touch too far for any Melbourne commuters? This could mean less Melbournites are likely to move to Bendigo perhaps? Geelong is about 50 minutes, Ballarat 64 minutes, and I think Bendigo fast service is still 80+ minutes?

 

This exactly. Geelong and the Rat make great commuter towns, Bendigo is gorgeous but just that touch too far (and in addition doesn't have the same train service frequency or quality). Not to mention there are a series of closer towns such as Kyneton, Woodend, Macedon and even Sunbury on the very same train/road corridor.

 

Bendigo's population is growing, but how will the city cope?