Bendigo, Regional Victoria
Regional Victoria is the stand-out market in Australian real estate, having large numbers of towns and suburbs with rising buyer demand and the strongest price growth anywhere in Australia.
Bendigo is now rising to the top of this list, replacing Ballarat as the regional market with the strongest growth in buyer demand.
Bendigo has long been one of Victoria’s key regional centres, with growth thanks to its steady local economy, proximity to Melbourne and good transport links to the capital – especially now the $5 billion Regional Rail Link has been completed.
Its economic prospects have improved with the $630 million re-development of Bendigo’s hospital, private sector plans to develop the city’s first master-planned residential community, and the awarding of a $1.3 billion Defence contract to a Bendigo-based business. Bendigo benefits economically from a number of major companies which are based locally but perform nationally – including Thales, the company that received the Defence contract recently.
It has had steady long-term price growth (averaging around 5-6% per year) in its housing market but remains affordable, with solid rental yields available for investors. Market activity picked up markedly in 2018 and prices are now rising.
This report covers Bendigo, California Gully, Eaglehawk, East Bendigo, Golden Square, Kangaroo Flat, Kennington, Long Gully, North Bendigo and Strathdale.