Bendigo still on the boom

Bendigo’s residential property market is booming at a time when the rest of the country’s is slowing down.

The latest industry median house price figures show Bendigo is dominating most of the state when it comes to growth.

It would be safe to assume this is the first time we have been so dominant Bendigo’s overall median house price jumped 6.5 per cent in the year to March, to come in at $305,000.

The increase towered over Ballarat (1.1 per cent) and Geelong (-1.3 per cent).

Locally, the suburbs of Bendigo, Flora Hill, Kangaroo Flat and Kennington were the top performers.

Local real estate agents have never seen the Bendigo figures dominate comparable markets as much.

Matt Leonard of Tweed Sutherland First National said he, too, was seeing such growth on the front line.

“There is plenty of activity,” he said.

“Bendigo is still affordable as far as a major regional city is concerned.

“Our vacancy rate has been at zero for the past two years and the need for a roof is greater than ever.”

Mr Leonard said Bendigo’s closeness to Melbourne and metropolitan house prices were driving people to Central Victoria.

“We are almost starting to become a satellite city,” he said.

“For half an hour more on the train each way, people can own a house here for a lot less than they sold for in Melbourne, send their kids to a great school and have a fantastic lifestyle.

“All these sorts of things are contributing to the buoyant market, which is defying the trend.”

First National Real Estate Tweed Sutherland

Source: Bendigo Weekly, 11 May 2012