This city is rich in history and boasts a plethora of amazing cultural experiences. Its high-quality lifestyle and economic strength consistently pulls in population from elsewhere. And 3-decades of proof confirms its property market rarely disappoints.
The central Victorian regional city of Bendigo is remarkable on many fronts, including being able to lay claim to the title of “Australia’s most reliable property market.”
Reliable and Remarkable
Real estate performance in Bendigo has been so incredibly consistent that the median house price only declined in 3 calendar years over the last 30-years (and by only 1 percent each time).
For perspective, Sydney and Melbourne each produced declines in 7 calendar years. Among those years of decline were a couple of significant property market downturns, including the 2-years ending July 2019 when Sydney (minus $190,000) and Melbourne (minus $134,000) both produced large falls in house values.
In addition to being significantly less volatile than Sydney and Melbourne, Bendigo rental yields and capital growth rates are superior to Australia’s two largest cities.
According to Core Logic data, Bendigo’s annual average change in median house price over the last 20-years of 7.4 percent was superior 6 out of 8 capital cities, including Sydney (7.1 percent) and Melbourne (7.2 percent).
A Magnet For Internal Migration
Bendigo is one of Australia’s fastest growing regions. With a current population of 122,000, it recently moved up one place to be Australia’s 18th largest city.
This wonderful regional city has a strong track record for attracting year-after-year internal migration.
Over the 5-years ending June 2021, net internal migration added 4.2 percent to Bendigo’s population, an increase that is a far superior rate to every capital city.
People are drawn to Bendigo for a combination of an emotional connection with the attractive lifestyle and its strong economic performance.
Made famous as the epicentre of the Gold Rush in the 1850s, Bendigo was home to Australia’s first ever stock exchange and it continues to be home to this nation’s 5th largest financial institution, Bendigo Bank.
In addition to playing such a significant role in our national history, the city’s outstanding culture consists of many beautiful architectural buildings, a plethora of wonderful food and booze experiences, and lots of art and recreational attractions.
During my own visits to Bendigo, I enjoyed the Cobb & Co horse and cart tour of the city, the historic experiences of the old gaol and the gold mine exhibition, the galleries, the Chinese museum and the botanical gardens.
I highly recommend Woodhouse restaurant for its mouth-watering steak and the locally-produced Shiraz.
Incredible Economic Diversity
With one of the best quality health precincts in the country, two universities, Bendigo Bank headquarters and a significant government presence, this white-collar representation provides a solid foundation for one of the most diverse economies in all of Australia.
The A-grade infrastructure and amenities also underpins Bendigo’s important role of being a ‘mini capital city’ to a number of smaller yet very productive rural communities throughout central Victoria.
The wide variety of local agriculture products and wineries along with the highly productive gold mining which still exists in the region creates high demand for manufacturing businesses.
Tourism, sport and recreation, and construction round out an incredibly diverse economy.
Bendigo Property Market
Relative to various other Australian cities, housing in this major regional city is still reasonably affordable.
A standard suburban house will today cost between $600,000 and $700,000.
Bendigo is one of many exciting locations which Propertyology’s buyer’s agents have enjoyed helping property investors to capitalise in [here’s how].
A 72 percent increase in the median house price over the last 5-years ending January 2022 means Bendigo has outperformed 7 out of 8 capital cities (only Hobart did better, 91 percent capital growth).
Housing supply is incredibly tight and continues to place significant upward price pressure.
For perspective, the volume of properties for sale and for rent in 2022 is similar to 2010 volumes, but Bendigo’s population has increased significantly over those 12-years.
And with the already strong local economy expected to further prosper from hosting the 2026 Commonwealth Games, Bendigo’s property market is destined for more good years to come.
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