Friday, July 19, 2024
Business Guide

Is Now a Good Time to Buy Property in Bendigo, Victoria?

At first glance, Bendigo, Victoria seems like an unlikely place for a property boom. But this regional city is currently experiencing strong population growth and an influx of investment, making it an excellent place to purchase property. Here’s everything you need to know to make an informed decision about whether or not it’s time to call a professional real estate agent in Bendigo.

Why Bendigo?

Firstly, Bendigo is currently one of the fastest-growing regional cities in Victoria. It’s located just over 100 kilometres from Melbourne, making it a popular destination for people looking to escape the hustle and bustle of the city without sacrificing access to amenities and services. The median house price in Bendigo is currently $430,000, which is significantly lower than Melbourne’s median of $860,000 – this makes Bendigo an affordable option for first-home buyers and investors alike.

Population Growth

One of the main drivers of the Bendigo property market is population growth. The city’s population has increased by 12% over the past five years, and it’s forecasted to grow by a further 9% over the next five years. This population growth is being driven by a number of factors, including families moving from Melbourne in search of a more affordable lifestyle, retirees downsizing from their family homes, and young people moving to Bendigo for work or study opportunities. All of this population growth is creating increased demand for housing, which is driving prices up.

Infrastructure Investment

Another key factor that’s contributing to the strength of the Bendigo property market is the strong investment going into infrastructure in the area. The Victorian State Government has recently announced plans to invest a whopping $2 billion into upgrading Bendigo’s hospital, as well as expanding the city’s airport and railway line. These (among numerous other) infrastructure improvements will make Bendigo an even more attractive place to live, work, and raise a family down the line, which will put even more upward pressure on property prices as Bendigo becomes an increasingly attractive place to live.

Is a future in Bendigo the right move for you?

There are many factors working in favour of Bendigo’s property market at the moment, making it a great time to invest in this regional city. Population growth and infrastructure investment are both supporting strong price growth, so if you’re thinking about buying property in Bendigo now is a good time to do it. For more information on properties available in Bendigo, there is a growing library of resources and information online.

MariamKrueger
the authorMariamKrueger