BENDIGO has been named one of Australia’s top 50 real estate investment locations for 2013, according to a new report.
The Fast 50 report by Smart Property Investment listed Bendigo among the country’s top locations expected to deliver the best opportunities for investors.
The 50 “hotspots” were selected on a range of data, including population growth, demand for housing, income levels, employment, vacancy rates, previous capital growth and current gross rental yields.
Real estate agent director Luke Goggin said there had been a spike in investment properties in Bendigo, with buyers increasingly coming from interstate and overseas.
Mr Goggin said affordable house prices and strong tenancy rates would continue to offer good returns for investors.
“We’re a university town, we’ve got a lot of people moving here each year to study,” he said.
“On top of that a lot of Melbourne buyers have seen it as an alternative destination to look at.”
Mr Goggin said the demand for rental properties was well above the available housing supply.
“We had an open house the other day in Bendigo with over 200 people rolling up for the rental property,” he said.
“There are no major subdivisions that are going to alleviate the demand for rent any time soon.
“Investment will continue to be very strong here because people are looking for places where the rent goes a long way to covering the mortgage.”
Regional Victoria was among the fastest growing areas identified in the Fast 50 list, with the report stating affordable pricing and solid, diverse industries as the keys to the strong property markets.
Bendigo was also highlighted for its strong local economy.
Property columnist Terry Ryder said factors such as good transport links to Melbourne, infrastructure development, construction projects, an ambitious council and affordable real estate, made Bendigo an attractive location.
“Bendigo has most of the factors savvy investors should seek, including a multi-faceted economy and a growing population,” he said.
Mr Goggin said with major works like the new Bendigo hospital, he expected demand would continue to grow in coming years.