Got a lazy $300,000 laying around and looking for a home with a big backyard and modern kitchen?  

Don’t look in inner-city Bendigo, Countrywide Valuers director Joe Kealy said.

“You can still get a nice miners’ cottage in central Bendigo for that price… but most of that money is going to land value,” Mr Kealy said. 

“A nice Victorian house just sold for $295,000 on McIvor Road, it’s a good, period home with real street appeal, but don’t expect a renovated bathroom and kitchen.

“Generally you’ll be looking at spending a bit of money on ‘rennos’ for that price.” 

Buyers looking at entering the inner-city market within the $300,000 price range more often opt for apartments, Mr Kealy said.

“$300,000 will buy you a two-bedroom apartment in inner-city Bendigo and it’ll normally be in pretty good condition – but with that sort of money, you’ll still be looking at ‘a bit of age’,” he said.

If central and northern Bendigo sat at top spot in the property pecking order, the Bendigo-based valuer said Quarry Hill and, increasingly, Golden Square were not too far behind. 

“Golden Square is still central, it’s close to St John of God Hospital, it has the new primary school, it has a good mix of housing styles and it will probably keep strengthening,” Mr Kealy said. 

“In Golden Square you can still get a three bedroom, two bathroom home with a double car park for not much more than $300,000 – it’ll be a good family home, but it’ll be a little bit older.”  

But those chasing that bigger block of land on a limited budget would generally have to look farther afield, he said. 

“If you go out to Jackass Flat or Huntly, the value of the land might be around $120,000, meaning you’re getting three bedrooms, big bathrooms, double garages, big backyards… it all comes down to the difference in land value,” Mr Kealy said.

Residential property evaluations released by the City of Greater Bendigo this week showed the average property value in Bendigo Central was $407,500, up 20 per cent from 2012.

In Kangaroo Flat the average was $285,000 up 15 per cent from four years ago. In Elmore, the average value was $189,000, a 2 per cent rise in the same time period. 

The average Greater Bendigo property value was $309,000.