Bendigo is currently the place to be for investment buyers, with prices on various local properties representing excellent investment returns.
Sue Opie, property sales consultant at Luke Goggin Real Estate said the agency currently has a couple of properties for sale which could be purchased for $220,000, and then easily be rented for $240 to $250 per week.
“This week alone I have had a couple of strong enquiries from interstate investors keen to capitilise on the strong yields which property in Bendigo is experiencing,” she said.
“Competition with lenders is at an all time high and with interest rates where they currently are, this means that it’s a great time to be borrowing.”
Opie said their team is coming across an increasing number of purchasers (generally couples whose children have left home) who are making lifestyle choices that include the decision to downsize.
“There is definitely a current need for good quality, high finished, three bedroom, two bathroom single storey homes, with a double garage and low maintenance small backyard area,” Opie said.
“People just don’t want to spend all weekend doing the gardening and cleaning.”
Of course there is still a great demand for Bendigo’s older style properties with good bones, including the traditional solid cream brick homes in suburbs such as Golden Square, Kangaroo Flat and Flora Hill.
“These properties are great for families and investors alike, are easily renovated and move quickly once on the market,” Opie said.
If you are thinking of selling, but holding out for spring, Opies suggests you think again.
Traditionally Bendigo has much higher stock levels in spring, but only the same amount of buyers.
“At that time of year the competition becomes quite fierce,” she said.
“Stock levels are lower in winter, but this does not affect the amount of active buyers in the marketplace. I have never had a buyer say to me, ‘I’m waiting for spring to buy’, meaning that if priced correctly, your property should move pretty quickly in the winter months.”
Meanwhile, Opie said the inner city and Quarry Hill are still the prime hotspot locations in Bendigo, and listed suburbs such as Flora Hill, Kennington, Strathdale, Long Gully, Golden Square, North Bendigo and East Bendigo as those becoming highly sought after, due to their close proximity to the regional city centre.
“Golden Square and Kangaroo Flat are also popular, mainly because they are on the south side of Bendigo, which makes for easy and quicker access to Melbourne, especially moreso for locals who are choosing to commute to the city for work.”