Flora Hill has experienced a real transition in the past 20 years, from typically being home to young families in red or cream brick and weatherboard homes, to becoming an extremely popular location for both investors and retirees.
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According to Tom Isaacs, director of PRDNationwide, Bendigo, during the early 2000s when the real estate market boom occurred and La Trobe university experienced significant growth, the market saw investors identify Flora Hill as a terrific location that was experiencing strong yields.
“As urban sprawl has occurred during the past five years, we have seen more and more of a resurgence of owner-occupiers pushing back in, with a willingness to either demolish existing homes and build, or conduct significant renovations to existing dwellings,” he says.
Flora Hill is lined with traditional wide streets and old-style wide frontage allotments, providing a real sense of space. Key infrastructure has played a significant role in the growth of Flora Hill – it’s on the doorstep of Bendigo South East College (which has experienced significant refurbishment), together with La Trobe University (which has also been expanded) and Kennington Village shopping centre also in close proximity.
Isaacs says Flora Hill has also retained a sense of country Bendigo,with the luxury of only being two minutes from Bendigo’s CBD.
“Traditionally Flora Hill has a mix of double and triple fronted cream brick homes, some clinker brick homes and weatherboard homes from the 1960 and 70s,” he says. “This traditional housing is now being challenged, as land values in the area are allowing for renovations and houses being knocked down to make way for rebuilds.”
According to PRDNationwide research, The Flora Hill property market experienced minimal movement in the first half of 2016, with median house prices growing 3.3 per cent and the unit market softened slightly by -1.0 per cent.
This housing figure reflects the popularity of Flora Hill among all segments of buyers, from first homeowners through to investors and retirees.
“Certainly the infrastructure is playing a huge part in buyer behaviours and Flora Hill now offers plenty of that,” says Isaacs.
“It allows easy access to the CBD, close proximity to terrific schools and provides commuters with easy connectivity to Melbourne.”
Flora Hills has the second most number of sales over 2015-16, outlining a higher level of demand and the need for further supply. Isaacs adds that urban sprawl will continue to ensure that locations such as Flora Hill, which are only a short distance from the CBD and allow for good connectivity to Melbourne, provide great returns for investors and a terrific lifestyle.