Bendigo may sit right in the middle of the state average when it comes to property prices, however it seems to be one regional centre where the extremes are widening, as houses on the market for upwards of $1 million continue to climb.
Craig Webster, chairman of the REIV Bendigo Division says local properties with a seven-figure price tag attached are certainly on the increase. “There’s a lot more availability in the high end, executive, luxury homes and buyers do have a lot more to choose from,” he says, adding that, “you get exceptional value in the high end of Bendigo’s market in comparison to capital cities.”
According to property data website pricefinder.com.au, and there have been approximately 18 homes valued at $1 million or more sold in the past 12 months in the Greater Bendigo region, with more than 20 others currently for sale.
Among these is a property in Junortoun, which has an asking price of between $950,000 - $1.1 million. “The main appeal is that it provides resort-style living for a family,” says Luke Goggin Real Estate sales consultant, Melinda Goggin.
Among its features are three separate living areas, an inground solar and gas heated self-cleaning pool, and tennis court with lights.
At the other end of the scale, Central Victoria also has property options for prospective buyers who want change from $200,000.
Nathan Diss, director of Bendigo Property Plus says his agency do sell quite a few homes to those willing to live outside Bendigo’s CBD. “We are still seeing people looking for an affordable option, and some (of the properties) might need a bit of work, but if you’re happy to move outside of Bendigo there’s some fantastic homes available,” he says.
Currently for sale in Wedderburn is a property on almost 20 acres, which Bendigo Property Plus suggests will appeal to those who find the idea of a simpler, more sustainable lifestyle very appealing. The mud brick house has straw ceilings, new and recycled timber features, a solar system, and two water tanks.
With an asking price of $195,000, it demonstrates what’s on offer at the other end of the property spectrum, just an hours’ drive from Bendigo.
However as Craig Webster points out, such affordable properties require a greater deposit, as lenders will only lend up to 60 or 70 per cent to the value, compared to residential zoning where up to 90 or 95 per cent to the value can be lent.
Additionally, he says “anything residential will still sell within a very quick time frame in the lower end of the market, but once you start getting out into rural zoning, it does take a little longer to sell.”