During the mid 1850s, Ironbark was a booming gold mining site, heavily populated by miners thanks to the wealth that could be derived there. Nowadays, places such as Victoria Hill are a reminder of that prosperous time, while other pockets of the suburb reflect more recent interest.
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According to Tom Isaacs, director of PRD Nationwide Bendigo, there has been a 30 per cent price growth in Ironbark, when comparing the first quarter of 2016 with the same time frame this year.
“For the first time ever, the average vendor discount (the difference between the original asking price of a property for sale and the eventual sale price) in Ironbark is at a positive figure of +1.5 per cent, which means people are prepared to pay above the first list asking price,” he says.
“The average number of days on the market has significantly reduced, from 89 days in the first quarter of 2016 to 63 days in the first quarter of 2017.
“And when compared with the Greater Bendigo LGA (local government area), Ironbark’s median price of $390,000 is definitely higher than Bendigo LGA’s of $340,000.”
Meanwhile, Tom says the rental market seems to be stable. “The suburb flyover rental market last price was $260 per week for for final quarter of 2016, while in the first quarter of 2017 it was $265 per week.”
In decades gone by, Ironbark was traditionally occupied by families, together with retirees and an ageing population.
However Tom notes that in the past three to five years, he has seen a shift towards younger tenants and owner/occupiers, as the suburb becomes more sought after.
“Investors and developers have also seen this as a favourable location, due to its proximity to amenities and the existing allotments being larger sizes,” he says.
The amenities found within this part of the city is only growing, with numerous trendy cafes to choose from, and the obvious drawcards of the Bendigo Hospital Project and how close it all is to the CBD.
Tom says following the redevelopment of schools under the Rudd Government, there has also been an improvement in education facilities.
In the older streets of Ironbark, the majority of homes are weatherboard, made up of both Victorian/Edwardian styles and the typical 1960-1970s double fronted weatherboard house.
However some pockets do have very appealing early 20th century homes that are becoming highly sought after, with significant renovations taking place. And this is where the strength of Ironbark’s property market lies.
“Both these homes and the development of high end townhouses have skewed the average price,” observes Tom.
