The number of million dollar properties for sale in Bendigo is rising

MODERN BUILD: This Maiden Gully property is one the best high-end homes real estate agent Andrew Pearce has seen. There have been seven million-dollar properties sold in the Bendigo region this year. Picture: SUPPLIED
MODERN BUILD: This Maiden Gully property is one the best high-end homes real estate agent Andrew Pearce has seen. There have been seven million-dollar properties sold in the Bendigo region this year. Picture: SUPPLIED

They are the sort of properties the average home owner dreams of – spacious, stylish, designed with flair and with a million dollar price tag.

High-end property in Bendigo has increased in the past 10 years according to local real estate agents, with professionals and families moving to town as they take new jobs.

According to the Real Estate Institute of Victoria there have been seven million-dollar sales in the Greater Bendigo region in 2017.

Two of the sales were in Junortoun with properties also selling in Bendigo, Ascot, Knowsley, Axe Creek and Heathcote.

Since 2015, 22 houses in the Bendigo region have sold for more than $1 million. 

Ten of those properties were in Bendigo with two each in Junortoun and Strathdale and one sale each in Kennington, Maiden Gully, Mia Mia, Quarry Hill, Ascot, Knowsley, Axe Creek and Heathcote.

REIV chief executive Gil King said multiple factors affected the selling price of a home.

“The size and condition of the property as well as its location to quality infrastructure and amenities (impact the selling price),” he said. “While regional Victoria remains considerably more affordable than in Melbourne, there have been a number of million-dollar sales in Greater Bendigo this year.”

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Of the 22 million-dollar homes sold in the region, 13 had four bedrooms while five had five bedrooms.

Local real estate agents said it was the high standard of the homes that gave them such a high price tag.

Luke Goggin Real Estate’s Melinda Goggin said period homes in the central Bendigo area were quickly snapped up.

“Those period homes are renovated to a high standard. We have seen properties going for over $2 million this year, we wouldn't have seen that mark before,” she said.

As well as period homes, more modern million-dollar houses have been built in outer suburbs.

Tweed Sutherland First National director Andrew Pearce has a listing for a property in Maiden Gully that he believes is one the best high-end homes he has seen. It is listed at $1.5 million.

The four bedroom, three-bathroom home in Kronk Street is a unique build that used 27,000 reclaimed bricks which were handmade  from 1860s onwards, and individually handpicked by the owner.

“It is such a unique build. It has a 7.5 metre overhang for the carport area that had to be engineered to create,” he said.

“It is also a beautiful property to walk through and a good family home that isn’t pretentious.

“Anyone could enjoy living there and we have had enquiries from all over Australia for it.”

While regional Victoria remains considerably more affordable than in Melbourne, there have been a number of million-dollar sales in Greater Bendigo this year.

REIV chief executive Gil King

Mr Pearce said a growing number of high-end properties would help the city’s growth.

“Our population is growing steadily but to have those people who can afford (a million house here) is great,” he said.

“Some of those higher-end properties have had some good sales in the region with people moving from out of town to be employed here at places like the hospital.

“Those buyers know what looking for and when they find it, they make decisions quickly and can purchase it in small time frame.” 

The 16th QBE Australian Housing Outlook report said Bendigo’s median house price is currently about $334,000.

Mr Pearce said the continued development of new properties would help raise the median house price.

“(Million-dollar houses) don’t hugely increase the median house price because there’s only a handful of them and we also have a lot of properties around $250,000 – $300,000,” Mr Pearce said.

“Ultimately someone will pay $200,000 or more for a block (in areas like White Hills or Strathfieldsaye) and build a substantial, nice home on it and you will find median prices go up.”

Ms Goggin expects the median house price to rise in the coming years as more estates are developed in outer suburbs.

“Bendigo is targeted as about to have a boon because we are at 40 per cent of Melbourne’s median house price,” Ms Goggin said.

“If you’re buying a block now, it’s fantastic because there’s so much to choose from. (Bendigo) is inundated with blocks in areas like White Hills, Strathfieldsaye and Maiden Gully.”

Craig Webster Real Estate director Craig Webster said the increase in high-end property sales in the region would be unlikely to affect the average home-buyer.

“The median house-price is something pushed by capital cities. You only need two good sales in a quarter to push up median price,” he said.

“Obviously (high sales) bring the market up but I don’t think it would affect the average home buyer.

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Mr Webster said the Bendigo property market would remain quite steady.

“Melbourne goes in peaks and troughs, that’s common,” he said.

“But you have a better return here for investment and steady growth in the market, which gives people confidence.

“It depends on (a buyer’s) needs and requirements. First timers are even building bigger and better than 17 years ago when I started in real estate. 

“In my time, (Bendigo median price) usually sits a bit below half of what Melbourne’s median house price is. That’s a good guide and we’re not far off it.”

What’s in a million-dollar home?

High-end property usually comes with acreage or top end products.

Luke Goggin Real Estate’s Melinda Goggin has a million-dollar property in Mandurang that features immaculate gardens.

“It has the right setting with vines, a pool and a garden. You can see the love and care the owners have put into it,” she said. “It is an architecturally-designed house that won awards and has beautiful details.”

One period home that recently came onto the market is in Golden Square. Tweed Sutherland First National director Andrew Pearce said “The Belmont” is a 19th Century home in Golden Square that has maintained its facade but is modernised inside with attention to detail.

“Traditionally, when buying close to town, that period style comes with a nice renovation,” Mr Pearce said.