Bendigo’s positive activity in the housing market is an overflow from strong developments in areas close to Melbourne.
Data released by the Australian Bureau of Statistics says the number of dwellings approved in November 2017 represented a 5.6 per cent rise from October and a 1.1 per cent rise since the same time last year.
PRDnationwide Bendigo managing director Tom Isaacs said the last four months of 2017 saw a significant increase in home buyers and first-home builders activity in the region.
“We have seen places like Geelong, Ballarat and Kyneton active in early 2017 and are now seeing the wave effect reach Bendigo,” he said.
“Bendigo was stable at 2 per cent growth per annum before 2017 – it was a consistent markets for four or five years but now we are seeing that overflow.”
Mr Isaacs said second or third home buyers were choosing Bendigo.
“Anything in the southern and eastern corridor is strong. Strathfieldsaye’s existing homes are popular and Kangaroo Flat is somewhere people are yearning for land to be available,” he said.
“Local people haven't recognised Kangaroo Flat for its connectivity to Melbourne and its infrastructure which is as good or better as (other places in Bendigo).
“There is also a growth corridor in Maiden Gully and Marong, and Epsom-Huntly where there is affordable land.”
Glen Loddon Homes managing director Chris Ryan agreed that 2017 had finished off strongly.
“For us it is new homes with second home buyers building homes. It is more family homes than anything else but there are a few professional couples coming to the area looking to build,” he said.
Mr Ryan has been with Glen Loddon since 1995 and said the region is growing faster than ever.
“We cover a fair area. We work down as far as Gisborne and Woodend and across to Trentham and Daylesford. We also go up to Elmore and Charlton,” he said.
“So we’re spread over a reasonable distance and there is reasonable strength in all of those markets. It’s not limited to any one hotspot. Regional Victoria is going strongly.”
Burbank Homes national general manager of residential housing Louis Sultan said the group established themselves in Bendigo two years ago after finding success in Geelong and Ballarat.
“Building a display in Bendigo seemed like a natural progression,” he said.
“Bendigo has definitely experienced substantial residential growth over the past five years or so. We received enquiries in our metro displays and through our call centre and realised that Bendigo was a place that people definitely wanted to be.”
Builders busy as region’s potential shines through
Bendigo has experienced a flurry of building activity as home buyers choose the region as a place to settle.
Glenn Loddon Homes managing director Chris Ryan said there was a lot of builder activity in the region.
“There is a huge number of builders now plying their trade in central Victoria,” he said.
“We want to see that sustained. That's the challenge for every industry is getting momentum and maintaining that.”
Mr Ryan said there was no reason Bendigo’s building market shouldn’t remain consistent.
“There’s nothing out there to say its a boom or bust (market), it should be consistent activity,” he said.
“The likes of new hospital has generated work for profession and the universities with new courses available (make Bendigo) attractive.”
Burbank Homes national general manager of residential housing Louis Sultan said increased facilities and infrastructure in developing areas like Strathfieldsaye and Ascot made them popular areas to build.
“Bendigo has definitely experienced substantial residential growth over the past five years or so and is a community defined by its heritage and its undeniable quirky charm,” Mr Sultan said.
"First homebuyers are drawn to the area for its undeniable community vibe, its affordability and generously sized lots.
“Upgraded amenities hold strong appeal for homebuyers with young families who plan on raising them in a vibrant community.”