Bendigo three-bedroom rental properties in high demand and short supply

More than 40 people attended an open for inspection for a three-bedroom, one bathroom house in North Bendigo two weeks ago.

About 50 people attended an open at a similar property in Eaglehawk earlier that week.

Though the start of the year is traditionally a busy time for the city’s real estate agents, those the Bendigo Advertiser spoke with this week said the demand for affordable rentals was still high.

PRDnationwide Bendigo managing director Tom Isaacs said there was an insatiable appetite for three-bedroom homes priced between $250 – $300 per week. 

He said rental properties matching the description were vacant for no longer than five days, with at least 10-15 people attending inspections. 

The interested parties were mostly young families.

Luke Goggin, of Luke Goggin Real Estate, said the city’s rental market was fast becoming comparable to where it was at seven years ago.

“Seven years ago Bendigo was under real rental stress,” he said.

The stress was alleviated by hundreds of new houses, which flooded the market.

“We’re seeing it come back now,” Mr Goggin said.

“We’re leasing houses as soon as we get them.”

The low vacancy rate might be beneficial for landlords, but Mr Goggin said it was tough competition for prospective tenants.

“They’ll get something, but it might not be their first choice,” he said.

Changes in the rental market have been particularly pronounced during the past six months.

Mr Isaacs said a surge in the market’s popularity was not uncommon.

“We see it every few years,” he said. 

But he said the strain was evident in the people coming through the properties, many of whom were competing for the same types of houses time and time again.

Mr Goggin said the demand for properties had reached a point where prospective tenants were asking if they could leave their details with the real estate agent, just in case something came up.

Makayla Ketterer, of DCK Real Estate, said people who were already in rental properties seemed to be staying put.

“Vacancy rates are low,” she said.

In addition to three-bedroom houses, Ms Ketterer noted an increased interest in basic and affordable units.

More than 70 per cent of respondents to a poll on the Bendigo Advertiser website last month said affordable, family-sized houses in Bendigo were hard to come by.