Bendigo's property market is poised for a reset when Australia sails out of its current economic doldrums, the city's newest real estate agency predicts.
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Buxton Real Estate Bendigo wants to get ahead of the potential surge, which could arrive in the second half of 2024, co-director Hugh Norris says.
"Certainly in the last 12 months the property market has been tough both for buyers and sellers because of cost of living pressures and interest rate rises," he said.
"The signs in the economy are looking very positive and all the indications are for interest rate reductions, which I think will really re-energise the property market."
It is not yet clear when the Reserve Bank of Australia (RBA) might start cutting interest rates despite signs the world economy is improving, Bendigo Bank chief economist David Robertson said.
He expected interest rate cuts to begin in September at the earliest, but believed it would more likely be by February 2025.
"Ultimately, RBA rate cuts will depend on core inflation returning to or below 3 per cent," he said in a March economic update.
Industry shake-ups could define 2024
Buxton is moving into the Bendigo property market at a time of change.
Barry Plant Bendigo is merging with Ray White Bendigo in a move that could help change the Bendigo skyline.
Mr Norris said new players and other innovations were changing the property landscape.
"Technology is playing a big part in those changes, marketing is playing a big part, so brands like Buxton are doing things bigger and better," he said.
Buxton Bendigo plans to set up shop at 93-95 Williamson Street by mid-April but the business itself will begin listing within a fortnight.
"I can't talk openly about them at the moment ... but we do have a strong pipeline of properties to launch with," he said.
Mr Norris is arguably best known in Bendigo's business community for his time at Norris Menswear but has also worked as a real estate agent and co-created real estate software company Remsuite CRM.
He is being joined by fellow directors Matt Leonard and Peter Ladd.
Mr Leonard will be Buxton Bendigo's agent principal and is well known in the real estate industry for two decades of service.
Peter Ladd is an accountant, business consultant and technology specialist who co-founded Remsuite with Mr Norris.
This story was updated at 5pm on March 19, 2024 to correct the name "Barry Plant" from "Barry White".
Tom O'Callaghan
I grew up in Bendigo and I want to tell your stories.
I grew up in Bendigo and I want to tell your stories.
