Bendigo real estate market grows as weather warms

SPRING TIME: Doug Lougoon, Peter Lougoon and Rebecca McPhail from Bendigo agency Doug Lougoon For Real Estate. Picture: ANDI YU
SPRING TIME: Doug Lougoon, Peter Lougoon and Rebecca McPhail from Bendigo agency Doug Lougoon For Real Estate. Picture: ANDI YU

THE weather is warming up and so is Bendigo's real estate market. 

Real estate agents across town are welcoming the new season and say the positive change in temperature is being reflected in property listings and sales. 

PRD Nationwide director Tom Isaacs said warmer weather traditionally brought more people out in to the open to explore buying and selling opportunities. 

"People are more active and vibrant," Mr Isaacs said. 

Real Estate Institute of Victoria chairman Matt Leonard said those thinking of selling their property throughout the winter seemed to have held out for spring.

"There's more people out and about and there always is more activity historically," Mr Leonard said. 

He said spring was the season that saw the most transactions of any period in the year.

"It was a very cold, wet winter and I think we’re all happy to see that behind us."

Mr Leonard said his agency would be much busier from now until Christmas time. 

"Already in the past week or two we’ve seen more activity - more listings, more selling and also a number of sales at the higher end of the market," he said.

Expert Real Estate director Rick Bingle said spring was a popular month for selling because it was the season when people's gardens looked the best. 

"An English garden does look its best in spring," Mr Bingle said. 

He said 2014 had been the quietest year in Bendigo real estate in a long time.

Mr Bingle said Bendigo's property market was sensitive to bad news in the media.

He said negative news stories this year about the federal budget, wars, planes crashing and even bad news at a local level all took their toll on people's willingness to buy and sell.  

He said the real estate industry wasn't the only sector looking forward to better times. 

"The whole society revolves around the velocity of money," Mr Bingle said.

"There’s a lot of people just hanging on hoping that people will start to spend again."

Real estate agent Doug Lougoon said consumer confidence had a big influence on the real estate market. 

He said this year's winter was normal and could not be compared to the boom of 2001 to 2005. "It didn't matter day or night, the market just did not stop," Mr Lougoon said.


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