Bendigo ready for apartment boom

The lead sales agent behind a major new development in the CBD says the speed at which units were sold shows Bendigo is ready for an apartment boom. 

McKean McGregor agent Nick Hall said six of seven apartments at the 111 Mitchell Street complex sold within a month, with the final going to auction next weekend.

And they didn’t go cheap – prices ranged from $525,000 to $925,000.

“People say ‘those are Melbourne prices’, but those larger apartments have three bedroom, two bathroom and two car spaces,” Mr Hall said.

“Really they’re house sizes.”

Mr Hall said most buyers were retired or semi-retired locals.

But he said the developer was already worker on a larger project with smaller, cheaper apartments which would open up the market to young professionals – and investors.

“This type of project – an inner-city, brand new apartment with a retail, a grand entrance foyer, a lift – it's the first of its kind in Bendigo,” Mr Hall said.

“But going off how quickly these apartments, Bendigo has obviously shown it’s ready for more.”