Established during the gold rush period, Kangaroo Flat has long been associated with Bendigo’s historic past. Recorded as a stopping point for Cobb & Co. coaches on the Melbourne-Bendigo route during the mid-1850s, the uniquely-named suburb has since taken a definite leap into the 21st century. Its proximity to the Calder Highway is now a strong drawcard for prospective homeowners, and residential land developers have recognised its ongoing potential.
After first becoming a settlement during the mid-1800s, further development occurred in Kangaroo Flat during the postwar years, the 1980s, and the early 1990s, with houses built on the land surrounding Bendigo Creek.
“Having been brought up in Kangaroo Flat, I know residents love the way walking tracks run along creeks so there is easy access by bike or foot,” says Nathan Diss, director of Bendigo Property Plus. According to Nathan, Kangaroo Flat’s median house price is $310,000, with growth from the previous year up 2.6 per cent. He says the median rental yield is $290 per week with a 4.9 per cent return. Thirty six per cent of people living in the suburb own their own home, while 32 per cent have mortgages and 29 per cent rent.
“Affordable prices and being on the southern tip of Bendigo closest to Melbourne has seen this suburb attract many Melbourne buyers, as they believe the properties are great value and they can get on the highway to Melbourne in an hour and a half,” says Nathan. “With the train station reopening, there is a pocket of homes walking distance from the station that have experienced good interest when sold, and new people to the area are putting effort into renovating their properties.”
Many of the houses in Kangaroo Flat favour straightforward designs, highly representative of the eras in which they were built. “The style of homes is really diverse, with many 1950s weatherboards and beautiful cream brickers,” says Nathan. “On the outskirts of the area you can still find quarter acre blocks and full acre blocks.”
New Villawood Properties estate Vogue is currently under construction in Kangaroo Flat, marketed as being ideal for first home buyers, downsizers or commuters. It’s all a hop, skip and a jump to Lansell Square shopping centre, major supermarkets, hardware stores and chemists, and the Crusoe Reservoir. “(People) love Crusoe Reservoir and the fact that they have shopping facilities at their doorstep without having to venture to Bendigo,” says Nathan.
It was in nearby Crusoe Gully that Bendigo’s largest ever gold nugget (377 ounces) was found in 1861. It seems people are still striking it lucky in Kangaroo Flat, but now for quite different reasons.