Bendigo's real estate agents have reflected on a buoyant, yet at times uncertain property market in 2020, as demand for property and land reached new heights.
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Tweed Sutherland First National director Matt Leonard said when he met with staff in late February, they were very concerned about how the year could unfold.
"We were watching what was going on overseas and preparing ourselves for a very slow year," Mr Leonard said.
"It couldn't have been more the opposite.
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Incentives such as the government's HomeBuilder grant and an increased demand from metropolitan buyers seeking a move to Bendigo spurred property and land sales, Mr Leonard said.
"COVID-19 for Bendigo has actually increased our market and generated more interest," he said.
Bendigo Real Estate principal Nekti Tzouroutis said the biggest surprise of 2020 was the level of enquiry his agency received.
"There was quite significant interest, particularly in suburbs along growth corridors, such as Epsom, Huntly and Marong," Mr Tzouroutis said.
Year-on-year data from the Real Estate Institute of Victoria revealed Bendigo properties' third-quarter median sales price of $535,000 was $31,000 more than the same time in 2019.
"The biggest growth has been is in the inner-city properties, where you often only had a handful of buyers," Mr Tzouroutis said.
"There was a surge in buyer interest for centrally located, well-appointed properties."
As property and land demand surged, so too did interest in rental properties, PH Property director Brad Hinton said.
"We have seen a huge volume of investment properties being purchased," Mr Hinton said.
"Demand is super high and still outstripping supply."
Tweed Sutherland's rental vacancy rate was 0.1 per cent in 2020, according to Mr Leonard.
"When there are multiple applicants for properties, it's pushing prices higher, yields are greater and that's why investors are looking to Bendigo for a strong return," he said.
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