The Bendigo property market is continuing to scale new heights, with local agents reporting an unprecedented level of interest in listings that is driving sales results far above vendor expectations.
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Bendigo Real Estate principal Nekti Tzouroutis said the market was at fever pitch, showed few signs of slowing down and the show of confidence on the market was also a show of confidence in Bendigo.
The three bedroom, one bathroom dwelling eventually sold for $510,000, a whopping $70,000 over the top of the expected range.
"This represents a phenomenal result for the vendor and just goes to show the level of interest, and confidence in the Bendigo market at the moment.
"In all my time in real estate, there's never been a period like this."
Mr Tzourouritis said his firm had recently listed a home in Long Gully that was sold, sight unseen, to a vendor who only inspected the property online, for price well in excess of the asking price.
"The heat, the urgency and the momentum has gone to another level," he said.
Other agents have commented on examples across the city where sale prices have exceeded vendor and agent expectations considerably, including a home in the popular suburb of Maiden Gully that this month achieved a selling price approximately $160,000 over the original asking price, thanks to a succession of offers from would-be buyers keen to secure the property.
PH Property principal Brad Hinton described the local market as "hectic".
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"We have multiple buyers and for most properties when they are listed and advertised properly.
"This is the strongest time in our market that I can recall in my 24 years in the industry.
"Another similar period was in 2000/2001 when rates were low, the first of the First Home Buyer Grants came in and prices basically doubled...It was similar to now to a degree, but not quite the rate it is this month!"
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Mr Hinton cited a property in Bayne Street which last week received eight offers and hit $45,000 above the top end of the price range.
"This is a pretty common story with our office and other offices in Bendigo at the moment," he said.
"The Bendigo property market will continue to be strong at least for 12 months.
"Interest rates will stay low for at least three years according to experts.
"We are driven by a strong rental market which will continue, especially when the government starts up migration again."
Mr Hinton said he believed interest in properties priced between $250,000 and $400,000 was more frenetic than other segments of the market.
"As a buyer, don't hesitate.
"At the moment, there is plenty going in the Bendigo property market and it looks like it will continue for some time."
DCK Real Estate director Matt Bowles said but the last time he saw a market shift like the current trend was the introduction of the GST.
"The market is red hot. We usually celebrate when a property sells, we are now celebrating when we list them!"
The 30-year industry veteran said he recalls selling a cream brick home in Flora Hill back on Black Saturday, February 2009 for $200,000.
"And from memory it was the first to crack into the "Twos".
"Our office had one on the market 18 months ago for $298,000 and it did not sell.... we have listed and sold this property in the last few weeks for just under $400,000."
Mr Bowles said given the current supply and demand for property, with more people staying put, and more people deciding to move from metropolitan Melbourne to the regions, the market will only continue to thrive, further buoyed by the lack of building blocks available for new homes, meaning existing properties are the only option.
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