Bendigo CBD future plans should include more apartments: agents

Purpose-built "elevated homes" with larger floors plans built over several storeys, high-density builds close to the CBD or conversions of existing buildings could help bring a new vibrancy to the city centre.

More people living in central Bendigo would bring a new "vibrant culture" into the heart of the city.

A call from real estate agents for more apartments comes as the city looks to revamp the Hargreaves Mall, which has struggled with vacant shop fronts, crime and graffiti.

Bendigo, with its ornate gold-rush era architecture, including View St and Pall Mall, already has existing apartments priced upwards of $1 million, but there is more demand than availability at all price points.

Taking housing up in the CBD could also lead to conversions of existing vacant spaces above street level shops into new homes.

Such a move could take pressure off the main corridors for urban sprawl, such as Epsom-Huntly, Strathfieldsaye and Marong, which have seen sky-rocketing development in the last decade.

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PRD Real Estate Managing director Tom Issacs believes more medium and high density living would keep the city thriving and prevent some urban sprawl.

Mr Issacs said it would be great to see more options for buyers or renters in terms of high-rise living, with increased interest from both locals and out-of-towners.

In the two years year to August 2021 there were 18 apartments sold in inner city Bendigo, with the lack of stock being a key factor for the low sale rate.

"I think it creates a vibrant culture in town that activates our local areas," he said.

"I think it is really good for the community and it will create a lot more tenancies for our rental market and put some controls around the growth in rent, so affordability is really key."

There are only a handful of apartment or high-rise properties now up for grabs in the city, including at the old St Aidan's orphanage in Kennington.

An apartments for sale in Bendigo on View Street has an expected price tag of between $1 million and $1.1 million and goes to auction on October 13

The new Luna development on Queen St is set to tap into the demand for purpose-built apartments and inner-city over 55s communities are in the early stages of planning.

A complex being built at Fortuna Villa, within walking distance of the CBD, will offer a range of homes to tap several markets, including downsizers and retirees.

Bendigo's McKean McGregor Marketing Manager Brock Pinner said would the new Luna development would benefit the city.

He said although there are a number of older building which have been converted or could be converted to "elevated homes", new developments for apartments were almost non-existent in Bendigo.

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"In terms of new apartment-style living it is very, very rare and it is becoming increasingly challenging to bring that stock to market," he said.

"We certainly see there is a huge demand for the newer style apartment living or what we call elevated homes for people that are looking to downsize off of larger properties who would be looking to come into the CBD."

Mr Pinner said there was a range of people looking for high rise living.

Mr Issacs said Bendigo does not have a large pool of apartments for buyers and the ones which are there cater to the wealthy.

"I don't think Bendigo offers the affordability of apartment style living at the moment," he said.

"Generally the style of apartments lend themselves to the more affluent buyer, where as we probably need some middle range affordability around investment as well as owner-occupiers."

A spokesperson for the City of Greater Bendigo said it was drafting a managed growth strategy looking at different styles of living in the city.

The council also recently voted to enact a planned three-year revamp of the Hargreaves Mall to clean up the area and bring in new businesses.

The spokesperson said the council would throw its support behind apartments in inner-city Bendigo.

"The city would like to encourage a range of housing types to suit various household needs such as apartments and smaller dwellings in well serviced areas, in particular within the city centre and in and around commercial centres," the spokesperson said.

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Mr Issacs said high density living would likely start to become the norm for the city.

"A lot of ... influx of buyers from outside Bendigo, who are used to that style of living, are asking questions around development coming up," he said.

"You look at Newcastle, in New South Wales, and Geelong, their density around apartment living has increased dramatically over the last five years so it makes a lot of sense for Bendigo to head down that track."

Have your say? What do you think about more apartments in Bendigo's CBD? Let us know at addynews@austcommunitymedia.com.au

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