Bendigo rental prices continue to rise to $425 per week

At $375 per week, it is one of the cheapest areas to rent in the city. In contrast, Maiden Gully are paying as much as $535 a week.

Overall, Bendigo has experienced another rise in the average rental price with residents paying $135 more per week than they were two years ago.

According to the latest data from both Corelogic and PropTracker, the average resident in Bendigo is forking out $425 per week in rent.

This is a marked jump from the $290 a week average residents were paying in 2021, according to the ABS census data.

Last year, the average rent was $400 for Bendigo residents.

In the Greater Bendigo area, most average rental prices were above the $400 mark with the most expensive areas being Maiden Gully at $535, Strathfieldsaye at $510 and Spring Gully on $480 per week.

By comparison, the cheapest areas in the city in terms of rent per week were Ironbark on $375, Long Gully on $390 and Quarry Hill and Eaglehawk both on $400.

MORE NEWS:

In the last 12 months Bendigo has seen an overall 6.2 percent rise however the most recent September quarter recorded a 1.2 percent drop.

PropTrack's Director of Economic Research Cameron Kusher said the rise in average rent has steadily grown across Australia.

Mr Kusher said the COVID-19 pandemic saw rental prices soar.

"Rental growth in Bendigo has been slowing throughout this year, with rents falling 1.2 per cent over the September 2023 quarter but up 6.2 per cent over the past year," he said.

"This is trend seen across regional markets - rental demand, which surged during the pandemic, is now easing and supply and demand is more in balance.

READ NOW:

"Over the past year house rents were 4.7 per cent higher and unit rents were 9.1 per cent higher, but both property types have seen growth stall of late."

Digital subscribers now have the convenience of faster news, right at your fingertips with the Bendigo Advertiser app. Click here to download.