HOT PROPERTY

Bendigo Weekly | Bendigo Weekly | 14-Sep-2012

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House prices top in the state

By ANTHONY RADFORD

BENDIGO’S property prices continue to be the envy of the state.

Official State Government figures have revealed the true details of Bendigo’s strong house and vacant residential land markets.

The figures come amid confidence in Bendigo’s commercial development market, with two large-scale projects unveiled this week.

Local developers have purchased the former Advertiser building in Pall Mall and will build a five-star motel and restaurant on the site.

Plans have also been lodged for a 20,000-square-metre shopping and commercial development in Strathfieldsaye.

The residential house and land figures from the Valuer General’s Office are based on all sales across the state, and they paint a pretty picture locally. Bendigo’s median house price jumped 11.4 per cent in the year to the end of March, to $292,500. Remarkably, Bendigo was the only major regional city to record any growth at all. Wodonga (-10.3 per cent), Geelong (-8.9), Shepparton (-7.3) and Ballarat (-4.7) fared a lot worse over the year.

Bendigo’s house price rises were on the back of a 3.6 per cent decrease across Victoria for the year and the March Quarter. The imminent influx of vacant residential land on the Bendigo market has not diminished sales, with strong growth in the median price paid for blocks around the city.

The median price of land at Ascot jumped more than 20 per cent in the year to March.

Strong yearly increases in the median price of vacant land in Eaglehawk (14.6 per cent), Epsom (12.9), Strathfieldsaye (12.8) and Maiden Gully (12.3) came despite large numbers of sales.

The strength of Evergreen Waters and Evergreen Links at Jackass Flat pushed the median price for land in that area up almost 17 per cent in the first three months of the year, on the back of 17 sales.

The impressive Bendigo land sales results came despite a 1.3 per cent decrease in the median price of vacant land across the state.

Real Estate Institute of Victoria Bendigo branch chairman Matt Bowles said the city was continuing to remain an attractive place to both live and invest. “Everything is pointing to a solid 10 per cent growth across Bendigo in the past 12 months,” he said. “These figures also list the private sales which we don’t hear about. They bring it altogether.”

Mr Bowles said he was not surprised by the strength of the vacant residential land market. “The days of buying a block of land under $100,000 in Bendigo are well and truly gone,” he said. “We have seen a similar thing with houses as well. “First-home buyers have to now spend close to $300,000 to get a suitable house anywhere in Greater Bendigo at the moment.”

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