Is a property on the market?

BENDIGO’S residential Strategy will be reviewed because of greater than expected growth.

The State Government has announced a grant of $50,000 to carry out the review.

The review is needed because, according to the State Government, 40 per cent of the forecast growth between 2006 and 2031 had already been realised.

Regional Development Parliamentary Secretary Damian Drum made the announcement this morning.

Mr Drum said the Bendigo Residential Strategy Review would deliver greater community and investor certainty, helping the region grow.

“The Bendigo Residential Development Strategy was adopted in 2004 and is currently being audited because of the faster than anticipated growth that has occurred in Bendigo in recent years,” he said.

“Strong residential growth has many flow-on economic benefits and having a clear framework for future development will position Greater Bendigo City Council to undertake more detailed, place-based planning in the future.”

Deputy Premier Peter Ryan said about 40 per cent of the forecast growth between 2006 and 2031 had already been realised.

The Residential Strategy impacts directly on where and how property developments use “infill” parcels of land, range of housing styles and also on housing affordability.

“This project will review the strategy, assess current and estimated land supply and demand and consider various legislative and policy changes,” Mr Ryan said,

“It will also consider the latest demographic data and establish a new strategic framework to guide the long-term residential growth of Greater Bendigo.

“The project will result in a revised residential strategy that will give developers, the community and service providers greater surety and confidence about where land can be developed for residential purposes, and that sufficient land is available to accommodate the City of Greater Bendigo’s future growth.”

Mr Ryan said a contemporary strategic planning framework was essential to the economic development of a large regional centre like Bendigo.

“Clearly identifying future growth options and supporting infrastructure needs will enable the Greater Bendigo City Council and other infrastructure providers to plan their capital works programs well in advance,” he said.

“Identifying long-term growth areas will enable the council and other service authorities to start planning for the delivery of services, thereby minimising the lag time between when residential development occurs and when the services need to be in place.”

Anthony Radford | Bendigo Weekly | 05-Jul-2011 12.2

The REIV often receives questions from the public about the conduct of auctions, the process of bidding and what is required of the auctioneer.
A familiar phrase is ‘on the market’ and it is important that bidders understand what this means.
During the course of bidding it is not uncommon for an auctioneer to pause and update the vendor on how the auction is progressing and ask whether he or she can inform bidders the reserve has been reached and is now going to be sold.
If bidding has reached the reserve, the vendor will instruct the auctioneer to sell to the highest bidder.
When this happens the auctioneer will announce the property is ‘on the market’ and bidding will continue until the property is sold. While advising attendees that the property is ‘on the market’ is a very common feature it is not a legal requirement.
Some auctioneers will conduct an auction at which there is no pause and when bidding reaches the reserve set by the vendor, will announce the property is ‘on the market’.
Bidding continues with the property being knocked down and sold to the highest bidder.
If you are bidding you may ask the auctioneer a reasonable number of questions about the conduct of the auction.
This includes asking whether the property is ‘on the market’.
The auctioneer is obliged to tell you whether it is.
You need to be careful not to become aggressive with your questioning. If you do, you could be seen as disrupting the auction which is an offence under the Sale of Land Act.

Enzo Raimondo
CEO REIV