Bendigo area

Hey all,

I just bought a place in Bendigo - Golden Square to be more specific. Wondering if anyone holds property in Bendigo and their thoughts on it?

I think it has good legs. It doubled in price from 2000-04 and has done not a whole lot since then.

Prices are still around $160-220k for old and $230-260k for new units. Rental yields are about 5-6.5% at the moment with great entry prices and only 2 hours from melbourne.

100,000 people and still growing with good infrastructure.

So, thoughts on the area and anyone holding/looking at it?

Cheers,

Ben
 
Hey all,

I just bought a place in Bendigo - Golden Square to be more specific. Wondering if anyone holds property in Bendigo and their thoughts on it?

I think it has good legs. It doubled in price from 2000-04 and has done not a whole lot since then.

Prices are still around $160-220k for old and $230-260k for new units. Rental yields are about 5-6.5% at the moment with great entry prices and only 2 hours from melbourne.

100,000 people and still growing with good infrastructure.

So, thoughts on the area and anyone holding/looking at it?

Cheers,

Ben

Congratulations Ben,

Can't comment on Bendigo as I don't know it from an investment perspective - sorry. Suffice to say that I did read a story a while back of an investor (she was around 21-or22 at the time) who had accumulated heaps of IP's and was doing very well. (Travelled overseas on the income etc). Have you bought a development site/ old house, or a unit or flat??

Regards Jason.
 
Congratulations on your purchase Belu.

Victoria's third largest urban centre, after Melbourne and Geelong. Or something like that. Average growth p/a for decade is around the 10.4%. Pockets and areas within Bendigo region achieving more or less.

http://www.bendigo.vic.gov.au/Page/page.asp?Page_Id=227&h=0

Physical Attributes

Bendigo is:

-225 metres above sea level.

-150 kilometres north west of Melbourne.

-90 minutes from Melbourne Airport and is strategically located at the junction of rail links.

-At the point of convergence of three (3) highways with excellent connections to other interstate highways.

-The geographic heart of Victoria.

-Outside Melbourne, Bendigo is the third largest urban centre in the State, and the major regional centre for north central Victoria.

-A number of small towns including Heathcote, Elmore, Goornong, Marong, Redesdale and Axedale are located within the municipality.

-Located within the Murray-Darling Basin, the North Central Catchment Region and the catchments of the Loddon and Campaspe rivers with the exception of a small area in the east which is within the Goulburn Broken Catchment Region.

-The location of the Whipstick and Kamarooka State Parks, the One Tree Hill and Eaglehawk Regional Parks, the Maiden Gully, Marong, Wellsford and Mandurang State Forests, Diamond Hill Historic Reserve and various flora and fauna reserves and bushland reserves. These parks conserve some of north central Victoria’s outstanding natural features including a variety of eucalyptus principally blue, green, and bull mallee grey box, and iron bark and significant relics from gold mining and eucalyptus oil industries. Found only in the Bendigo area is the vivid flowering whirakee wattle.

-The home of more than 200 species of birds such as the grey shrike-thrush, the white-wing chough, 44 species of mammals such as the eastern grey kangaroo, black wallaby and echidna, 40 species of reptiles and 12 species of frogs.


Population

-The 2006 census recorded that the City of Greater Bendigo had 92,146 residents (actual residents in City of Greater Bendigo on Census night).

-In the 2006 Census Kooris and Torres Strait Islanders made up 1.1% of the population in the City of Greater Bendigo.

-The City of Greater Bendigo's Estimated Resident Population ABS (preliminary) as at 30 June 2008 was 100,054 people.

-City of Greater Bendigo’s growth rate is 1.6%, which is higher than the Victorian average of 1.3%.

-In total 6.1% of the City of Greater Bendigo’s population indicated that they were born overseas from 30 different countries. Half of the overseas born population are from the United Kingdom or New Zealand.

-10,407 couple families, and 4,429 one parent families reside in Bendigo.

We have IP's there, always rented well, the 3 b/r 2 bath DLUG newly constructed gets us a 8.7% rental return, the 2 b/r 1 bath SLUG newly constructed fetches us a 7.9% return, or thereabouts.

I commenced investing in Bendigo because I have known the area all my life, attended Uni there, worked and lived there, had, and have, family there...was a no brainer for me. AND!! More importantly, and I do tend to forget to add this, the deal was good, the figures stacked up, I bought well.

Suits us. Any ebbs and flows in growth, (over shorter terms) are/is not a concern, we are investing for long haul.
 
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Hey guys,

Jason - I bought a development block. 5000sqm res1 with no overlays, no mines etc. cant say much more until things go unconditional. Have the intention of developing, but will see what comes along.

I also had the intention of developing Glenroy but got an offer that was too good in the circumstances!

So, am buying a big block of land with multiple opportunities :)

So yes - I agree with you OO, it has some good potential and I think it has lagged a bit behind the Melbourne boom of late and as I said before hasnt moved much since 04, so am waiting for it to go gang-busters ;)

Cheers

Ben
 
Doubt Bendigo has a good future.

I spent a bit of time over Xmas talking with relatives in Bendigo. They are all planning on moving (lived there for all their lives - upto 50 years). The main reason is water, or drastic shortage of. Locals are aware there is high probability that they will need to truck water in, in the years to come. Their water supply is down to 7% and realistically will not rise.

Gippsland on the other hand seems to have the best future for water in Victoria and thats where they are heading.

Interested to hear others views.
 
Thanks for that one Tools - interesting point of view on the water issue catesy.

I guess the question is will the state gov or fed even let water get so bad it essentially needs rationing? I doubt they could afford the bad press from that for 100k people.
 
I read somewhere (can't remember where) that many farming/growing industries have already moved to Gippsland or are planning to. Not sure how true it is. Water availability being the reason.
 
It is only in the last 6 months or so that water restrictions in Bendigo were watered down,so to speak. I can't see they would do that if the water supply was on it's last legs.

Tools
 
hi everyone

Was just wondering if there are any people here that live or are familiar with the Bendigo area,

Ive just got a few questions in regards to where everything is, and if a certain property im looking at is good in terms of renting out or distance from the city etc. etc.

much appreciated
 
Hi could i ask anyone who has purchased in the bendigo area where i could obtain info regarding
public housing where it is situated and relevant sales info.
So can make purchasing decisions

many regards forumulites.

Jaime
 
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