Bendigo, vic

Any idea on Bendigo, vic? seems to be high demand for rentals atm. I'm looking at buying the town house I'm currently renting but origionally intended to save for a little longer and buy in melbourn. Tho it seems thats a hard market to get into without paying more than ips are worth.
 
You're feeling compelled to buy because the TH you live in is going on the market right? Are you sure that's the right reason to buy?

If you do want to buy it and stay in Bendigo a few years longer, you could always turn it into an IP when you come into Melbourne but it may take some time financially I'd assume.

Maybe stick with your goal and move out into a cheaper place in Bendigo once the owner sells so you can realise your original goal even sooner.
 
It not so much that, and if I were to buy cheaper I'd not be satisfied.. Rent is only $250pw.... It just seems a good opportunity as its in one of the better areas of bendigo and its close to a lot of entities which would make it an attractive place for potential tenets as it did when I signed up..

I'll be here a few years yet. I don't want to move to Melb, I just thought of it as a good place to invest...
 
I think most of Melbourne won't have very good capital growth in the next couple of years.

I don't know much about Bendigo, but if you can afford Bendigo and you think it has good prospects of capital growth, I would go for it.

Bendigo is a big enough town to always have some demand for it. The rental yields in most places in Melbourne are a bit low at the moment.
 
i think Bendigo is looking good for a growth spurt. Yields are high, vacancies are low (spoke to an agent the other day and he said their vacancy rate is close to zero - as soon as they get one it is snapped up) and prices are reasonable.

My data shows they missed out on the 07/08 melbourne boom and with the melbourne market going strong again now they are due for a catch up.

This, of course, is only my opinion. I have bought in Bendigo so not just talking the talk.

As always, do your own DD, but in my opinion it will do well in the short term.
 
Another investor here, that has IP's in Bendigo.

It is approximately 131 kilometres (82 mi) from the state capital of Melbourne.
Bendigo had an urban population of 76,051[1] on the 2006 Census night and is currently the fourth most populous city in Victoria with a estimated statistical district population of 88,031[2] in 2008, making it the state's second largest inland city. The Greater Bendigo municipality includes some nearby towns and was home to 93,252 people on the 2006 census night

...oops another wiki link: http://en.wikipedia.org/wiki/Bendigo,_Victoria

Demographic Profile here: http://www.bendigo.vic.gov.au/page/page.asp?page_Id=55

I have lived there, attended University there, also did a lot of due diligence before investing there, our properties have rented well, no vacancies, solid growth providing us with equity to leverage into more IP's.

Victorian Valuer-General stats for 1994 to 2004 showed a change in median house price(s) of 138%.

For the decade between 1997 to 2007 it was 170%, so an average growth per annum, for the period of 10.4%, stats for 97-07 here:

http://www.thedatahotel.com.au/median house prices by suburb.pdf

We have bought and built well in Bendigo, achieve premium rental prices and have had solid growth, although as another poster may have pointed out it sat a little quiet for a few years there.

All the best whatever you decide upon.
 
i think Bendigo is looking good for a growth spurt. Yields are high, vacancies are low (spoke to an agent the other day and he said their vacancy rate is close to zero - as soon as they get one it is snapped up) and prices are reasonable.

I have just bought an IP in Bendigo for the same reasons. Bendigo also has good population growth, a range of industries to provide employment, some recent investment in new infrastructure and only 90 mins by road to Melbourne.

For what its worth, Australian Property Monitors Chief Economist recently nominated it as a Victorian hotspot for 2010 http://money.ninemsn.com.au/article.aspx?id=1024685
 
yeah had seen that APM pick. I think it is a good buy - and it seems prone to spurts of growth. here's hoping there is one soon!
 
Have you guys noticed what the price of land is like up there?

In Glenroy - my old stomping ground - unit land prices are about $140k for 3 to a block.

Up in Bendigo when I bought a few months ago blocks were going for the value of the house on front and around $30k a block out the back. Now I am hearing of ones going for $50-55k a block so prices are already starting to pick up!

Interesting times ahead I think for Bendigo, with plenty of upside available!

Cheers

Ben
 
Bendigo IP

Would anyone know of a buyers agent in Bendigo. I have seen there are good rental yields to be had here. My wife and I are looking for an IP, not too worried about growth so much as retirement income.(We are Living OS but will be there in 2 months)
We have about 140,000 in cash to spend, and don't really want to have it negative geared(so hopefully small loan), as I already have a 300,000+ mortgage I'm servicing.
Was thinking maybe 2 BR unit in small group with not too high fees.
Will gladly accept any advice.
Cheers
Glsmith
 
Hi,

I just wanted to open this thread again and see if anything has changed. I'm hoping to invest in a property in bendigo with my main criteria being properties under 300.

I'm looking for long term capital growth and high yield so my out of pocket expense is minimal. I'm also looking for large land size for future development opportunities so around 700sq.m - 1000sq.m.

Could I please get everyone's opinions on what suburbs are good and what suburbs are best avoided?

Thanks for your time guys.
 
Hi,

I just wanted to open this thread again and see if anything has changed. I'm hoping to invest in a property in bendigo with my main criteria being properties under 300.

I'm looking for long term capital growth and high yield so my out of pocket expense is minimal. I'm also looking for large land size for future development opportunities so around 700sq.m - 1000sq.m.

Could I please get everyone's opinions on what suburbs are good and what suburbs are best avoided?

Thanks for your time guys.

Council are currently updating their residential growth strategy, have a look into the residential growth areas that are likely to be nominated... being Huntly, Maiden Gully, Epsom/Ascot & Marong.
 
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