Bendigo

[wapanther]

Hi,
I have an opportunity to purchase a 2 Bed townhouse off the plan(ready in October) for $308,000.
This will be my first investment property.
Is Bendigo a good choice for an investment property.Does anyone know the Bendigo area. The research i have done from the council website looks OK for future infrastructure ??
Apologies for being vague

Thanks in Advance

 

[one world]

Lovely town, with a great history and a few decent bars where one can get some surprisingly good food.

Lovely in general, yes!

But NOT at that price. It's just a two bedder remember.

There is no possibility of significant capital gain if you buy it for $308,000. Local median salaries when I last checked were not going anywhere fast. And its rising salaries that push up property prices.

If it were larger, say a 3 bedder for example, the yield, could be more enticing. But definitely not enticing enough for me IMHO.

Be aware that prices in country towns are very cyclical. At $308,000 You are paying a top price for a location which, although bucolic, is not greatly in demand.

If it helps, I was last in Bendigo in 2007. Back then I saw perfectly solid century old houses selling for barely $150,000. You are better off doing a reno on one of those.

Or better still maybe looking elsewhere.

OP put your hard earned money under your bed. It will grow faster there then it will in Bendigo or most of overheated Perth.

 

[DaveM]

I bought there late last year, for well well well under your $308k I bought a 4br house on over a quarter acre with no easements and 8m side access for a straight forward subdivide and sell/develop. I did a basic reno of which most was external paint job, expected reval shortly for about 30k equity gain.

Good town but 308k for a 2 bedder seems high.

 

[oc1]

I bought there late last year, for well well well under your $308k I bought a 4br house on over a quarter acre with no easements and 8m side access for a straight forward subdivide and sell/develop. I did a basic reno of which most was external paint job, expected reval shortly for about 30k equity gain.

Good town but 308k for a 2 bedder seems high.

^^^ What Dave said.

Look for a big block of land with a decent house as close to the town centre as possible....Golden Square comes to mind.

Oscar

 

[DaveM]

Look for a big block of land with a decent house as close to the town centre as possible....Golden Square comes to mind.

Funny, thats what came to my mind too

 

[oc1]

Funny, thats what came to my mind too

Great minds.....you know the rest

 

[Jake Milne]

The projection for units in Bendigo (yes, town houses are units) is 0% for the next 5 years...

Houses (stand alone or semi) on the other hand are 4% for 5 years.

4% vs 0% ...seems like a no brainer to me.

 

[one world]

Good town but 308k for a 2 bedder seems high.

To the OP.

Regardless of what the commissioned salesmen say, this is a huge rip-off.

- You can buy a brand new two bedder in central Los Angeles for that!

- If you hunt around you can buy a house in Long Island, NY for less!

- Or how about a dual occ house in Frankston, Vic, a beachside suburb. You can pick up a bargain there (on a redevelopable site) for less, zonings already approved!

Don't be duped.

 

[Peter 14.7]

I bought there late last year, for well well well under your $308k I bought a 4br house on over a quarter acre with no easements and 8m side access for a straight forward subdivide and sell/develop. I did a basic reno of which most was external paint job, expected reval shortly for about 30k equity gain.

Good town but 308k for a 2 bedder seems high.

Ditto. Peter

 

[brisbane 04]

Hi,
I live in Bendigo and know it pretty well. The price does sound excessive. Whereabouts is it? I'm only to happy to answer any questions you ask as I've been helped so much on this forum.

 

[Belu]

I am guessing it is in Kennington or Strathdale at that price?

 

[TMNT]

The projection for units in Bendigo (yes, town houses are units) is 0% for the next 5 years...

Houses (stand alone or semi) on the other hand are 4% for 5 years.

4% vs 0% ...seems like a no brainer to me.

where are these figures coming from?

what about ballarat? as they always get grouped together

 

[strongy1986]

where are these figures coming from?

what about ballarat? as they always get grouped together

Who cares they are a load of crap

Big blocks are always good but you need to weigh up the holding costs versus the fact that you could invest more money holding properties with better yields

 

[hungsunday]

Ill sell you my 2 bedroom HOUSE on 850sq, 400mts from the hospital and lake for less than $308,000!

On the other hand I do see Bendigo having strong growth over the next 5 years. Both my Bendigo properties have shown great capital gains over the last 3 years.