Hi TV,
In answer to some of your questions below:
Why Bendigo?
I picked Bendigo because, in my opinion, the distance to Melbourne vs the difference in Price was out of proportion. Basically for the price difference you can live in Bendigo and work in Melbourne (1 hr 10min on the morning train from Bendigo to Southern Cross), or work in Bendigo and still easily visit family and friends in Melbourne.
Throw on top of this the clear indications from government of all levels that they want to grow Bendigo and keep it as a major regional hub:
$600m hospital development - both state and federal funding
State Trustees relocation from Melbourne to Bendigo - State funding and job creation/relocation
Redevelopment of the Theater, museum and library - local government funding
Current/Future trends in Bendigo:
From a relocation point of view we are getting a lot of people who grew up in Bendigo and surrounding areas, who moved to Melbourne to study and work, and now in post-GFC times, wanting to raise a family and want to do it in Bendigo, not Melbourne. I also think that with the continued development of the arts, and the state of the art hospital, that retirees will play a big part in Bendigo's future.
On top of this we are seeing, and will continue to see with the upgrade of the train lines and therefore additional services, people relocating from Melbourne to Bendigo to get a decent house for a decent price.
Vacancy rates:
These are quite low based on SQM research data:
Postcode 3550: 1.7%
Postcode 3551: 1.4%
Postcode 3555: 0.7%
This is compared to Melbourne at the moment at a vacancy rate of 3.1%
Median house prices:
Median prices are circa $300,000 in Bendigo. There are some differences with this number compared with Melbourne though. Remember there are a lot of larger blocks and fewer small units or townhouses, so the median type of house in Bendigo would be different to the median type in Melbourne. Saying this - the growth has been there for 2011 according to RP Data. In 2011 Victoria had only 3 suburbs in the top 20 capital growth suburbs for the year, being:
Kangaroo Flat (15th) 13.2% growth
Golden Square (17th) 12.7% growth
Bendigo (19th) 12.1% growth
This is compared to Melbourne of a 2.3% fall.
Pockets to look at/to avoid:
Totally dependant on your investment strategy. For example if you want buy and hold I would probably recommend Golden Square for lower priced opportunities (~mid to high $200's) or Spring Gully for slightly higher priced ones (mid $300's). If you are looking for development in the short-term then North Bendigo is a great option, longer term you would look at Eaglehawk, Ironbark, Long Gully and California Gully.
Hope that helps, any other questions please let me know.
Cheers
Ben
Hi Belu,
can you share your thoughts for those who cannot attend but still value your inputs
-Why Bendigo?
-Current trends in Bendigo?
-Future growth trends?
-Vacancy rates?
-Median house prices?
-Pockets to look at and pockets to avoid?
Regards,
TV
