The 2024 Bendigo Property Market Report underscored a growing trend towards regional living, accentuated by Bendigo’s compelling mix of lifestyle allure and economic value.
Real estate professionals from Buxton Real Estate Bendigo highlighted the city’s increasing attractiveness as a key player among Victoria’s regional locales, thanks to its appealing blend of affordability, lifestyle quality, and robust infrastructure initiatives.
Bendigo’s real estate market is seeing robust growth, with the median house price now at $598,000, a 4.2% increase from the previous year.
This upward trend is particularly strong in family-centric suburbs like Ascot and Maiden Gully, where the demand for spacious homes and ample outdoor space has surged, reflecting a 12% growth in average property sizes over five years.
Such trends illustrate a shift towards lifestyle-driven purchases, with homebuyers favoring larger residential setups.
The allure of Bendigo as a residential choice is evident from the 20% uptick in property inquiries over the past year.
The blend of affordable pricing and high-quality amenities continues to draw both investors and owner-occupiers, creating a vibrant and competitive housing market.
Infrastructure developments play a pivotal role in enhancing Bendigo’s connectivity and appeal. Significant projects like the $75 million expansion of Bendigo Airport and extensive transport upgrades are crucial in linking Bendigo more closely with Melbourne and other regions, fostering its growth as a connected and accessible regional hub.
The real estate spectrum in Bendigo is broadening, highlighted by the listing of a luxury 1872 period home at 25-27 Hopper Street, marked at a record $3.75m to $3.95m. This listing reflects a growing interest in high-end, historically rich properties that offer modern amenities alongside timeless charm.
The Bendigo property market is swiftly adapting to changes in buyer preferences, notably towards sustainable living and work-from-home arrangements.
Eco-friendly homes equipped with solar panels and energy-efficient designs are increasingly popular, as are properties with home office spaces, reflecting a long-term shift towards remote working lifestyles.
Matt Leonard from Buxton Real Estate Bendigo shared his observations.
"We’re seeing a steady influx of buyers prioritising lifestyle and value for money, and Bendigo continues to deliver on both fronts,” Leonard said, highlighting the ongoing commitment to infrastructure and community development as key factors in sustaining Bendigo’s appeal.
Looking ahead, Bendigo is poised for continued growth in its property market.
The focus on expanding family-friendly growth corridors, alongside the preservation of its unique heritage and community amenities, positions Bendigo as an attractive location for prospective buyers aiming for a balanced and fulfilling regional lifestyle.
This positive trajectory is expected to shape the real estate landscape in Bendigo well into 2024 and beyond, offering promising opportunities for residents and investors alike, Buxton Real Estate Bendigo reported.
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