Greater Bendigo City, VIC

The City of Greater Bendigo is a local government area in the central region of Victoria, Australia. It is no surprise that Bendigo has become one of the most sought after places to buy real estate. This LGA has grown rapidly during the last decade, with high levels of new development and significant migration to the area.

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Located 150km northwest of Melbourne’s CBD, Bendigo has the fourth largest inland population in Australia, with 99,122 people. The Greater Bendigo area spans 3,000 km2 and has over 118,093 people living in the region.

Bendigo rose to prominence in the 1850s as one of the key areas that benefited from the Victorian gold rush. During the 19th century it was the highest producing goldfield in Australia and the largest gold-mining economy in eastern Australia. The main retail centre of Bendigo is the central business district, with the suburbs of Eaglehawk, Kangaroo Flat, Golden Square, Strathdale, and Epsom also having shopping districts.

In the past decade, there has been an increase in Bendigo’s economic activity, which has led to a higher standard of living for residents. This is due to an increase in median household incomes, a decline in unemployment rates, and a decrease in the percentage of people living below the poverty line.

In Bendigo LGA, professionals account for 20.1 % of employment. This is followed by technicians and trades workers at 14.5 %, clerical and administrative workers at 12.4 %, community and personal service workers at 12.1 %, and labourers at 11.8 %.The median weekly personal income for Greater Bendigo residents aged 15 years and older is $604, which is greater than the state average.

In Greater Bendigo, 89.9 % of occupied private residences are single detached houses, 7.8 % are semi-detached, row or terrace houses, townhouses, etc., 1.4 % are flats or apartments, and 0.6 % are other dwellings.

There are many opportunities for people who are looking to buy property in Bendigo. Discover which Bendigo suburbs are better suited to your investment strategy by using the interactive dashboard below.

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Capital Growth Heatmap

Property Market Snapshot

This page provides an overview of the LGA real estate market. The data in this snapshot illustrates typical price, median rent and gross yield metrics for this council area. You are able to drill down to suburb-level data and charts which visualise these 3 key metrics as well as other important indicators in the dashboard section that follows.

Buy

2BR

3BR

4BR

5BR

Typical Price for houses in this council area. Percent changes indicate Year on Year growth or decline in house values. Council area house prices are calculated by averaging Typical Price of all suburbs within the area. Typical Price is a more accurate metric than Median Price.

Rent

2BR

3BR

4BR

5BR

Median Weekly Rent for houses in this council area. Percent changes indicate Year on Year growth or decline in rental prices. Calculated via median value formula applied to rental prices from online listings.

Yield

2BR

3BR

4BR

5BR

Yearly Gross Yield for houses in this council area. Calculated by multiplying the Median Rent by 52 and dividing the resulting value by Typical Price. Percent changes indicate Year on Year growth or decline in Gross Yield for houses.

Buy

1BR

2BR

3BR

Typical Price for units in this council area. Percent changes indicate Year on Year growth or decline in unit values. Council area house prices are calculated by averaging Typical Price of all suburbs within the area. Typical Price is a more accurate metric than Median Price.

Rent

1BR

2BR

3BR

Median Weekly Rent for units in this council area. Percent changes indicate Year on Year growth or decline in rental prices. Calculated via median value formula applied to rental prices from online listings.

Yield

1BR

2BR

3BR

Yearly Gross Yield for units in this council area. Calculated by multiplying the Median Rent by 52 and dividing the resulting value by Typical Price. Percent changes indicate Year on Year growth or decline in Gross Yield for units.

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How to use this Dashboard

This interactive dashboard illustrates the trends for key real estate metrics in the area. Use these metrics to determine potential return on investment from this property market and its’ sub-markets.

Upgrade to Personal Plan to unlock the trend forecast section on the Price, Rent & Yield graphs.

Get the Professional Subscription to see trends for advanced property market metrics that indicate real estate demand and supply in this LGA.

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Property Market in Greater Bendigo City, VIC

What other property markets are there near Greater Bendigo City, VIC?

Greater Bendigo City is surrounded by 4 other council areas – Strathbogie, Loddon, Mount Alexander, Mitchell.

Suburbs/localities in this Local Government Area: Golden Gully 3555, Golden Square 3555, Goornong 3557, Harcourt North 3453, Heathcote 3523, Hunter 3558, Huntly 3551, Huntly North 3551, Ironbark 3550, Jackass Flat 3556, Junortoun 3551, Kangaroo Flat 3555, Kennington 3550, Kimbolton 3551, Knowsley 3523, Ladys Pass 3523, Lake Eppalock 3551, Barnadown 3557, Lockwood 3551, Lockwood South 3551, Long Gully 3550, Longlea 3551, Lyal 3444, Maiden Gully 3551, Mandurang 3551, Mandurang South 3551, Mount Camel 3523, Myers Flat 3556, Myrtle Creek 3551, Neilborough 3570, North Bendigo 3550, Bendigo 3550, Quarry Hill 3550, Sailors Gully 3556, Sedgwick 3551, Spring Gully 3550, Strathdale 3550, Strathfieldsaye 3551, Wellsford 3551, West Bendigo 3550, Whipstick 3556, White Hills 3550, Wilsons Hill 3515, Woodvale 3556, Big Hill 3555, Ascot 3551, California Gully 3556, Argyle 3523, Costerfield 3523, Derrinal 3523, Drummartin 3570, Eaglehawk 3556, Eaglehawk North 3556, East Bendigo 3550, Elmore 3558, Emu Creek 3551, Eppalock 3551, Epsom 3551, Avonmore 3559, Axe Creek 3551, Axedale 3551, Flora Hill 3550, Fosterville 3557, Bagshot 3551, Bagshot North 3551

1 thought on “Greater Bendigo City, VIC”

  1. Property Market Outlook for Greater Bendigo, VIC

    Greater Bendigo has been growing steadily with 2019 seeing 1.77% growth. 48,678 people living in the City of Greater Bendigo in 2016 were employed, of which 57% worked full-time and 41% part-time. The unemployment rate currently sits at 6.4%.

    The largest industry in Greater Bendigo was healthcare and social assistance. In the City of Greater Bendigo there were 628 residential buildings approved to be built in the financial year 2019-20 Feb FYTD.

    Dwelling Type Demand Profile

    Compared to the national average, there is greater buyer demand for houses in Greater Bendigo City compared to units. Across Greater Bendigo City, the greatest demand is for three and four bedroom houses, with two and three bedroom units making up only a small portion of the demand profile in the area.

    Three bedroom homes makeup the largest demand sector of the market in Greater Bendigo City. However, there is strong growth in demand for rental units, with the rents growing at 4.08% since Q1 2019. That said, there is little buyer demand for two and three bedroom dwellings and lower sales volumes.

    As of Q1 2020 the rental yield for houses and units is 4.25% and 5.69% respectively.

    How do Greater Bendigo property markets compare to neighbouring LGAs?

    According to HtAG property market data, the median house price in Greater Bendigo City is around A$422,608 with a -89k to +113K variance compared to the neighbouring LGAs.

    The Mount Alexander Shire has a significantly higher median house price, while Mitchell Shire is also far higher than Greater Bendigo City.

    Mount Alexander Shire: A$535,139
    Mitchell Shire: A$507,652
    Strathbogie Shire: A$370,626
    Campaspe Shire: A$343,524
    Loddon Shire: A$333,025

    House prices in Greater Bendigo City have started 2020 in a positive fashion, climbing by 2.7% as shown on the heat map. In comparison 5 of the remaining 5 neighbouring LGAs exhibited positive growth above 2%, with Lodden Shire being the strongest performer in the area with 8.1%.

    Lodden Shire: 8.1%
    Mount Alexander Shire: 5.03%
    Mitchell Shire: 3.94%
    Strathbogie Shire: 3.04%
    Campaspe Shire: 2.0%

    The unit market in Greater Bendigo City is limited compared to houses with the units priced at a median value of A$249,101. Neighbouring LGA prices vary in the range of -36K to +115K with the median price for units reported as:

    Mitchell Shire: A$328,702
    Campaspe Shire: A$213,471

    Unit prices in Greater Bendigo City have seen flat growth in the first quarter of the year with a -0.3% increase. Out of the neighbouring LGAs, Mitchell Shire has seen the highest rate of growth in Q1, with median values by over 7%.

    Mitchell Shire: 7.25%
    Campaspe Shire: 2.21%

    Property Market Outlook for Greater Bendigo City Houses

    HtAG property market data for Greater Bendigo City shows that sales volume for houses had been steadily increasing up until Q3 2018 when it began to drop away sharply. Sales volumes have been up and down since that point, recently peaking in Q4 2019 with 300 transactions. Rental volumes have been in a steady up trend since Q1 2019.

    Median house prices have been consistently gaining since 2008 reaching A$420,000 as of Q2 2020. HtAG forecasts show that this trend is expected to continue well into the second quarter of 2022 where prices will potentially rise to A$450,000. The median value of 2, 3 and 4 bed houses has been rising steadily since 2008 and currently sit at A$290k, A$370k and A$480k respectively. While, 5 bed houses have grown steadily over that same period of time and have a median price of $560k.

    Median rents were flat during the period between 2014 and 2017, but since that point, prices have been steadily increasing to where they currently sit at A$350 per week. Between 2008 and 2013 rents were again steadily rising. The median rental price of 2, 3, 4 and 5 bed houses is A$270, A$320, $370 and $420 respectively. HtAG forecasts that the median rental value is expected to continue to increase slightly to A$350 by Q2 2022.

    Property Cycle Position of Greater Bendigo City Houses

    The market cycle for Greater Bendigo City shows a wide range in the median price change over the last 12 years since 2008. Growth got as low as 0.88% in 2016, before rebounding back to the current growth levels of 2.71%..

    The highest growth rate came in 2010 where prices were rising at more than 8%, before falling back to its lowest point in 2016. Growth will continue to increase into 2021 before falling slightly in 2022. Currently house prices are at approximately 7 o’clock on the property clock and are in a small yet steady growth cycle.

    Suburb Capital Growth and Price Heatmaps for Houses in Greater Bendigo City

    The heatmap above represents median price growth in this LGA on an annual basis. The red areas show the suburbs that have decreased in value by 2% in 2020. The suburbs with the weakest growth in that range are Kennington Houses (A$447,000) at 0.05% and Strathdale (A$470,000) at 0.23%. The yellow and green areas show a percentage increase ranging from 2%-6% with the highest growth in the suburb of North Bendigo at 10.04%. While Bendigo City has seen 5.96% growth in 2020.

    Notable Greater Bendigo City Suburbs – Growth in 2020

    North Bendigo – 10.04% (A$362,000)
    Bendigo City – 5.96% (A$516,000)
    White Hills – 5.47% (A$385,000)
    East Bendigo – 4.57% (A$397,000)

    The scatter plot above shows all the individual sales over the past year and their concentration in the LGA.

    Maiden Gully and Strathfieldsaye are the high end suburbs where most of the sales in the 700K-1M range occurred. Those suburbs also had pockets where sales took place around the 300-500k range. The vast majority of sales have been in and around Kennington and Flora Hill in that median price range of 300K to 400K. There have been less sales in Bendigo city, with most in the 300-500K range.

    Property Market Outlook for Greater Bendigo Units

    The median price for units in Greater Bendigo City is sharply lower than the median price for houses. Units had a median price of A$240k in the second quarter of 2020 which is down from a high of A$250k in Q1. Overall, the trend in median prices has been continually increasing since 2008.

    The trend is slightly different with rental prices for units where they hit a peak in 2013 of A$270 per week and remained flat until 2017. Since that point there has been an increase in price to where it sits currently at A$270. Sales volumes fell away sharply since mid-2018 and have since been climbing to where it peaked with 25 for Q14 2019, before falling away again in 2020.

    While, the forecast for unit rental prices appears to be continuing to increase. By Q2 2022, it is forecast that the median rent will climb to A$280 per week, from where it is currently at A$270.

    Property Cycle Position of Greater Bendigo City Units

    Market growth rates for Greater Bendigo City units above shows the yearly median price change starting from 2008. Prices have had a significant growth cycle that peaked in 2011 with an annual price change of 7.87%. Since that point in time, price growth of units has slowed. It briefly went negative in 2020 but is expected to climb into 202.

    It appears prices are nearing the bottom of the current cycle as growth is currently at -0.3% and likely to increase to 1.26% into 2022 according to HtAG forecasts. According to the HtAG forecast, median prices for units in this LGA are nearing the bottom of the property cycle and would be approximately 6 o’clock on the property clock.

    Suburb Capital Growth & Price Heatmaps for Units in Greater Bendigo

    The heatmap above represents median price growth in this LGA on an annual basis for units in Greater Bendigo City in 2020. Growth has been 2.7% in 2020, however we must note there has only been 1 sale. Bendigo makes up the bulk of the unit sales in the LGA.

    Looking at the scatter plot, there are far fewer unit sales in this LGA compared to houses. The vast majority of sales are concentrated in the suburbs of Kennington, Strathdale, Bendigo and Flora Hill and are in the 200K to 300K range.

    Conclusion

    Greater Bendigo City appears to be moving away from the bottom of the property cycle with a number of suburbs within the LGA that appear set for strong growth headed into 2022. Over the next two years, HtAG forecasts Kangaroo Flat houses to grow by +8.92% by Q1 2022 which is assessed as high confidence due to the strong sales volumes (13) in Q1.

    Bendigo City is also predicted by HtAG to grow strongly by 8.70% by Q1 2022 and is also assessed as having high confidence based on 22 sales. Over that same period of time, Golden Square (+6.57%) and North Bendigo (+5.54%) houses will all see strong growth which have been assessed with high and medium confidence.

    In terms of areas that will likely see weak growth by Q1 2022, HtAG forecasts Flora Hill houses to fall in median value by -0.24% (medium confidence), while Kennington and Strathfieldsaye houses will also see weak growth of 0.32% and 0.70% over that same period with medium and high confidence. The suburbs that are expected to show the strongest rental yields by Q1 2022 are Long Gully (5.31%), Elmore (5.27%), California Gully (5.08%), Flora Hill (4.89%) and Epsom (4.73%)

    For the unit market, the suburb of Bendigo City is predicted to grow at +4.79% by Q1 2022,with low confidence based on limited sales data. Yields for Bendigo City units are forecast to be 4.18% in Q1 2022.

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