Bendigo
Victoria’s rich heartland
Bendigo is one of Victoria’s great regional cities and was once the centre of one of the greatest gold rushes the world has ever seen.
The Greater Bendigo real estate market in 2024 has been shaped by a mix of low residential construction activity and steady housing demand. While the challenges are evident, there are also opportunities for buyers, investors, and renters.
In Q2 2024, Bendigo recorded a median house price of $560,000 and a median unit price of $437,750. This represents an annual (Q2 2023 – Q2 2024) price softening of -5.9% for houses and a growth of 4.5% for units. Comparing Q2 2023 and Q2 2024, total sales surged by 23.3% (to 307 sales in Q2 2024) for houses and by 30.2% (to 56 sales in Q2 2024) for units. Bendigo saw a return in buyer confidence, evidenced by high demand for both property types. With only a small amount of new ready-to-sell stock planned for the rest of 2024, the current dip in median house price is most likely temporary.
Bendigo LGA will see approximately $316.4M of new projects commencing construction in the 2nd half of 2024. $32.9M residential projects will supply 12 units/apartments, 43 dwellings, and 422 lots to the market. This is still not enough to satisfy current demand, which will stimulate price growth – and thus a market recovery.