2024 Bendigo Rental Report Q1

How can an Investment Specialist help?

As your Investment Specialist it’s my job to help you get the most out of investing in the Bendigo property market.

I can provide up to date property data, rental appraisals, benchmarking information and analysis to help you decide which property is right for you and find those diamonds in the rough.

But most importantly I can show you just why PRD Bendigo has the best Property Management team in Bendigo.

Meet the team – Jess Walsh

1) How long have you lived in Bendigo? 9 years

2) What’s your favourite Bendigo Restaurant? Cantina

3) What’s your bucket list travel destination? The Maldives

4) If you could go back in time 10 years what would you tell yourself? Have confidence in yourself, don’t look for anyone’s validation for your own happiness or success

5) What are you watching on TV at the moment? Friends. For the 10th time

6) What’s your favourite thing about working at PRD Bendigo? Every day is different, and I never end the day without a laugh

The PRD difference

At PRD Bendigo we see managing your investment as a privilege. We do things differently. If you’re not with PRD, ask your Property Manager;

1) What’s their Client to Manager ratio?

2) How do you support your Property Managers to spend more time to proactively work with their Landlords and Tenants?

3) How many cases have they got at VCAT?

4) How do you manage arrears? Is it an ambulance at the base of the cliff approach, or is it proactive, caring, consultative and effective?

5) What’s your staff turnover like?

6) How many years of experience can your team offer?

We’re more than happy to answer these questions. Is your current Property Manager?

2023 Full year results – Investing in Bendigo

The data is in for the 2023 Calendar year, and it shows that Property Investing in Bendigo continues to be a better bet than Melbourne. Some highlights:

a) Median house prices have declined modestly in the last 12 months, reducing the cost of entry and increasing yields

b) 20-year Median growth for houses is a phenomenal 185%!!!

c) Units are racing ahead as buyers look for more moderately priced entry points

d) Vacancy rates are well below the REIA ideal levels resulting in continued pressure on rental prices. This is likely to remain the case for some time with limited stock relief ahead

e) Yields are solid. Units are returning great results, while house yields are firm but limited by what the tenant market is willing and, more importantly, able to pay.

Bendigo Property Market | 20 Year Snapshot

Bendigo Median Property Prices

Bendigo Property Yields

Bendigo Vacancy Rates

HOT TOPIC - Insurance!!

The weather events over the last few weeks have highlighted the importance of having the right insurances in place for your Investment Property. The standout sticking point has been how various insurers treat Carpet. Some include Carpet in your Building Insurance, while others class it as a Content and specifically exclude it from your Building policy, leaving many landlords holding the baby if water damage has rendered the carpet a write off. Make sure you take the time to read the PDS on your policies and if necessary consider a small Contents policy of your own to cover things like carpet and blinds.

This can be especially challenging for properties insured through Body Corporate structures. Be sure to ask for a copy of the PDS so you know what you’re covered for. The same applies to floating floors, but that’s been less of an issue as they’re less prone to water damage.

Remember that while the Tenant may have Contents Insurance but that won’t cover your damage. Smaller properties may elect to self insure, but it’s important to be informed so there are no nasty surprises!