Bendigo Property Market Update 1st Half 2025
Bendigo offers a vibrant arts and culture scene, with its renowned galleries, festivals, and heritage architecture. Its welcoming community and proximity to nature make it a perfect blend of city convenience and rural charm.
Property Trends
In Q4 2024, Bendigo recorded a median house price of $580,000 and a median unit price of $418,500. This represents an annual (Q4 2023 - Q4 2024) price growth of 1.8% for houses and a slight softening of -2.7% for units. Comparing Q4 2023 and Q4 2024, total sales surged by 52.0% (to 389 sales in Q4 2024) for houses and 79.6% (to 97 sales in Q4 2024) for units. Combined, this indicates strong market demand, which created a buffer against higher interest rates – especially for houses. Specifically, with the knowledge of less houses available in the market, buyers have focused on securing a property. The current dip in the unit prices creates an ideal opportunity for first home buyers.
Project Development
Bendigo plans to see approximately $819.5M of new projects commencing construction in 2025. A total of 128 dwellings, 35 units and 26 townhouses are currently planned. 974 land lots are also on the cards, however this will require time for construction before entering the market. The addition of new stock will assist buyers in the market, providing them with options. However, these will be medium-term solution to housing supply, thus in the short-term, further property price growth is likely.
Rental Market & Growth
House rental yields in Bendigo was 4.9% as of December 2024, higher than Bendigo LGA (3.9%) and Melbourne Metro (3.1%). This is paired with a 13.8% growth in median house rental price in the past 12 months to Q4 2024, at $478 per week. The number of housed rented increased as well, by 2.4% (to 43 houses in Q4 2024). This indicates a highly demanded house rental market in Bendigo, which is beneficial to investors.
Vacancy Rates & Property Investment
Bendigo recorded a vacancy rate of 1.7% in December 2024, slightly above Bendigo LGA’s 1.3% average but lower than Melbourne Metro’s 2.2%. Vacancy rates have decreased in the past 12 months to December 2024, indicating an even tighter rental market. Furthermore, a 1.7% vacancy rate is still well below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, thus there is quicker occupancy of rental properties in Bendigo. This creates a conducive and sustainable environment for investors, even with a higher median house price in Q4 2024.
