If, like me, you’re not from Victoria, you may not know much about the former gold-mining town of Bendigo that sits roughly 150 kilometres to the north of Melbourne. One reason for that may be that the locals are fiercely protective of this historical enclave and its appealing lifestyle and award-winning attractions that help maintain the value of their properties. 

Bendigo was once deemed the richest city in the world

In the 1880s, the town was deemed the richest city in the world, with more gold found there between 1850 and 1900 than anywhere else. The "rush" for gold drew an intrepid group of Chinese immigrants to mine the metal, and their contribution to Australian history is celebrated to this day in the Joss House Temple and the Golden Dragon Museum, which houses artefacts dating back to 1500 BC.

But beyond the legacy left by the gold rush, Bendigo is also known for its architecture and the stunning range of Georgian and Victorian buildings that remain standing and its collection of potteries, which have earned the town the title of the “Ceramic Centre” of the state. So if mooching around period properties or flinging clay onto a wheel are your thing, Bendigo may be the place for you.

The innate charm of the town, the depth of history and culture attached to it, and the state's ongoing investment in infrastructure has ensured Bendigo's reputation among investors as a town to watch. Whether art galleries, sports, architecture, or wine regions are your thing, there is something for everyone in this progressive town and there’s no better way to learn about it than during a trip on the city’s "talking tram.

Bendigo is a town to watch

Of course, there is more to consider than a "talking tram" when you buy property. It's no secret that property is expensive in Australia, and although a town or suburb's overall appeal is high on the priority list,  there are practical considerations as well, such as the financial entry point to buy there, the quality of the town's infrastructure, the employment opportunities, and the cost of living. 

Like many regional Aussie towns, the property market in Bendigo has suffered its fair share of ups and downs in recent years. Though the surge to move out of the city by tree-changing Melburnians during and after COVID boosted the local market, the recent dip in property prices hit the town hard, although the fall equated to just 4.9 per cent from its peak.

Many suburbs remain ripe for investment

Market conditions do vary according to which area of Bendigo you consider. But fortunately, many suburbs are still ripe for investment like the ones on this list, which includes Golden Square. According to Different, this is "One of the most sought-after and best-performing suburbs in Bendigo, with a 43.28% increase in search volumes,” but wherever you locate your dream home or investment, Bendigo is certain to leave its mark. In fact, the locals are so passionate about their small city that they rarely leave.

The town offers “The perfect balance between city convenience and laid-back living”

But if you need more convincing, check out these seven other reasons why buyers are rushing to this Victorian hotspot:  

1. You can still buy a house for under $500,000. Currently, the median price for houses is $660,000 and units sit at $440,000, but in certain suburbs, you can still buy a house for under $500,000. For investors, the annual rental yield for a house at $410 PW is 3.4% and the annual rental yield for a unit at $340 PW is 4.2%. 
2. The current market favours buyers - As with many regional towns, “Market conditions in Bendigo have now shifted to favour buyers, as vendors are willing to accept below the initial listing price.” (PRD Bendigo)
3. The quality of life is unbeatable – Bendigo offers “The perfect balance between city convenience and laid-back living,” according to local agents, TSFN. It offers pretty much what Melbourne does for less money and stress - similar to what buying off-market with Listing Loop offers :). From paddock-to-plate eateries to acres of beautiful countryside that surround it, it offers the perfect work/life balance.
4. A “Blues” tram is one mode of transport - Bendigo is considered one of Victoria’s fastest-growing regional cities and sitting only a two-hour train or car ride from Melbourne ensures its cosmopolitan appeal. The town has its transport covered with a wide network of bus and tram lines that make it easy to navigate, although, for obvious reasons, the council encourages cycling as a more sustainable, healthier method to get about. And there is even an airport, with daily flights to Sydney!
5. The infrastructure is constantly evolving with the growth of the town – Plans are afoot to transform former mining sites into residential land and the creation of Ewing Park, a multi-purpose community and sporting precinct. Galkangu, a new GovHub and single point of access for government services, was due to be completed in March.
6. The economy is strong – Bendigo’s main industries include health care, engineering, mining, and construction, ensuring there are plenty of job opportunities for all ages. 
7. The town’s education opportunities compete with the best in Australia - With an excellent range of public and private schools, Bendigo is also home to La Trobe University and TAFE.

With the recent drop in property prices, Bendigo offers the perfect entry point for first-home buyers, young couples, families, and downsizers, but there are opportunities for current owners too, who “Can benefit from real returns on capital investment, as median price growth has been fuelled by an imbalance in high demand and low stock,” confirms PRD Bendigo.

Are you looking to buy?

If you are ready to buy, Bendigo may just tick all your boxes. But have you considered looking at off-market properties? With rising interest rates, it makes sense to save money and time where you can and if you look outside the box, your dream home or investment may be waiting for you in our hub of stunning, off-market listings. For free access to them, sign up with us HERE today.  Need more support? Let one of our team take you through the many benefits of our Buyer Assist service that we created for those inexperienced or time-poor members who require more assistance through the different stages of the buying process. One of the perks of this service is you get to work with one of our buyer's advocates who have their finger on the pulse of real estate. With access to information unavailable to the public, they know all the upcoming hotspots, so you'll be the first to know about hidden gems such as Bendigo.