Bendigo - The Place To Be
It appears that the Bendigo Real Estate market is showing some very positive signs, with house prices up approximately 4.3% for the past financial year. It was suggested that the median price for a house in the city was $325,000
According to figures for the June quarter from Victoria's valuer-general, show the Bendigo market continued it's upward surge. The statewide trend is heading in the opposite direction, down 4.5% for the 3 months to June.
When you consider that Bendigo's new hospital is to be built over the next few years involving approximately 735 construction jobs plus the multiplier job effect; Bendigo, really is the place to be. Of course during the construction phase, many new employees will have to be housed and if you consider that the current Bendigo Rental vacancy rate is 0.5%, that puts even more strain on the rental market.
At a recent launch of La Trobe University "Future Ready Strategic Plan" and an interview with Associate Professor, Trevor Budge on Bendigo IPTv's Pointy End program, it was suggested that the Bendigo Campus could get an extra 1,500 students over the next 5 years, taking their total to approximately 6,500.
This of course also puts pressure on the already tight rental market and also brings increased demand for existing housing for new staff and allied people working at the La Trobe Uni. With such low vacancy rates, it would suggest that rents should rise because of increased demand. The Bendigo Real Estate market has been buoyant for a few years which is contrary to the National Market, which has seen a downturn.
You would think that Self Managed Super Funds would now be seriously looking at Real Estate as an investment, as they see their Term Deposit Investments reducing due to the cash rate now down to 3%. We are still seeing signs of volatility on the Australian Share Market due to the uncertainty of the proposed US "Fiscal Cliff" and the European Debt Crisis, not to mention the uncertainty surrounding the Chinese Economic growth, even though the latest data suggests that business conditions are improving.
When you take all these factors into account, why would you not consider Real Estate as a sound investment tool. The smart investor should always have a mix of investment assets and not be too heavily weighed in a certain sector.
For all the above reasons, it would suggest that Bendigo is a great place to invest. My thoughts and comments are in no way to be taken as investment advice as you should always seek your own independent advice. This is my opinion as a former Real Estate Agents of over 33 years experience in the Bendigo Market.