Bendigo Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
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 median house price is most likely temporary. Thus, buyers must act fast.
CHANGE FROM LAST
YEAR
Bendigo LGA will see approximately $316.4M of new projects commencing construction in the 2nd half of 2024. Residential $32.9M Commercial $49.9M
HALF YEAR
HOUSE SALE S
Mixed-Use $126.4M
HOUS E ME D IAN PRICE
Infrastructure $107.2M
HOUS E RE NTAL PRICE A strong focus on infrastructure and mixeduse and projects will improve the liveability for residents and create local jobs in the construction phase. This can potentially attract more people to choose to live in Bendigo; which can lead to higher demand for housing stock. .
UNIT S AL E S UNIT ME D IAN PRICE UNIT RE NTAL PRICE
A remarkable infrastructure project in the 2nd half of 2024 is Derby Solar Farm (Victorian State Government), which is expected to construct a renewable energy facility (95 MW solar farm) with a 85/100-megawatt hour battery energy storage facility.
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$560K
$440K
MEDIAN PRICE Q2 2024
$450
SALES
AVERAGE DAYS ON MARKET Q2 2024
•
Viewpoint Huntly Estate Precinct F&G (338 Lots)
67
77
•
Brookwood Strathfieldsaye Dwellings (20 Dwellings)
HOUSE
U N I T
•
42 Barrell Street Units (10 Units)
RENTALS
$380
Key residential projects include:
AVERAGE DAYS ON MARKET Q2 2024
25
20
HOUSE
U N I T
13 Units/ Apartments
43 Dwellings
422 Lots