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Bendigo Market Update 1st Half 2025

HOUSE SALES

FROM LAST HOUSE MEDIAN PRICE HOUSE RENTAL PRICE

SALES

In Q4 2024, Bendigo* recorded a median house price of $580,000and 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 2023and Q4 2024, total sales surged by 52.0%(to 389sales 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 is an ideal opportunity forfirst home buyers to enter the market. 57

PRICE

HALF YEAR

Bendigo£ plans tosee approximately $819.5Mofnewprojectscommencing constructionin2025

A main commercial project in 2025is the Axedale Solar Farm, which will construct a 180MWsolar farm. This will supply supply clean renewable energy to 55,000homes via the Victoria’s grid. Combined with other commercial, industrial, and major infrastructure builds this will make Bendigo an attractive place tolive. Key residential projects include:

• 9, 31 & Walmer Street, Mccleans Road & Mannes Lane Residential (257Lots + 6 Dwellings)

• Marnie Place (34 Dwellings)

MEDIAN PRICE Q4 2024 MEDIAN PRICE Q4 2024

AVERAGE DAYS ON MARKET Q4 2024

A total of 128 dwellings, 35units and 26 townhouses. 974land lots are also on the cards, however this will require time forconstruction before entering the market. Overall, this will allow for more first home buyer to transact. 71

$580K $418K

AVERAGE DAYS ON MARKET Q4 2024

AVERAGE VENDOR DISCOUNT*

Average vendor discount reflects the average percentage difference between the first list price and final sold price. A lower percentage difference (closer to 0.0%) suggests that buyers are willing to purchase close to the first asking price of a property.

Average vendor discounts between Q4 2023and Q4 2024 have tightened to -5.8% forhouses and -5.7% for units. Market conditions in Bendigo* still favours buyers, as owners are willing toaccept below first listed prices. Over the past five quarters, average house vendor discount have remained relatively stable at around the -6.2% mark, creating a supportive environment for first-home buyers.

The suburb of Bendigo has historically outperformed the wider Bendigo Local Government Area (LGA) in house and unit prices, except in 2023(most likely as animmediate reaction to cash rate hikes in 2022). 2024#saw median house price in the suburb of Bendigo recover, returning to its pre-cash rate hikes pattern of above the LGA price.

The dominant proportion of homes sold in Bendigo* in 2024were in the middle-price bracket between $500,000 - $599,999(32.7%). Interestingly, most of units sold were in the premium price point of $500,000and above (26.7%). The most affordable options are still available, with 17.9% of units sold below $349,999and 24.0%of houses sold below $499,999.This is good news for first-home buyers. Overall, Bendigo* offers a home for every budget.

MARKET COMPARISON

Bendigo (3550) House

Bendigo (3550) Unit

Greater Bendigo LGA House

Greater Bendigo LGA Unit

The market comparison graph provides a comparative trend for median price of houses and units over the past 5 years. The main LGA chosen was based on their proximity to the main suburb analysed, which is Bendigo.

PRICE BREAKDOWN 2024

$400,000 to $499,999

$500,000 to $599,999

$600,000 to $699,999 $700,000 and above

Less than $349,999

$350,000 to $399,999

$400,000 to $449,999

$450,000 to $499,999 $500,000 and above

RENTAL GROWTH 2025€

House rental yields in Bendigo¥ was 4.9% as of December 2024, slightly 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 12months to Q4 2024,at $478per week. The number ofhoused rented increased as well, by 2.4%(to 43 houses in Q4 2024). This indicates a highly-demanded and competitive house rental market in Bendigo¥, which is beneficial to investors.

3+ bedroom houses have provided investors with +4.4%rental growth annually, achieving a median rent of $470per week.

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. Further, 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¥ market. This creates a conducive and sustainable environment for investors, even with a higher median house price in Q4 2024.

RENTAL VACANCY RATES 2025

Bendigo (3550) Bendigo LGA Melbourne Metro REIA 'Healthy' Benchmark

Bendigo¥

PROJECT DEVELOPMENT MAP 2025 ₳

BENDIGO

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REFERENCES

* Bendigo sales market data and key indicators encapsulates aggregate property market conditions in the following suburbs: Bendigo, Golden Square, Kangaroo Flat, Quarry Hill, Flora Hill, Kennington, Strathdale, Strathfieldsaye, Epsom, White Hills, and Huntly.

** Estimated values are based on construction value provided by the relevant data authority and does not reflect commercial and/or re-sale value.

# 2024 encapsulates sales transactions for the 2024 full year (01/01/2024 – 31/12/2024).

€ Annual rental growth is a comparison between Q4 2023 (01/10/2023 – 31/12/2023)and Q4 2024 (01/10/2024 – 31/12/2024) house median rent figures.

¥ Bendigo rental market data encapsulates aggregate property conditions within the postcode of 3550.

§ Rental yields shown are as reported as of December 2024.

₳ Project development map showcases a sample of upcoming projects only, due to accuracy of addresses provided by the data provider for geocoding purposes.

£ Projects refers to the top developments within the Greater Bendigo Local Government Area.

µ Estimated value is the value of construction costs provided by relevant data authority, it does not reflect the project’s sale/commercial value.

ψ Commencement date quoted for each project is an approximate only, as provided by the relevant data authority, PRD does not hold any liability to the exact date.

Source: APM Pricefinder, Cordell Connect database, SQM Research, Esri ArcGIS.

Disclaimer: PRD does not give any warranty in relation to the accuracy of the information contained in this report. If you intend to rely upon the information contained herein, you must take note that the information, figures and projections have been provided by various sources and have not been verified by us. We have no belief one way or the other in relation to the accuracy of such information, figures and projections. PRD will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that you rely upon that is contained in the material.