Bendigo Rental and Investment Report 2nd Half 2018
The Bendigo rental market continues to serve investors well, particularly for houses. Median house rental price increased by 7.0% over the past 12 months to Q3 2018, to $320 per week. During this time the number of houses rented also increased, by 64.0%. This suggests real growth in investment returns and that median house rental price increase was not due to a scarcity in the market. Average days on market for have declined, by -7.0% for houses and by -22.0% for units. This suggests there is now quicker uptake of rental properties, which is good news for investors and confirms Bendigo as an investment hotbed.
Rental yields are extremely strong in Bendigo, at 4.7% (house) and 5.5% (units). This is well above rental yields in both Greater Bendigo LGA (2.9% for house and 4.0% for units) and Melbourne Metro (2.7% for house and 3.9% for units).
All bedroom configurations (2, 3, and 4+ bedroom houses) recorded stable growth in median rental price over the past 12 months.
Bendigo vacancy rate was 2.3% in June 2018. Although this is slightly higher than the LGA and Melbourne Metro it does represent a downwards trend over the past 12 months. This suggests a healthy rental demand.