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Bendigo: The Golden Heart of Victoria
Located in central Victoria, Bendigo is best known for its goldfields and elegant architecture. Just under two hours from Melbourne, the city offers a unique blend of historical charm, vibrant cultural life, and a healthy local economy, making it an appealing destination for both residents and investors.
Between 2020 and 2022, Bendigo’s house prices surged. However, that momentum has since quickly cooled. Over the last 12 months, house prices have increased by just 1.3%. Will the market pick up pace in the year ahead? Join us today to explore Bendigo’s current property market conditions and outlook!
As of July 2025, Bendigo’s House Market Pressure is moderate but improving.
Among the six metrics that InvestorKit uses to measure market performance, Bendigo scores 3 (average) in price pressure, but 5 (very strong) in rental pressure, 4 (strong) in rental yield, affordability, incoming supply, and growth cycle.
Bendigo Demographic & Economic Trends
Population growth has improved steadily since 2022, but it has remained well below the national average of 2.0%. Following the COVID-19 pandemic, net internal migration has dropped significantly. However, aside from a dip in 2021, net overseas migration has been relatively stable over the years and has become the primary driver of population growth in the post-COVID period.
Bendigo’s economy is healthy, with the unemployment rate falling significantly over the past decade to a low 4%. While online job advertisements have declined recently, they are still much higher than the pre-pandemic average.
Bendigo Property Market: Sales Market Trends
Bendigo’s house price growth has remained flat over the past year, with the current median sitting at $565k, about 1.3% higher than a year ago.
However, the market is showing signs of increasing pressure. The 3-month rolling median price began to pick up in early 2025. Days on market have also been trending down since late 2024. On average, it now takes around 37 days for a house to go under contract.
Over the past two years, the number of for-sale listings in Bendigo has fluctuated, while sales volume has been relatively stable. In recent months, listings have declined consistently, contributing to a steady drop in inventory. However, the inventory level is still relatively high at around 4.4 months.
Since 2022, Bendigo’s building approval rate has declined noticeably. Currently, it is at a relatively low 1.8%, indicating a low risk of oversupply.
Bendigo’s house prices soared during the COVID period but have been almost stagnant since 2022. Over the last decade, they have grown in line with the long-term average of 5% to 7%, suggesting there is still room for healthy growth in the medium term.
Bendigo Property Market: Rental Market Trends
Bendigo’s rental market is under high and rising pressure, as seen in its low and declining vacancy rate. Median rent has grown steadily over the last 12 months, up by around 9.0%.
Bendigo’s median rental yield has been improving since the rental price has outpaced the sales price. Its current median yield sits at a healthy 4.7%, well above the average yield of top-populated regional cities.
In terms of affordability, except for 2023 and 2024, houses in Bendigo are relatively affordable in both the sales and rental markets, although not as highly affordable as they were before 2022. Currently, the median house price is around 6% undervalued, and the median rental price is about 20% undervalued. Affordability could further improve with more interest rate cuts expected in the coming year.
Over the next 6 to 12 months…
Bendigo’s house market pressure is moderate and rising, as seen in moderate and falling days on market and declining inventory. Rental pressure is high, reflected in a low and decreasing vacancy rate. Over the next six to twelve months, house prices are expected to see faster growth, while rents are likely to continue outpacing sales prices, further improving rental yields.
Bendigo is the 16th regional city we examine in this Market Pressure Review Blog Series. Stay tuned for more cities to follow! InvestorKit is a data-driven buyers’ agency that chooses purchasing locations through a sophisticated market pressure analysis system. This methodology has enabled our clients to achieve growth higher than the average and expedite their investment journey. Interested in learning more about InvestorKit’s research and services? Talk to us today by clicking here and requesting your 15-minute FREE discovery call!