Affordable House and Land Packages Bendigo: A Perk for First-Time Homebuyers
If you are a first-time home buyer in need of comfort and a perfect home in a city with a beautiful heritage and natural surroundings, then the affordable house and land packages in Bendigo are your best shot.
However, for first-time homebuyers, getting house and land packages at an affordable price and in the right location can prove difficult sometimes.
In this article, we’ve provided a detailed guide on what the housing market in Bendigo looks like, the value of house and land packages as well as real estate opportunities in the city, the financial benefits you get to enjoy as a first-time buyer, and much more.
Bendigo’s Affordable Housing Market
Bendigo’s housing market is one that is characterized by price growth and undersupply. In the second quarter of 2023, the city recorded a rental yield of 3.6%, a house rental price of $595,000 ( a 7.1% increase compared to the same period the previous year), and a total of 350 rentals (a 7.7% increase compared to the same time the previous year too).
However, the unit rental price of the market is undersupplied, with the median unit rental price rising to $360 per week (a 9.1% increase) and the number of units rented declining by -1.1%.
Why First-Time Homebuyers Choose Bendigo
Although Bendigo is about 90 minutes away from Melbourne, the capital of Victoria, it still has the amenities most other big cities in Australia have. Little wonder most first-time homebuyers who visit are choosing the city and its house and land packages over others.
For residents or people who visit, Bendigo offers immunization programs for babies and school children as well as quality health care services for adults and retirees.
It also offers community care like disability services, youth services, community grants, and home support services. Residents of Bendigo also get to enjoy access to the city’s sports and leisure facilities, which include playgrounds, walking trails, swimming pools, and recreation reserves.
If you are ready to buy a house or jackass flat as a form of investment, Bendigo is also an ideal place for you. This is because the city has a low rental vacancy rate – one of the lowest in Victoria – which makes it a safe option for investors. In fact, some surrounding suburbs of Bendigo have, on multiple occasions, made the list for leading suburb with property price growth in Australia.
The Value of House and Land Packages Bendigo
Although the value of a house is usually based on what a buyer is looking out for as well as other factors, homes in Bendigo are still considered highly valuable. This is as a result of some of the perks of the city that have led to a high demand for house and land packages from people coming from outside the city and its suburb.
For instance, Bendigo has a prosperous local economy and is known to strengthen the business capabilities of its residents through development projects and investments.
The city currently supports the businesses of close to 8,000 residents with various unbiased and free services. Stress free initiatives like these bring about a high demand for the average Bendigo house or land, hence their high value.
Finding Your Dream Home in Bendigo
If you’ve made up your mind to get a new home or building in Bendigo, there are various tips that can help you or your team in achieving this dream. Here are some of them:
Research the neighborhood: Do you prefer a neighborhood in Bendigo that is densely populated or one that is not? Do you want the perfect block from where you can easily find places to shop, eat and drink or do you prefer one that is not at the center of the hustle and bustle of Bendigo’s CBD? Conducting research on your choice of neighborhood is ideal for finding your dream home in Bendigo
Know your style: While you might prefer a home with a cozy bungalow, someone else might prefer a home with a parlor decorated with the old Victorian touch. While some might enquire about a building with large bedrooms that suit, others might enquire about the perfect block with unique features. Knowing what you want and the style that best suits it can also help in finding your dream home
Financial Benefits for First-Time Buyers
Some of the benefits you can enjoy as a first time home buyer include:
Land transfer rebates: For first time home buyers, they may enjoy the benefit of receiving a partial or full tax refund on the home or block they are purchasing. This might however not apply to everyone getting a new home or land for the first time, and is sometimes based on the true price of the house or building that was put up for sale.
Programmes and incentives: Some governments are known to sponsor financial packed programmes and offer incentives for clients buying a new home or fixed price house for the first time.
Elevate your savings: First time house and land or home buyers usually get the advantage of using a Lifetime ISA which allows them to save up to £4000 annually, in addition to the extra 25% the government usually add to these savings. The financial benefit here is getting to elevate your savings and grow your funds quickly.
Bendigo’s Real Estate Opportunities
The city of Bendigo is a perfect fit for real estate investors looking for opportunities to earn recurrent income from rentals.
As mentioned already, the average Bendigo house has a low rental vacancy rate, which makes it a convenient place for home buyers looking for a safe option for their investment.
Bendigo also has a diverse and strong economy, with some of its key industries being tourism, manufacturing, retail, education and healthcare. With a strong and diverse economy in Bendigo, real estate investors get to enjoy high rental yields from their house and land package investment.
Steps to Secure Your Home in Bendigo
The steps to securing your dream home or land package in Bendigo are very simple and straightforward. Some of them include:
- Installing a visual security alarm
- Installing a video doorbell
- Lightening up your garden and front drive at night
- Eliminating hiding spots
- Leaving blinds in their usual positions
If you have plans for a house and land package in Victoria, Bendigo should be your perfect choice. Apart from the affordability of the houses there, the city also boasts of other attractions.
So why stress yourself when you can get one of these affordable house and land packages in Bendigo from NY Properties and secure a safe and affordable home.