First National CEO, Ray Ellis, says Bendigo’s property market is performing strongly, despite the challenging conditions Coronavirus has presented agents with during open home and auction restrictions in the past quarter.
‘First National Tweed Sutherland, our local Bendigo office, has found that homeowners sat quietly watching what was happening throughout March and April, but dived back into the marketplace in May. In fact, May was First National Tweed Sutherland’s busiest month in recent times’ First National CEO Ray Ellis said.
‘Of course, all this buying activity won’t show up in the March quarter property data as none of the sales have settled yet, but come September, homeowners will fully understand just how buoyant the Bendigo market is. Properties that have been listed are selling very quickly and vacant land is very in demand as a result of the Morrison Government’s HomeBuilder grant’.
HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. Some first home buyers will see government support to the tune of $45,000 if buying a block of land locally before this Christmas.
Rental property vacancies have remained static over the past 12 months in Bendigo, staying within the range of 0 to 0.8 per cent. This highlights the minimal impact the COVID-19 crisis has had on the property market in regional Australia, with the major effects being tightly centred on the CBDs of major capital cities.
“Investors are out in the market in far fewer numbers than we’ve seen in recent years and Bendigo is no different” said Mr Ellis.
‘This presents ideal buying opportunities for first home buyers, who had struggled to get into the market in the past three years. With historic low interest rates, the federal HomeBuilder grant, the Victorian Government having abolished Stamp Duty for first home buyers on homes under $600,000, and, the assistance of a $20,000 First Home Owner Grant, there has never been, and probably never will be again, so much help to buy a first home.’
Issued by: First National Real Estate
For further information contact: Stewart Bunn, National Communications Manager, First National Real Estate, on 0413 624 317