![\"\"](\"https:\/\/timesnewsgroup.com.au\/bendigotimes\/wp-content\/uploads\/2022\/02\/1622613343_GRANT-HOSKING-225x300.png\")
\u201cTwelve months ago we were inundated with buyers but we\u2019re not getting the same amount of inquiries going through,\u201d he said.<\/p>\n
He said he doesn\u2019t expect prices to drop, but the market will stabilise.<\/p>\n
Mr Somerville said buyers in Bendigo are looking for inner-city living, and suburbs like Quarry Hill, North Bendigo and Flora Hill are getting the best growth.<\/p>\n
\u201cThe buyer pool that\u2019s coming from out of Bendigo is looking for liveability, they\u2019re looking for being able to walk to town, something close to a train station,\u201d he said.<\/p>\n
\u201cPeople are wanting to be a 10-to-15-minute walk to the CBD. There\u2019s still some growth out in Epsom, Huntly, but the closer to the CBD is getting the best growth.<\/p>\n
\u201cWe\u2019re seeing more and more $1.5 million to $2 million properties surrounding the CBD.\u201d<\/p>\n
When it comes to value for money, Mr Hosking said suburbs such as Eaglehawk, Golden Square and Kangaroo Flat were a target for buyers.<\/p>\n
\u201cOver the last 12 months, Eaglehawk has gone up nearly 22 per cent,\u201d he said. \u201cIt\u2019s unheard of and it\u2019s got to stabilise.\u201d<\/p>\n
While the outer suburbs of Bendigo, such as Huntly and Epsom, are still a couple years of reaching their potential, there is currently a land shortage due to developers capitalising on future demand.<\/p>\n
\u201cDuring the big boom, due to the grants, a lot of the land was snapped up it takes time to then have developers get planning approval and develop more land,\u201d Mr Somerville said.<\/p>\n
\u201cThere\u2019s a bit of a shortage of land at the moment and purchasers that would normally look to buy a block of land and build the Metricon or Simonds Homes, they\u2019re now going into the existing two-to-three-year-old house in Jackass Flat, Epsom or Huntly.<\/p>\n
\u201cSomeone that wants to be closer to the CBD, you\u2019re not getting a brand-new built home, or a four-bedroom, two-bathroom modern home, you\u2019re going to get something that\u2019s been renovated.\u201d<\/p>\n
Mr Somerville also said the talk of interest rates rising has buyers worried.<\/p>\n
\u201cIt\u2019s hard to know when that impact or thinking is going to flow through into potentially property pricing drop,\u201d he said.<\/p>\n
Mr Hosking had a stark warning, saying it\u2019s not a matter of if interest rates increased, but when.<\/p>\n","protected":false},"excerpt":{"rendered":"
The property market across in Bendigo is expected to continue to grow in 2022 according to two local real estate experts, but not to the extent of the last two years. The pair said while they believe while there is growth potential in the region, the market will stabilise this year. Managing director of Ray […]<\/p>\n