Bendigo makes Australia’s top five boom town list according to hotspotting.com.au

A CENTRAL Victorian hub has been named by hotspotting.com.au as one of the country’s top five boom towns for real estate.

Historic Bendigo is going strong. Picture: Tourism Victoria

BENDIGO has been ranked one of Australia’s top five boom towns for real estate.

The National Top Five Boom Town Hotspots 2016 report by hotspotting.com.au names the central Victorian regional hub as the state’s only entrant.

It sits alongside Wagga Wagga and Newcastle in NSW, Cairns in Far North Queensland and Western Australia’s Busselton.

A boom town is defined in the report as a significant regional centre with a strong, diverse economy that has been boosted by specific events.

That could include major industrial projects including power stations or wind farms, or infrastructure developments including hospitals, airports, universities, export ports or rail links.

SEE SUBURB PROFILE:BENDIGO, STRATHFIELDSAYE

The Marilyn Monroe exhibition has been a popular attractions in the town. Picture: DALE WEBSTER

Property expert and hotspotting.com.au founder Terry Ryder said a number of those factors, as well as the city’s growing population and proximity to Melbourne, about two hours’ commute away, contributed to Bendigo’s strength.

The report states Bendigo benefited from a $630 million hospital redevelopment, the $5 billion regional rail link which had improved access to the Melbourne CBD, and an airport upgrade.

Private sector plans to develop the city’s first masterplanned residential community at Evergreen Waters and a $1.3 billion defence force contract awarded to local business Thales were other positive economic signs mentioned in the report.

Mr Ryder said people looking for a relaxed lifestyle or a cheaper home were drawn to Bendigo.

The median sale price of City of Greater Bendigo houses was $320,500 in the 12 months to May, according to CoreLogic figures.

That’s a rise of 16.5 per cent in five years from the 2011 citywide median of $275,000.

The property market in Bendigo has remained steady.

First National Tweed Sutherland director Craig Tweed said the Bendigo market was a steady performer without peaks and troughs and always had a good selection of properties for sale.

“It’s gaining momentum all the time. There are definitely more people starting to realise the value for money in regional areas is exceptional,” he said.

“With the development of the hospital and other business operations it’s certainly making Bendigo look a lot closer to Melbourne from a commuting perspective.”

He said buyers were also drawn to the city’s broad range of land sizes, evident in the $570,000 private sale of a four-bedroom house on 4.05ha on July 15.

The property at 386 Sinclair Rd, Strathfieldsaye, was a 10 minute drive from the Bendigo CBD and had creek frontage, Mr Tweed said.

Bendigo had a population of 108,500 in 2015, according to the Australian Bureau of Statistics, which projects that number to swell to 200,000 by 2055.

Mr Ryder said the boom town reports were assessed and updated every three to four months.