New land values in Bendigo have reached a record high despite a fall in sales. Our Q1 2023 Greenfield Market Report shows the median price of new land in Bendigo hit $267,000 in the first quarter of 202, a 21% increase on the same time last year and a 1% increase on the previous quarter. At the same time, the volume of land sales cooled, dropping 16% in the quarter, with just 49 lots sold, a 66% year-on-year fall and the lowest quarterly result since September 2021.
The decline reflects a drop across the broader Victorian market, with Melbourne and Geelong’s growth regions recording a 9% dip in new land sales to just 1,879 lots sold – the sixth consecutive quarter sales have fallen across the region, and the lowest result in four years.
RPM Managing Director Project Marketing, Luke Kelly, said increased land availability in Bendigo was likely to help stimulate sales, with buyers also able to take advantage of incentives and rebates on offer, which were saving an average 5%, equating to about $25,000.
Land availability in Bendigo reached its highest level since June 2020, with 194 lots on the market at the end of Q1 2023, a 13% increase from the previous quarter. “Bendigo’s northern region, which has consistently outperformed other areas, accounted for the lion’s share of activity in the first quarter, however, the improvement in land availability outside this area means there’s more diversity on offer for a wider range of buyers,” said Mr Kelly.
“The west offers value for money with larger lifestyle lots, while the east supplies premium lots at higher price points, which are ideal for upgraders looking to build new. Buyers who understand their borrowing capacity and are in a position to purchase are seeing the opportunity in the market, with more choice available and a genuine willingness from developers to negotiate, particularly on titled lots.”
This article references findings from our Q1 2023 Greenfield Market Report. For the full report, click here.