Bendigo house prices soar as people flee the city
08 December 2021
People are moving to Greater Bendigo in droves, with the region experiencing a 19 per cent growth in migration last year, data from the Regional Movers Index shows.
The index, developed by the Regional Australia Institute, analyses movements between Australia’s regions and capital cities.
Greater Bendigo’s year on year migration growth was higher than Campaspe (17 per cent) , Mt Alexander (14 per cent), Macedon Ranges (14 per cent) and holiday hotspots Gold Coast (13 per cent) and Sunshine Coast (16 per cent) for the year to September 2021.
Deputy Nationals leader Steph Ryan says the growth coupled with a shortage of land for new housing was driving a huge increase in house prices.
“In the year to June 2021, the average price of a house in Heathcote has increased by $57,000 – from $353,000 to $410,000,” Ms Ryan said.
“Bendigo is experiencing even greater growth, with the average house price increasing from $500,000 to $573,000 over the same period.
“Soaring house prices underscore the importance of addressing housing affordability and the folly of Labor’s new housing tax.
“Labor’s lockdowns have had an unexpected upside in that more city dwellers now see the immense value in regional living, however the government is compounding existing housing affordability issues by levying new taxes.
“While locals find it difficult to get into the market, Labor is whacking a giant new housing tax which will drive up the cost of a new house block by an estimated $30,000.
Ms Ryan said if elected to government The Nationals would bring an extra 50,000 new housing lots to market across rural and regional Victoria.
“We need to make sure local people can buy a house, whether it be their first home or their dream home,” Ms Ryan said.
“We will also reinstate the successful rural flying planning squad with specialist planners to help cut the lengthy delays of local councils.”
Ms Ryan said Labor’s new housing tax was the result of cost blowouts on major projects, totalling $22 billion.
“Labor is taxing country people to pay for enormous cost overruns on city transport projects. It is fundamentally unfair that young people and families seeking to buy a home are being made to pay for Labor’s waste and incompetence.”