Bendigo's $80M mixed-use precinct could reshape the CBD—here's what locals need to know

Bendigo's property landscape is about to shift significantly, with local council approving a substantial mixed-use development that could reshape the central business district for years to come.

The $80 million project, set to transform a currently underutilised precinct near Pall Mall and Bull Street, will deliver approximately 150 residential apartments, 5,000 square metres of ground-floor retail and dining space, plus three levels of basement parking. Council planners describe it as a watershed moment for Bendigo's urban renewal efforts.

"This is exactly the kind of density we need in our CBD," said Cr. Jennifer Walsh at last week's planning committee meeting. "We can't keep sprawling outward when we have pockets like this sitting vacant."

The development has sparked conversation among local property investors and residential buyers. Bendigo's median house price sits around $490,000, but apartment options in the CBD remain limited—a gap this project directly addresses. Early estimates suggest one-bedroom apartments will range from $380,000 to $450,000, two-bedroom from $520,000 to $620,000.

The timing could also influence surrounding suburbs. Flora Hill and Strathdale, already magnets for Melbourne commuters and remote workers seeking lifestyle with affordability, may see renewed interest as CBD apartments offer a different living proposition. Property agents report these outer precincts have absorbed significant buyer interest since COVID, with median prices climbing to $520,000 and $540,000 respectively.

However, not everyone is celebrating. Local resident groups have raised concerns about increased traffic on adjacent streets, particularly along View Street and High Street during peak hours. The developer has committed to a traffic management plan and public transport liaison with VLine, though details remain under review.

There's also the affordability question. While the new apartments may attract investors and downsizers, critics question whether young Bendigo families can realistically enter the market at the projected price points. State government planning guidelines encourage 15 percent affordable housing outcomes on projects of this scale.

A planning spokesperson confirmed discussions are ongoing regarding affordable housing contributions, with an announcement expected by mid-August.

The project is expected to commence construction in late 2025, with completion targeted for 2027. For Bendigo property watchers, it represents a significant marker in the region's evolution from purely regional centre to genuine urban hub—and a potential catalyst for broader CBD investment.

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