Bendigo’s Rental Vacancy Rate Hits Six-Year Low as Hunt for Homes Intensifies

Rental vacancy across Greater Bendigo has slumped to just 0.7%, the lowest level since 2020, according to new figures from the Real Estate Institute of Victoria. Local property managers say competition among tenants is pushing rents to record highs and making it harder than ever for new arrivals, students, and locals alike to secure a lease.

This squeeze on available rentals comes as cost-of-living pressures bite and more Melburnians look to regional centres. The appeal of Bendigo’s arts precinct and improved rail links has only added to demand. Would-be tenants are routinely lining up outside open homes across Flora Hill and Strathdale, with some properties attracting more than two dozen applications within days of listing.

Hotspots: Flora Hill and Strathdale Feel the Pressure

Strathdale’s leafy streets, walking distance to Kennington Reservoir and La Trobe University, have become flashpoints for the city’s rental shortfall. Robyn Greaves from Ray White Bendigo describes 15-minute open homes on Harley Street that draw steady crowds, while university students in Flora Hill are struggling to find affordable share houses within reach of campus. Bendigo Community Health Services reports a notable increase in people seeking rental hardship help in Golden Square and Quarry Hill as rising prices force moves further from the centre.

Landlords who once might have left a property vacant between tenancies are now able to fill them almost instantly. Local managers at Tweed Sutherland point to a house on Olympic Parade last month that received 27 applications within 48 hours-double the city’s norm just three years ago. Even rental townhouses close to the Ulumbarra Theatre precinct, traditionally the domain of professional singles or couples, now see brisk competition from remote-working families priced out of Melbourne’s suburbs.

The Numbers: Why Supply Is So Tight

REIV figures show the median weekly asking rent in Bendigo has climbed to $450, up 13% year-on-year. The number of new rental listings citywide fell by 18% this June compared to the same month last year-a drop local managers attribute in part to investors selling up in response to higher mortgage rates and new state regulations. At the same time, data from the City of Greater Bendigo reveals that more than 1,500 new residents have moved into the region over the past 12 months, many seeking lifestyle change or remote work proximity to Melbourne’s CBD.

The competition puts renters in a tough spot. On average, prospective tenants in high-demand zones like Strathdale and Flora Hill are now paying $10 to $20 a week above advertised prices to secure a lease, according to local agencies. First-time renters, students, and single-parent households are hardest hit, with some turning to resources like the Bendigo Family and Financial Services Centre for emergency relief or advocacy support.

What Next for Renters and Buyers?

For now, property managers do not expect any immediate relief. Investors remain hesitant, new developments are struggling with cost overruns, and the city’s population keeps growing. Bendigo Counselling & Housing Support Service recommends renters prepare complete applications, secure references, and save for larger bonds-even if that means moving further out, to Epsom or Kangaroo Flat, where rents average $420 a week. Meanwhile, some renters are starting to investigate purchasing, with the median house price in Bendigo sitting at $492,000, but rising interest rates and higher deposit requirements make home ownership an equally tight prospect for many.

“Every open house tells the story: demand is outstripping supply,” says a local agent. For those needing a place to live, persistence and preparation will be key in the months ahead.