Bendigo Rental Vacancy Plummets Below 1.2%, Triggering Fierce Competition

Bendigo rental vacancy rates fell to 1.1 percent in the June quarter, according to Domain data released this month, leaving prospective tenants competing for fewer than 40 listed properties across the city.

The squeeze comes as Melbourne commuters and remote workers continue to relocate here for lower purchase prices, pushing weekly rents for three-bedroom homes in established areas above $480 while the local median house price sits near $490,000.

Pressure on Flora Hill and Strathdale

Competition shows up most clearly along streets such as Napier Street in Flora Hill and Edwards Road in Strathdale. Both neighbourhoods sit within a short drive of the Bendigo railway station, where V/Line services run hourly to Melbourne. Local agents report multiple applications lodged within hours of listings going live, with some properties attracting 12 to 15 groups at open inspections.

Community programs such as the Bendigo Housing Support Network and the City of Greater Bendigo's rental assistance register have recorded a 30 percent rise in enquiries since March, as households priced out of ownership seek stable leases.

Numbers behind the shortage

CoreLogic figures for the June quarter show just 38 active rental listings across Bendigo, down from 92 at the same time last year. Average asking rents for units reached $410 a week, while houses in Strathdale averaged $520. These levels sit well above the statewide regional average and reflect demand from workers tied to the Bendigo Hospital expansion and the arts precinct around the Bendigo Art Gallery.

Buyers able to secure finance still face fewer barriers than renters, yet low stock and rising interest rates keep many on the sidelines. Prospective tenants are advised to prepare applications with references and payslips before inspections, and to monitor listings through local offices rather than relying solely on major portals where properties disappear within days.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.