Media Release Begins
UDIA Victoria today released a comprehensive report into the state of residential land supply in Greater Bendigo. The report, prepared for UDIA Victoria by Ethos Urban, highlights the challenges facing one of Victoria’s fastest growing regional centres.
Ethos Urban’s Chris McNeill joined UDIA Victoria at Latrobe University’s Brockley Auditorium today, to speak to the report’s findings.
Bendigo is one of the most complex residential markets in regional Australia. Bendigo’s history, geography and seng mean the city’s residential market differs from any comparable market. However, the city continues to prove popular, with more Victorian’s choosing to call Bendigo home because of the lifestyle and housing choice it offers.
Ensuring there is sufficient supply to meet market demand is a key challenge, with the report stating that Bendigo currently only has 2.2‐3.0 years of active land supply available.
UDIA Victoria’s Chief Executive Officer, Linda Allison, said the report shows that Bendigo is experiencing one of the most significant housing shortfalls across the state.
“We are in the middle of a major housing crisis where demand is outstripping supply across the State. More Victorians than ever before are moving to our major regional centres, attracted by the lifestyle and
housing they offer—more needs to be done to ensure this growing demand is being met,” she said.
Ms Allison also noted the challenges associated with increasing density in Bendigo to meet future housing needs.
“There is currently very little medium density in Bendigo. For the city to embrace medium density living it will require both a shift in community housing preferences and favourable market conditions to get
projects out of the ground. Incentives such as state tax reform and home buyer grants will be needed. These changes take me, and in the meanme, affordability worsens,” she said.
“Without urgent action, Bendigo will fail to remain affordable and competitive with other regional centres like Ballarat and Geelong. State and local government must act now to address this significant
issue of undersupply.”
MEDIA CONTACTS AND REQUESTS FOR INTERVIEW:
UDIA Victoria: Linda Allison, CEO