Boost expected for property prices in Bendigo suburb
Property prices at Epsom, near Bendigo, are expected to receive a boost with the state government announcing plans for a railway station in the fast growing suburb.
The $7.76 million Epsom and Eaglehawk rail improvements project, to begin early next year, will provide easier access to transport for residents of the growth suburb seven kilometres north of the Bendigo CBD.
The station will be on the Echuca line, south of Howard Street, between the railway line and Station Street. It will be fully accessible and provide parking for 60 cars.
Transport minister Terry Mulder said the new station would encourage people to travel by train – rather than car – for trips to Bendigo, Echuca and Melbourne.
Growth areas such as Maiden Gully, Strathfieldsaye, Ascot-Epsom and Huntly have had significant residential development in more recent years and are attractive to couples and families seeking new housing opportunities.
Local real estate agent Andrew Murphy, of Mawby Real Estate, said the station would have a ‘’positive impact’’ on house prices in the Epsom-Huntly growth corridor.
‘’People like to be close to infrastructure, such as transport, roads, schools and shops, especially if they are young families.’’
He said Epsom was popular with first home owners and investors looking to take advantage of cheaper start-up costs. It has a shopping centre and sports fields. The new railway station would enhance these features.
Estate agent Adrian Robinson, of BRE Bendigo, said improved transport and communication were ‘’all good’’ for the area which was experiencing solid growth.
‘’Everything’s happening there,’’ he said. ‘’The area is popular with younger residents and investors and the new station will be right in among the shopping centre – it will be a community hub.’’
Murphy said the local real estate market was ‘’ticking along quite nicely’’ achieving 6% growth over the past 12 months, backed by strong population growth.
He said renters were seeking larger homes, with three bedrooms and a study, or four bedrooms, on decent size blocks, and paying around $350 per week.
He said often renters would move into an area, attracted by developments, such as the $600 million Bendigo hospital project. They would rent in the short term before ‘’getting established and opting to buy’’.
Bendigo, with a population of 110,000, is expected to grow by 36,400 in 2031 – up 33% over the next 18 years. The goldfield’s city is about one and a half hours north of Melbourne.