Suburban Residential Property Sale Record

Following a Bendigo record for a residential property sale in 2022, McKean McGregor has been involved in two recent transactions setting further new sale benchmarks across the region. 

The sale of a 4-bedroom home on a 2,000m2 parcel of land in the McIvor Forest estate in Junortoun this month is the first sale of a residential property in any suburb outside of Bendigo CBD for a price in excess of $2m. The property at 68 Lanark Drive, Junortoun was listed for sale for $2.3m and sold unconditionally to a local purchaser within the first week of going to market.

Jayden Donaldson, Licensed Agent and Partner at McKean McGregor says it was a privilege to lead the campaign. “It is a special property. Architecturally designed, quality craftsmanship throughout, a fantastic location and is immaculately landscaped. It is a property which is truly unrivalled and the sale result achieved reflected that. We are delighted to be able to find a new owner for the home and to help the existing owners with their next plans”.  

Residential Land Rate Record for Bendigo 

In an off-market transaction connected to McKean McGregor, a new benchmark has been achieved in the value of vacant land per square meter. The vacant 480m2 parcel of land at 20 Barkly Street, Bendigo in the Bendigo Hospital precinct with dual street access recently transacted to a local Bendigo buyer for $1,000,000, a rate of $2,083 per m2. This price is over double its sale price of $468,000 ($975 per m2) from October 2018 and highlights the scarcity of inner city residential land. 

When asked about the current Bendigo market Glenn Rea, McKean McGregor Principal observed “The sale prices in the Bendigo market remain strong. There are clearly economic challenges broadly, however, the ongoing lack of supply and sustained demand across all property types have resulted in resilience across the market and outstanding results in some pockets in the Greater Bendigo area.”