Gold rush on Peg Leg Rd as buyers seek Bendigo treasures
The Eaglehawke property market is going so crazy it’d make Blackbeard blush.
With two historic properties for sale on Peg Leg Rd in the Bendigo suburb and old gold-mining town, agents are seeing investment rise like a cabin boy to the crow’s nest.
A former publican’s home at 12 Peg Leg Rd, featuring a hidden cellar, is listed with a price guide of $235,000 to $255,000.
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Ray White agent Mitch Balnaves said the two-bedroom home was one of the original Eaglehawke residences, built around 1910, or possibly even earlier.
Mr Balnaves said the property used to have the local pub next door and so required a spacious cellar for reserve stock.
“It’s quite a big fella, I’m guessing there was quite a bit of stock down there,” Mr Balnaves said.
“The owner prior didn’t even know the cellar was there — the current owners found it, dug around the front of the house and ended up finding an entry lane, then found another entry down one of the bedrooms.
“It’s quite cool heading in there down a spiral staircase.”
The cellar also has an old fireplace and is comfortably over six foot, or about 1.82m, high.
Mr Balnaves said Bendigo and the surrounding suburbs had seen strong investor interest due to a new flight path and infrastructure projects.
“The Bendigo airport is going to be starting flights to Sydney, which will be good.
“You’ve also got the hospital, in town you’ve got the new swimming pool in Kangaroo Flat, banks, uni and infrastructure — plus the house prices are so cheap, so the yield in Bendigo is quite cheap compared to most other places around.”
Mr Balnaves said the market was helped by Melbourne commuters willing to spend time on the train for a cheaper home and also more people working from home.
Just four doors down, 2 Peg Leg Road is on the market with a price guide of $675,000 to $715,000.
The former post office, named “Neangar House”, was recently in use as a bed and breakfast and cafe by the vendors.
Bendigo Real Estate director Damien O’Shannessy said the Georgian-style five-bedroom home was a rare opportunity.
“It’s triple brick, the way it’s constructed is just amazing,” he said.
“It’s basically the original post office for Eaglehawke — you had the post office, the jail, police station and then you had the town hall, which is now Star Cinema.”
Mr O’Shannessy said investors were prompting strong growth in the Bendigo property market.
“I haven’t seen this sort of out-of-town inquiry from investors for years — people are saying, ‘hang on, there’s a bit of value there’.
“There are excellent train services from Melbourne to Bendigo now — the train at 6am is full — you can actually get to Melbourne easier by living in Ballarat and Bendigo (compared to some outer Melbourne suburbs), so it’s awesome.”
Mr O’Shannessy said rental returns also appealed in the area.
“The vacancy rate is about 0.3 per cent and that’s indicative of all Bendigo … so that’s why investors are coming into town — that’s just how low it is.”
“We don’t know what’s happened or why — it’s just happened.”
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