Land lease homes to be $150,000 below Bendigo’s median house price

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A new $55 million land lease development by Melbourne-based Vital Communities promises to deliver homes at $150,000 below the median house price in Bendigo, 150km northwest of Melbourne.

The City of Great Bendigo gave approval for Vital Communities to build a 147-housing land lease project next to the Bendigo Golf Club in the suburb of Epsom. Council has initially approved 120 homes with the balance subject to further approval.

Aimed at the over-50s market, the extensive range of architect designed homes will be built around a resort-style health and wellbeing centre on a 7ha ‘land lease’ estate.

Vital Communities Head of Acquisitions and Planning Rob Evans said the price of a Vital Bendigo home would start around $340,000 – about $150,000 lower than the median house price in Bendigo.

“These savings enable residents to stay in the communities they love and, if they are eligible for the pension, they may also be able to take advantage of government rent assistance,” Mr Evans said.

“There is no stamp duty payable on a land lease home, and while they don’t own the land, residents still own their own home.

“Residents end up with more money in retirement and for their future lifestyle.”

Leaseholders will have access to a clubhouse, lawn bowls rinks, a swimming pool, putting green, gym and heritage park.