House Value – Bendigo
For residents of Bendigo, the city’s love of art and culture has been influencing the local housing values greatly. Because the city is home to ask many cultural events and festivals that it is, every year the city receives a huge boost to the economy because of the tourism that these events and festivals bring. This boost to the economy help to create jobs, and have created a demand for real estate in the city of Bendigo, causing housing values to increase noticeably.
Some of the biggest and most popular cultural festivals and events include: The Festival of Light, is a multicultural celebration of harmony and peace that was actually inspired by the Buddha’s birthday held in May each year since the year 2013 at the Great Stupa. The festival’s program includes dancing and musical acts followed by a fireworks display later in the night; The Bendigo Blues and Roots Music Festival is one that has been happening each November since 2011. Welcoming over 80 artists from all over Australia, the not-for-profit festival is hosted in many of the venues around the city of Bendigo, and is also headlined by a large family-friendly free concert held annually in Rosalind Park; The Bendigo Art Gallery is one of Australia’s largest and most established regional art galleries The Bendigo Art Gallery made headlines in March 2012, when it hosted a royal visit from Princess Charlene of Monaco which took place during the debut of an exhibition about Grace Kelly; The Bendigo Queer Film Festival (BQFF) is one of Australia’s few regional annual festivals celebrating the Queer film genre. The BQFF started in 2004 and has been taking place annually every April since; and of course, the city of Bendigo also hosts the Victorian event of the annual Groovin’ the Moo music festival. Held every year at the Bendigo Showgrounds and is usually in late April or early May. The festival generally sells out and brings many big Australian and international acts to the city. It also attracts thousands of people from around Victoria to the city for the weekend.
Cities like Bendigo that have such strong and powerful art and cultural communities, stand apart from cities that do not. Cities like this that have so many events celebrating the different art forms, and cultures are not only often seen as more welcoming, and understanding of other cultures, but they are also seen as cities that are dedicated to developing more jobs and opportunities for residents both current and future.
Perhaps the largest drawing point for new homebuyers however, is the way that these festivals not only invite but bring thousands of tourists to the city every year. This boost to the local economy makes a huge difference, and has helped the city to create hundreds more jobs. One of the unique things about the tourism industry is that it has a ripple effect throughout the city, meaning that jobs are created in a multitude of other industries such as: law enforcement, education, engineering, health care, event management, hotel management, transportation, the performing arts, childcare, retail, and more, because of the events that are taking place because of the tourism industry.
What houses are valued at is dependent on a lot of things, and it cannot be narrowed down to only one or two, that said some of these factors influence what houses are valued at more than others. The cultural events that take place in the city of Bendigo are great examples of how factors impact housing values. Because of these events, not only do residents get to enjoy these events, and celebrate their cultures, but they also get to live in a city that is able to provide them with job opportunities because of it.