RESIDENTIAL development within the grounds of the heritage rich Fortuna Villa property on Chum Street is a step closer.

Demolition of surplus buildings within the grounds has commenced as part of stage one of the new development, due for completion in mid-2020, and features architect designed three and four bedroom residences and landscape by renowned designer John Patrick.

Real Estate agent Tom Maher said the development is the first opportunity to reserve a place of Bendigo’s history as the property, formerly part of the Lansell Estate “Fortuna Villa,” has been inaccessible to the public for residential living since its purchase in 1871.

This first stage of the development forms part of the overall estate which will include a total of 79 residences expected to be developed over the next four years.

“This release, of only 12 stunning properties, only happens once in a lifetime,” Mr Maher said.

“Each property has been meticulously designed by award winning Melbourne architects Urban Design Architects and features open plan living and private decks with sweeping views of Greater Bendigo, the historic buildings, remnant gardens and an ornamental lake.

“A mix of townhouses and standalone dwellings, each property has designed interiors, high ceilings, state of the art appliances, premium external and internal finishes and generous living spaces.”

Properties range from 165m2 (17.7sq) townhouses to 250m2 (26.9sq) stand alone, double storey, dwellings plus garage and private decks.

“I urge people to view these amazing properties to see for yourself what an unparalleled proposition this development really is,” Mr Maher said.

The national decline in property prices continued in the June quarter and will most likely mark the bottom of the cycle, according to the latest research from the Real Estate Institute of Australia.

REIA president Adrian Kelly said REIA Real Estate Market Facts for the June 2019 quarter show weighted average median prices decreased by one per cent for houses and by 0.6 per cent for other dwellings.

“This is a continuing decline since June 2018 for both houses and other dwellings, but the decline is slowing,” Mr Kelly said.

“The weighted average median price for houses for the eight capital cities decreased to $720,041 over the quarter, with prices decreasing in all capital cities except for Canberra and Hobart.

“The weighted average median price for other dwellings decreased to $565,753 over the quarter, with prices decreasing in all capital cities except for Melbourne, Hobart and Darwin.”

Mr Kelly said whilst the total number of new finance commitments for the quarter were down 15.1 per cent over last year, including first home buyers down 7.6 per cent it needs to be remembered that the federal election was held in the middle of the quarter.

“There was considerable uncertainty regarding the outcome and concern about changes to property taxation and its impact should there be a change in Government.

“With the post-election boost in confidence in the real estate market as evidenced by higher levels of enquiry, two cuts in interest rates and changes in APRA’s requirements, the June quarter will most likely mark the bottom of the cycle.”