Ballarat and Bendigo are regional Victoria’s two largest inland cities, each with a major hospital, university campuses and tight rental markets. Both are growing, both need tens of thousands of new homes, and both have more workers than affordable rentals. For the right co-living property, that combination can deliver strong, steady demand.
Why Co-Living Works in Ballarat and Bendigo
- Very low vacancy. Ballarat’s rental vacancy has been around 0.6% and Bendigo’s around 1.7%, compared with about 2% in metropolitan Melbourne.
- Health care is the biggest employer. Grampians Health in Ballarat and Bendigo Health need nurses, doctors and allied health staff who want to live close to work.
- Universities and TAFE. Federation University and ACU in Ballarat, and La Trobe University and Bendigo TAFE in Bendigo.
- Long-term growth. Ballarat is forecast to reach about 164,000 people by 2046, and Bendigo is planning for around 200,000 by 2050.
The Numbers at a Glance
| Indicator | Figure |
|---|---|
| Ballarat population (2025) / forecast (2046) | 122,661 / 164,365 |
| Ballarat vacancy rate (PRD, 2026) | 0.6% |
| Bendigo population (2024) / forecast (2046) | 125,805 / 172,239 |
| Bendigo vacancy rate (2026) | 1.7% |
| Advertised co-living rent per suite (rental managers, 2026) | $350 to $370 per week |
| Typical co-living gross yields (properT network research) | 6% to 12%, depending on location, design and management |
Figures from our Ballarat and Bendigo research, drawing on council forecasts, .id, PRD and REIV data.
What that rent means: rental managers are currently advertising co-living suites at around $350 to $370 per week. As an illustration only, a five-suite home at $360 per suite earns about $1,800 a week, or roughly $93,600 a year at full occupancy. At a more realistic 85% occupancy that is about $79,600 a year, before management, utilities, insurance, compliance and other outgoings. Rents vary by location, suite size and inclusions, so check current rents for the specific property.
Where We Look
- Ballarat: close to Ballarat Base Hospital and the CBD, and near Federation University’s campuses and the train line.
- Bendigo: close to Bendigo Hospital and the CBD, Kangaroo Flat, Golden Square, and the La Trobe University campus.
- Also researched: Gippsland, including Traralgon and Latrobe Regional Hospital.
Rules You Need to Know
Victoria’s rooming house rules apply in Ballarat and Bendigo exactly as in Melbourne: four or more residents renting rooms generally makes the property a rooming house, which needs operator licensing, council registration and the minimum standards. Read our full guide: Co-Living & Rooming House Rules by State.
What Makes a Co-Living Property Worth Buying Here
- Location first. Walking distance or a short trip to jobs, hospitals, universities and transport. Co-living tenants rarely want to drive.
- Purpose-built design. Private suites with ensuites, good sound insulation and enough shared space. Converted older houses rarely compete.
- Not too many suites. In our experience, five or fewer suites tend to hold occupancy better than larger configurations.
- Compliance from day one. Registration, fire safety and minimum standards built in, not retrofitted.
- Realistic numbers. Model income at around 75% to 85% occupancy, not 100%, and include management, utilities and compliance costs.
- An exit. Know who will buy it from you. A property that also works as a family home or dual-income home has a wider resale market.
Read more: Co-Living Investment Guide: 9 factors to consider · Why I wouldn’t invest in a co-living property · Co-Living FAQs
Related Reading Across the properT network
- Ballarat property investment
- Bendigo property investment
- Regional Victoria property investment 2026
- Why Australia’s shared living boom is just getting started
Other Co-Living Locations
Co-living in Melbourne · Co-living in Geelong · Co-living in Brisbane & SEQ
Frequently Asked Questions
Is co-living a good investment in regional Victoria?
In cities like Ballarat and Bendigo, very low vacancy and large hospital and university workforces support demand for private rooms. The property must still be in the right location, purpose-built and compliant.
Are rooming house rules different in regional Victoria?
No. The same Victorian rules apply statewide: four or more residents renting rooms usually makes the property a rooming house, regulated by the Business Licensing Authority, Consumer Affairs Victoria and the local council.
Who rents co-living rooms in Ballarat and Bendigo?
Mainly health workers, students, apprentices and young professionals who want a private, furnished suite close to work or study without the cost of a whole house.
Talk to Us Before You Buy
Co-living can deliver strong income, but only when the location, the design, the compliance and the numbers all stack up. Book a complimentary strategy session with Stephen Lazar at properT network and we will tell you honestly whether co-living suits your goals.
Or call 0413 108 125.
Free download: The Co-Living Investor Checklist
36 checks to make before you buy a co-living or rooming house property: strategy, finance, location, state rules, management and exit. A free 9-page PDF from Stephen Lazar.
General information only. properT network does not provide personal financial, legal, tax or lending advice. Rules, rents and yields change and vary by property. Seek independent professional advice before making any decision.
