Blocks of units in Golden Square represent one of regional Victoria’s most accessible multi-tenancy investment opportunities, combining relatively affordable entry prices with consistent rental demand from a stable local population. If you are searching for a scalable, income-generating asset outside metropolitan Melbourne, Golden Square deserves serious attention in 2026.

What Are Blocks of Units in Golden Square, and Why Do Investors Target This Suburb?

Golden Square is an established residential suburb sitting directly south of Bendigo’s CBD in central Victoria. Its proximity to Bendigo’s employment, healthcare, education, and retail precincts makes it a perennial renter’s suburb — which is exactly the fundamental investors look for when sourcing blocks of units for long-term income.

Unlike inner-city Melbourne where a single unit block may carry a price tag exceeding several million dollars, Golden Square allows investors to enter the multi-tenancy market at a fraction of that cost. A block of three to six older-style units on a generous allotment can still be acquired at yields that are hard to replicate closer to the capital. The suburb’s mix of owner-occupiers and renters creates consistent competition for available rental stock, keeping vacancy low and rent steady.

Golden Square also benefits from Bendigo’s ongoing infrastructure investment. The Bendigo Health campus expansion, ongoing upgrades to La Trobe University’s Bendigo campus, and regional rail improvements all support long-term population retention — a critical factor for anyone holding a multi-tenancy asset over a five-to-ten-year horizon.

What Do the Numbers Say About Golden Square Property in 2026?

Hard data is what separates a sound investment thesis from speculation. Here is what the verified figures show for Golden Square entering 2026.

Median Sale Prices (April to June 2025 Quarter)

According to DataVic and REIV data, Golden Square recorded the following median sale prices for the April to June 2025 quarter:

• Houses: $550,000 (quarter-on-quarter +5.8%, year-on-year +4.8%)
• Units: $525,000 (quarter-on-quarter +8.2%, year-on-year +6.4%)
• Land: $273,000 (quarter-on-quarter +13.8%, year-on-year 0.0%)

The unit median of $525,000 with a quarter-on-quarter lift of 8.2% is a standout figure. It confirms that demand for attached and multi-tenancy dwellings in Golden Square is accelerating faster than houses over the short term. The year-on-year gain of 6.4% also outpaces official CPI, meaning unit values in this suburb are generating real capital growth. The land median of $273,000 rising 13.8% quarter-on-quarter signals that developers are actively acquiring sites, which in turn supports the residual land value underlying any unit block you might purchase.

Demographics and Rental Market (ABS Census 2021)

Understanding who lives in a suburb is as important as knowing what properties cost. According to ABS Census 2021 data, Golden Square has:

• Population: 9,220 residents
• Median age: 39 years
• Median household income: $1,344 per week
• Median rent: $295 per week

A median age of 39 indicates a working-age, economically active population rather than a student-dominated or retiree-skewed demographic. Renters in this cohort tend to be longer-term, lower-turnover tenants — reducing the vacancy and re-letting costs that eat into multi-tenancy yields. A median rent of $295 per week per dwelling means a four-unit block producing close to market rent could generate approximately $61,360 per annum in gross rental income before outgoings. Against a realistic purchase price for a well-located four-unit site, that translates to a gross yield well above what most single-asset residential investments offer in Melbourne.

For broader context on how Golden Square compares to other high-performing Victorian suburbs, the rental yield Melbourne guide for 2026 published by Collings Real Estate provides a useful benchmark across multiple markets.

What Are the Key Considerations When Investing in Unit Blocks in Golden Square?

Buying a block of units is a materially different process from buying a single residential property. Investors who treat it like a standard house purchase often underestimate the due diligence required. The following factors are particularly relevant to Golden Square.

Zoning and Development Potential

Much of Golden Square is covered by the General Residential Zone (GRZ) under the City of Greater Bendigo Planning Scheme. Some pockets, particularly those closer to the Bendigo CBD boundary and along arterial roads, carry Residential Growth Zone (RGZ) overlays which permit higher-density development. Before acquiring any site, confirm the zone and any applicable overlays with a planning consultant. A block zoned RGZ sitting on 1,000 square metres or more may offer both an income stream today and a development exit in the future.

Body Corporate and Title Structure

Older unit blocks in Golden Square are often held under a single title (Company Title or a standard freehold lot) rather than individual strata titles. A single-title block can be more straightforward to manage but may limit your ability to sell individual units separately, which affects your exit strategy. Newer or converted blocks may be strata-titled, allowing individual lot sales. Confirm the title structure with your conveyancer early in the process.

Building Age and Capital Expenditure

Many of Golden Square’s unit blocks were constructed between the 1960s and 1980s. These properties can offer strong yields, but the prudent investor budgets for roof replacements, rewiring, hot water system upgrades, and potentially asbestos remediation. Commission a qualified building inspector who has specific experience with multi-tenancy assets, not just a standard residential pre-purchase inspection.

Vacancy Rates and Tenant Quality

SQM Research has consistently shown Bendigo’s broader rental vacancy rate sitting below 2%, placing it in genuine landlord-market territory. Within Golden Square specifically, the suburb’s density and affordability relative to Bendigo’s median makes it one of the tighter rental pockets in the region. Well-maintained unit blocks with functional layouts and off-street parking have historically leased quickly and retained tenants longer than comparable stock in higher-density CBD-fringe areas.

Financing a Multi-Tenancy Asset

Lenders treat unit blocks differently from single residential properties. Blocks with more than four dwellings on one title are often assessed under commercial lending criteria, which typically means a lower loan-to-value ratio (LVR) of 65% to 70% rather than the 80% or above available on residential loans. Engage a mortgage broker with demonstrated experience in multi-tenancy commercial-residential assets before you sign a contract.

Investors who want to explore the full breadth of multi-tenancy opportunities across Victoria can also review the blocks of units Melbourne listings for 2026 to understand how Golden Square pricing compares with metropolitan alternatives.

How Does Collings Real Estate Help Investors Secure Unit Blocks in Golden Square?

Collings Real Estate has operated as a specialist in multi-tenancy and investment property for decades. The firm’s approach to buying blocks of units differs from a standard agency transaction in several important ways.

Off-Market Access

The most competitively priced unit blocks rarely reach the public portals. Owners of older blocks often prefer a discreet sale that avoids protracted marketing campaigns and the disruption of tenant inspections. Collings maintains an active network of vendors across regional Victoria, including Golden Square, who list off-market through the Collings portal. Registering at collings.com.au/portal connects you directly to these off-market opportunities before they are seen by the broader market.

Investment Analysis and Due Diligence Support

The Collings team provides detailed investment analysis on prospective acquisitions, including gross and net yield modelling, vacancy sensitivity analysis, and indicative capital works budgets based on building age and condition reports. This allows investors to make data-driven decisions rather than relying on vendor-supplied estimates.

Property Management in Golden Square

Owning a unit block is only half the equation. Active, experienced property management is what converts a gross yield into a net yield that actually lands in your account. Collings’ property management team handles tenant selection, lease renewals, maintenance coordination, body corporate compliance, and arrears management across multi-tenancy assets. Investors with existing portfolios in Melbourne who are expanding into regional markets appreciate having a single point of contact for both acquisition and ongoing management.

For investors who want to compare Golden Square against other Victorian unit block markets, the blocks of units investment property guide from Collings covers yield benchmarks, planning considerations, and financing structures across multiple locations.

Contact Collings Real Estate

To discuss blocks of units in Golden Square or to enquire about off-market unit block listings, contact the Collings team directly:

• Phone: 03 9486 2000
• Email: info@collings.com.au
• Address: 230 Waterdale Road, Ivanhoe, VIC 3079
• Off-market portal: collings.com.au/portal

Frequently Asked Questions About Blocks of Units in Golden Square

What is the median unit price in Golden Square?

According to DataVic and REIV data for the April to June 2025 quarter, the median unit price in Golden Square is $525,000, up 8.2% quarter-on-quarter and 6.4% year-on-year.

What rental income can a unit block in Golden Square generate?

ABS Census 2021 records a median rent of $295 per week in Golden Square. A four-unit block achieving close to median market rent would generate approximately $61,360 per annum in gross rental income before outgoings and management fees.

Is Golden Square a good suburb for property investment?

Golden Square offers stable rental demand underpinned by its proximity to Bendigo’s employment, health, and education precincts. Its median household income of $1,344 per week (ABS Census 2021) and sub-2% regional vacancy rates (SQM Research) make it a resilient rental market for multi-tenancy investors.

What zoning applies to unit block sites in Golden Square?

Most of Golden Square falls under the General Residential Zone (GRZ) in the City of Greater Bendigo Planning Scheme, with some arterial road corridors carrying Residential Growth Zone (RGZ) overlays that permit higher-density development. Always confirm zoning with a planning consultant before purchasing.

How do I find off-market unit blocks in Golden Square?

Collings Real Estate maintains an off-market property portal where unit block vendors list discreetly before or instead of public marketing. Register at collings.com.au/portal or call 03 9486 2000 to speak with the Collings investment team directly.

Golden Square’s combination of affordable entry prices, rising unit values, a stable working-age tenant base, and Bendigo’s broader regional growth story makes it a compelling location for investors seeking genuine yield alongside capital growth potential. Whether you are acquiring your first unit block or adding a regional asset to an existing portfolio, the data and the fundamentals both point in the same direction. Enquire about off-market unit blocks today through the Collings portal or by calling the team directly on 03 9486 2000.