Our property market continues to outperform Melbourne’s, according to the latest industry data.
Figures shared by the Real Estate Institute of Victoria (REIV) reveal that in the three months to September, the median house price in Greater Bendigo rose by 1.5 percent to sit at $680 thousand.
Rises were also recorded in other regional cities over the same period, including Mildura which recorded an identical 1.5 percent increase in its figure, and Ballarat which saw a 1.6 percent jump.
Conversely, Metropolitan Melbourne recorded a drop of 0.7 percent in its property values.
The institute’s CEO Tony Balazs says the latest data shows Victoria’s property market was “holding up well” in response to recent changes.
“This is the first full quarter showing the market’s response to changes in federal tax policy and recent increases to the cash rate,” Mr Balazs said in a statement.
“While transaction volumes have softened, it’s clear Victoria’s property market is resilient, with regional towns and many Melbourne suburbs even showing capacity to rise.
“Broader market conditions are still challenging, and in this market it’s vital Victoria has policy settings that encourage participants to buy, sell and invest with confidence, particularly at a time when higher borrowing costs and cost-of-living pressures are weighing on households.”
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