Those looking to cash-in on Central Victoria’s property boom may have left their run a little late.
The latest PropTrack report shows that in October, the median house price in Greater Bendigo held steady at $648 thousand, the same as September’s figure.
That result is on-par with trends elsewhere in regional Victoria, and defying Melbourne’s property values which have, on average, decreased by six percent in the past year.
According to REA Group’s senior economist Eleanor Creagh, regional markets continue to outperform all of Australia’s capital cities as affordability increasingly shapes demand.
“The pace of the declines in these previously strong markets highlight how quickly conditions have shifted as higher borrowing costs constrain purchasing power and weigh on buyer demand,” Ms Creagh says.
But the data shows also there are troubling signs ahead for those in the regions.
While steady compared to September, Greater Bendigo’s median price is down one percent when compared to July 2026.
Ms Creagh adds that while Spring has brought more choice for home-buyers, there hasn’t been the usual lift in property sales during that same period.
“Softer auction conditions, longer selling times and subdued sales activity suggest buyers are cautious. In this market buyers have more negotiating power, however higher mortgage rates continue to limit what households can borrow and pay,” Ms Creagh says.
“Looking ahead, a further interest rate rise would reinforce the downturn already underway with softer housing market conditions likely to continue into 2027.
“Further price declines are likely as higher borrowing costs, weaker confidence and the cumulative impact of previous rate increases continue to weigh on demand, particularly where affordability has deteriorated most.”
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