Fresh property data shows the local market could be on a downward trend.
Analysis by REA Group is putting Bendigo’s median property value for August at $652 thousand, representing a drop of 0.1 percent on July’s figure.
That mirrors the fall experienced across regional Victoria as a whole, with PropTrack’s senior economist Eleanor Creagh saying further decreases are likely to be seen over the coming months.
“Uncertainty around tax changes, the outlook for interest rates, and ongoing price falls, continue to weigh on confidence, keeping some buyers on the sidelines,” Ms Creagh says.
Despite last month’s fall, prices in Bendigo remain on average 0.28 percent higher than in May of this year, and are up roughly six percent compared to a year ago.
Meantime, a separate report from Cotality is revealing an even bigger rate of growth in nearby areas.
The township of Elmore and neighbouring Loddon Shire jointly saw a jump of 8.8 percent in their median property value over the past year to sit at $445k, while prices in the Maryborough-Pyrenees region rose by 6.9 percent during the same period to $409k.
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