New figures from the Real Estate Institute of Victoria show that regional parts of the state are making a comeback in the housing market.
Prices are up 0.9 per cent overall, with the biggest boost of all coming from central Bendigo, where quarterly prices are up 11.9 per cent in the September quarter, compared to the June quarter this year, with an annual growth of 27.9 per cent.
Currently, the median house price in central Bendigo is sitting at $517,000, up from $462,500.
Nearby, Woodend, Echuca and Strathfieldsaye were also inside the top ten, having all recorded an increase in their quarterly median house prices.
Woodend was boosted by 4.3 per cent to $822,500, while the median price for a home in Echuca is sitting at a flat $400,000, growing 3.9 per cent.
Strathfieldsaye also posted modest growth, with the median house price now $476,000, up $11,000 from the June 2019 quarter.
REIV President Leah Calnan says it's promising news for potential sellers in the area.
“Enthusiasm is growing as prices surge and properties are being snapped up more quickly, this is the perfect time to get on the market.” Ms Calnan said.
“Warmer spring weather, lower interest rates and easier loaning protocols have resulted in significant growth for Victoria’s real estate sector.”
“Growing prices and increasing sales are great news for everybody, and our market is in the midst of a much-needed recovery.”
Image via Daniel Brewer.