Bendigo's economy is strong: Wilson

A SENIOR economist says Bendigo is the state's third strongest housing economy behind Melbourne and Geelong. 

Estate agents from across central Victoria gathered at The Capital on Tuesday to listen to Domain.com.au economist Andrew Wilson give a housing market report. 

Dr Wilson said the report's findings found Bendigo was among the state's top performing regions.  

"Bendigo continues to have a robust and continuous solid cycle," he said. 

"It is a unique centre as it is affordable, has value and offers a good lifestyle."

Bendigo's median property price in June was $320,000, while Ballarat's was $285,000 and Melbourne about $602,000. 

Dr Wilson said the city's strong economy was pivotal in driving property growth and demand. 

"There is a focus on decentralisation policy, particularly from state government projects and services moving to the area," he said.

"There is the building of the new hospital, the university has been very active and there is a strong Centrelink presence - these all increase economic activity in the area."

Dr Wilson said Bendigo's property prices had grown nine per cent over the last financial year but the cost of rent had dropped. 

"Bendigo remains a target for those looking for a green change environment," he said. 

"It's quite a solid market and the prospects are reasonable going forward."

He attributed the drop in rent to issues with an oversupply of available properties. 

Domain.com.au media sales Joanne Kilbourne said the breakfast was a chance for agents to gain an outside perspective as to where Bendigo sat in terms of the property market. 

"It basically looks at outside influences and seeing how (the Bendigo market) is trending," she said.

"We are in a really good position, which is good. 

"If agents have a vendor coming in from out of town it lets them know that they have got the third largest housing economy in Victoria."

Dr Wilson will present a report every six months. 

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