Family homes boom in regional Victoria: REIV

CALL: Enzo Raimondo.

CALL: Enzo Raimondo.

THREE-BEDROOM homes in Bendigo had the highest capital growth of any house type in any regional centre across Victoria in the past year, housing data reveals.

Real Estate Institute Victoria analysis of the regional housing market for the past 12 months shows significant growth in the value of three-bedroom homes, particularly in Bendigo, Ballarat and Kyneton, CEO Enzo Raimondo said.

Mr Raimondo said Bendigo, boosted by infrastructure projects such as the new Bendigo Hospital, headed the list of regional Victoria’s top 10 areas for capital growth.

The median price for a three-bedroom house rose by 16.9 per cent in the 12 months to March 31, taking it to $397,000, he said.

“Like many regional centres within commuting distance of Melbourne, Bendigo is sought-after by those priced out of the Melbourne market and seeking a more affordable home in a location offering a great lifestyle,” he said.

Second on the list was three-bedroom homes in Kyneton with 13.5 per cent growth and a $420,000 median, followed by Ballarat Central with 12.7 per cent and a median price of $332,500 for three-bedroom homes. 

The REIV median price information provides analysis by house size and location.

Mr Raimondo said three-bedroom houses returned good prices in regional Victoria, with a 6.9 per cent rise in median price across the 12 months and a median price of $310,000. This reflected the trend in Melbourne where capital growth for three-bedroom homes was 9.4 per cent. 

He said that with agents reporting renewed investor interest in regional Victoria, the new data would benefit buyers looking for more detailed analysis of the state’s residential real estate market.

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