Bendigo residential property values rose by an average of 4.26 per cent over the last two years but it wasn’t all that long ago they were more than doubling. 

“In Bendigo in 2003/2004 we had an amazing boom year,” Countrywide Valuers director Joe Kealy said. 

“A three-bedroom, 1960s weatherboard in Golden Square went from $75,000 to $175,000 almost overnight – just about anything under $100,000 doubled in value.  

“Why? No one knew, it’s a great mystery and if I did know it, I wouldn’t be sitting here right now, I’d be retired… 

“We didn’t strike gold, it just happened, almost right across Australia.”

Mr Kealy said since that “extraordinary boom” there had been a steady rise in property values.

“It’s probably fair to say that’s plateaued now,” he said.

“But most experts think Bendigo will keep ticking over, the Bendigo local economy is underpinned by a lot of smaller manufacturers, the university, Bendigo Bank, Hazeldean... and they all seem to be going from strength to strength.”