While Greater Bendigo’s median house price has remained stable throughout this year, new data from the Real Estate Institute of Victoria (REIV) shows multiple towns and suburbs have experienced solid capital growth.
The inner city suburb of Quarry Hill was the municipality’s top performer, with its median house price increasing more than 20 per cent over the year to $467,500.
This was up from $375,000 for the same period last year.
In the north east, double-digit annual growth was recorded in Huntly, with the median house price increasing 13.5 per cent to $345,000.
This was closely followed by Ascot, where the median house price rose 12.5 per cent to $396,000, a $40,000 increase on last year’s figures.
House prices also increased in White Hills, with the median up 9.3 per cent over the year to $310,000.
Other top growth suburbs include Eaglehawk, up 8.4 per cent to a median of $290,000; North Bendigo, up 7.8 per cent to $291,000; Kangaroo Flat, up 6.2 per cent to $308,500; and Golden Square, up 4.6 per cent to $329,500.
Meanwhile, a number of towns recorded significant quarterly growth signalling improving markets in these areas.
In the three months to September 30, Heathcote experienced one of the municipality’s strongest capital gains, with its median house price increasing 11.4 per cent to $310,000.
This was up from $278,250 in June.
Strathdale also experienced solid price growth, up 6.6 per cent over the quarter to a median house price of $421,000, an increase of $26,000 on June figures.
Moderate quarterly growth was also recorded in Ironbark, up 3.2 per to a median house price of $258,000.
The expectations are for a solid end to the year, with more than 160 sales forecast for the Bendigo region, which is similar (and possibly as step below) to December last year.
Most recent December figures indicate that in 2015 there were nine auctions and 163 private sales.
It was a similar scenario in 2014, with six auctions and 193 private sales.
For more information on median house prices, visit www.reiv.com.au