‘Market revival’ in greater Bendigo

Greater Bendigo’s median house price has grown by 6.8 per cent in the past three months, according to a new report.

Figures released by Domain in its quarterly Regional House Price Report show the median house price increased from $327,750 in December 2016 to $350,000 in March of this year.

Annually, median house prices in Bendigo increased 2.9 per cent, up from $340,000 in March 2016.

Domain chief economist Dr Andrew Wilson said regional markets were seeing growth as more Australians considered the affordability and lifestyle advantages of moving outside the capital centres.  

“After a brief period of subdued market activity, Bendigo’s strengthening local economy has prompted a market revival in the region, with house prices firmly on the rise,” he said.

Luke Goggin Real Estate officer in effective control Luke Goggin said historically Bendigo’s real estate market consistently saw moderate increases in price.

“We’ve seen a pretty consistent growth of $10,000 per year over the past four years,” he said. “2.9 per cent is not a huge shock. 

“I wouldn’t say it’s been a significant jump.”

Mr Goggin said the market was looking very positive with changes to state government grants for first-home buyers.

“The First Home Owner Grant is creating a lot of interest and a lot of people are gearing up for July,” he said. 

“The expectation is there will be a surge in the market.”

Mr Goggin said most properties doubled in value every ten years.

Ballarat’s median house price remains unchanged at $325,000 in the last quarter, but up from $320,000 in March 2016.

Greater Geelong has seen a 2.8 per cent increase in the last quarter with the median house price sitting at $452,000.

The Melbourne median house price also increased by 4 per cent over the March quarter to a new record of $843,674. Melbourne house prices increased by 15.2 per cent over the year to date — the highest growth rate of all the capital cities in Australia.