Regional housing markets are basking in an influx of capital from Melbourne and Sydney, though Bendigo is not benefiting as much as other areas.
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A new CoreLogic report on national prices shows the Bendigo region’s dwelling values rose by 1.4 per cent in the past year.
While that did not seem like much compared to some recent metropolitan gains, PRD Nationwide Bendigo director Tom Isaacs said specific Bendigo postcode data showed strong growth.
He said it was a further sign that people were starting to come up the freeway as the metropolitan market cooled.
“We are seeing a lot of traffic at our open houses on the weekends as people consider relocating,” Mr Isaacs said.
He pointed to a rise in local land sales in the past three to six months as a good for the future of the market.
CoreLogic’s analysis found regional markets are now consistently outperforming capital cities.
Overall, regional housing values rose by 0.4 percent in March, while capital cities held firm, according to CoreLogic head of research Tim Lawless.
“The stronger combined regional markets performance continues a trend that began to emerge in October last year, where regional housing markets showed an overall improvement in the pace of capital gains while the combined capitals trend softened,” he said.
The Bendigo region did not enjoy the same level growth as Geelong’s (a 10 per cent rise) and Ballarat’s (a 6.1 per cent rise).
Mr Isaacs said the Ballarat region had benefited from its proximity to Melbourne’s western growth corridor.
Nationally, the best performing regional areas tended to be located on the periphery of Melbourne, Sydney and Canberra’s metropolitan regions, CoreLogic analysis revealed.
Demand appeared to have rippled away from more expensive suburbs in satellite cities.
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Geelong topped the list for annual changes in dwelling values, though in broader country markets regional Tasmania was the strongest performer.
Mr Lawless said the Apple Isle’s regional market was befitting from an influx of capital from cities like Melbourne.
It was also benefiting from interstate migration as new residents took advantage of low house prices and improving economic conditions.
Tom O'Callaghan
I grew up in Bendigo and I want to tell your stories.
I grew up in Bendigo and I want to tell your stories.
