ELMORE is the cheapest suburb for those looking to buy property and Jackass Flat has seen some of the most dramatic price jumps in the area.
Greater Bendigo housing prices are surging with more to come, real estate agents say, as Moody's predicts falls in house prices in parts of Sydney and Melbourne of more than 15 per cent.
California Gully, Eaglehawk, Long Gully and Sailors Gully all made the top five in the new research by CoreLogic and Aussie Home Loans.
The burgeoning growth suburb of Jackass Flat has seen the most dramatic rise in property prices over 10 years, according to the data, with a 78.3 per cent jump to a median $369,435.
PRDnationwide Bendigo director Tom Isaacs was not surprised Elmore topped the list, saying it was an established area that lacked larger numbers of residents coming in and out.
The powerhouse suburbs driving growth in Bendigo were Marong, Strathfieldsaye and Huntly, he said.
Of those, only Huntly made the top 20, scraping in above nearby Ascot at an average $386,651.
"If you went back 18 months the prices probably would have been about $330,000 to $340,000 (in Huntly). So we are seeing dramatic increases, which is being driven by owner-occupiers," Mr Isaacs said.
The price increase was being fueled by low availability of land, Mr Isaacs said, with many buyers instead turning back to existing houses.
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Heathcote has seen the biggest gains of any suburb on the top 20 list, with a 12.6 per cent jump to $328,666, according to the data.
It was a spike Heathcote Real Estate's Adrian Harris was seeing. Last week his agency sold a property just under one acre for $570,000.
The town was appealing to tree changers at a time when Melbourne's urban sprawl was making commutes from some suburbs longer and longer. People were discovering Heathcote was only an hour-and-a-half away from Campbellfield.
Meanwhile, the price of units in Bendigo's eight cheapest suburbs went backwards, according to the report.
Mr Isaacs said that was most likely an irregularity based on sales results in previous years, when more expensive units may have been sold.
Eaglehawk saw a 7.8 per cent drop in median prices of $203,977, though only 15 properties were sold in the past 12 months. Only 11 properties were sold in Bendigo, which saw a 15.7 per cent price drop to $231,776.
Mr Isaacs predicted unit prices would rise over the next 12 months.
Demand for larger houses spiked faster than demand from investors looking for unit rental properties, he said. He predicted "significant" growth in unit property prices in the next year, especially for those in the $220,000 and $280,000 price range.
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