In it's July quarterly update, leading property data and analytics firm CoreLogic reported a 23.6 per cent rise in Bendigo's median house price in the past five years.

Median prices have increased 7.7 per cent in the past 12 months alone.

PH Property director Brad Hinton said Bendigo's days of an oversupply of house and land packages and rental properties are no more.

"It was a slow burn for a few years, but it has really picked up in the past 12 months," Mr Hinton said.

"About eight years ago, there were plenty of house and land packages and a new complex of inner city units near North Bendigo Oval, which led to a lot of private residential properties being vacated.

"Since then, the rental market has returned to being very strong, which has attracted investors, who are capitalising on solid returns."

Mr Hinton said as the number of interested parties at open for inspections has grown, so too have results.

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"We are getting results in the higher bracket or our asking price and sometimes in excess of that, which is the sign of a good market and we have seen a clear surge in the past 12 months," he said.

"A low rental vacancy rate has helped prices increase at the bottom end of the market, which has snowballed into other price brackets."

Bendigo's median house price, listed at $403,530, includes houses in the entire Bendigo council area.

Nearby central Victorian shire's, Campaspe (24.4 per cent) and Central Goldfields (20.3 per cent), have experienced similar five-year median price surges.

Median house prices in Mount Alexander have rocketed up 39 per cent, while Gannawarra (7.8 per cent) and Buloke (4 per cent) have experienced more modest rises.