Bendigo's property market has continued to defy the pandemic, with median prices soaring by up to six per cent during the September quarter.
Real Estate Institute of Victoria figures revealed the median sale price in regional Victoria rose 5.1 per cent in the third quarter, compared to 0.1 per cent in June.
Bendigo Real Estate principal Nekti Tzouroutis said there has been a noted urgency in recent months, from buyers eager to transact.
"People are genuinely wanting to transact because they are looking for good value," Mr Tzouroutis said.
"It doesn't surprise me at all the figures this quarter have risen compared to last."
Bendigo's eastern suburbs boasted the biggest gains.
Median sale prices in Strathfieldsaye (+6.2%), Strathdale (+5.4%) and Kennington (+4.4%) were most notable.
To the north, Epsom (+5.8%) and White Hills (+4%) registered sizeable increases.
DCK Real Estate director Matt Bowles said the Bendigo property market is very strong, despite Melbourne buyers being unable to physically inspect properties.
"With the coronavirus pandemic ongoing, people are realising they don't have to live in the city and in the new normal, Bendigo is a better place to be," Mr Bowles said.
Tweed Sutherland First National director Matt Leonard said high demand and low supply is driving the price rise.
"As long as that continues, it will create premium prices and new benchmarks with sales," Mr Leonard said.
"I expect to see sustained increases in growth corridors such as Strathfieldsaye, Maiden Gully and Huntly."
REIV Bendigo chair and estate agent Tom Maher said recent months have provided the "perfect storm" for a price increase.
"The spring months, a lack of stock and an influx of investors, prior to the pandemic, has driven prices up," Mr Maher said.
"You couldn't get a real estate market any better than Bendigo's currently is."
Properties in Maiden Gully, Marong and Strathfieldsaye remain sought after, while Ironbark offers "brilliant value", one agent said.
"Maiden Gully and Strathfieldsaye are quite popular with growing families wanting to be closer to amenities," Mr Tzouroutis said.
In Melbourne, median prices dipped 1.7 per cent in the quarter, but are up 7.4 per cent, year-on-year.