Drop in Bendigo housing prices

Updated November 7 2012 - 6:23am, first published October 14 2011 - 11:26am

Median housing prices fell in Bendigo in the September quarter as potential home buyers paused in an uncertain economic climate.The Real Estate Institute of Bendigo released data yesterday that showed the median house price fell to $277,500 in the three months to September 30 – from $285,000 in the previous three-month period.The movement surprised Bendigo Real Estate director Nekti Tzouroutis, who said he had not noticed an accompanying fall in buying inquiries during the quarter.“We have seen really strong inquiries, from local buyers and from people outside of Bendigo,” Mr Tzouroutis said.“The Bendigo market is still holding its own in the present environment. It is not like the levels of urgency we saw two, three, four or five months ago.”Over the year, Bendigo’s median housing price rose slightly, by 1.8 per cent. Bendigo’s experience over the year was echoed in most other parts of regional Victoria.But over the quarter, housing in Shepparton, Hepburn, Horsham and the Macedon Ranges also fell.Regional Victoria figures calculated together showed the whole-of-region house price fell from $320,000 to $310,000 during the quarter, which REIV chief executive Enzo Raimondo attributed to concerns about the international economy and negative consumer sentiment.“This serves as a reminder that the state of the housing market is directly linked to the health of the economy,” Mr Raimondo said.“Despite evidence that the local economy continues to outperform many of our trading partners, we are now experiencing a soft housing market.“Of the main regional centres, Geelong recorded a very healthy increase of 5.7 per cent to a median house price of $390,000.“In Ballarat prices were stable, with a median of $285,000, and in Bendigo there was a 2.6 per cent reduction to $277,500.”The median house price is the price of the property that is at the middle of the list of properties sold over the period, ordered according to value.It is regarded as the most accurate indicator of value because it is not distorted by very high or low values. – SHARON KEMP

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