Median house prices have again soared, with the regional price crashing through the $500,000 mark for the first time.
In regional Victoria, houses achieved a record quarterly median price of $510,500 with a 4.1 per cent increase from December, and 12.3 per cent annual growth.
Data released by the Real Estate Institute of Victoria shows in metropolitan Melbourne, homes surpassed a median value of $1m, jumping by 8.8 per cent from the previous quarter to $1,004,500.
Bendigo suburbs to record significant change over the quarter include California Gully, where the median rose 5.3 per cent to $350,000, Heathcote (up 6.6 per cent to $405,000 and Kennington, where the median rose to $479,000, up 4.2 per cent for the quarter.
In Flora Hill, a 5.3 per cent rise saw the median reach $395,000, and in Strathdale, the median was $590,000, up 3.2 per cent.
Tweed Sutherland First National director Matt Leonard said as the first quarter of the year came to an end, statistics show a marked increase in the median price for most Bendigo suburbs.
"But it's important to rely on data over longer periods to recognize growth.
"For example, a reported 14 per cent rise in North Bendigo reflects transactions over the median price which impacts the data, but will correct itself over a longer period of time."
"People to continue to look for opportunities outside of Melbourne and in regional Victoria.
"In Heathcote, for example, where the median price rose more than six per cent to $404,000, we have a former bank building that serves as the Mitchelton Winery cellar door, and at the half way point of our campaign, we have had a strong level of inquiry and genuine interest in the property.
"There's a lot of energy in the market at present, and it doesn't look like slowing down. Our firm listed 15 new properties this week to generate supply and to meet the robust demand that currently exists."
Bendigo Real Estate principal Nekti Tzouroutis said Bendigo's median had risen steadily by 12.3 per cent in the past 12 months, from approximately $375,000 to just over $420,000.
The steady nature of the rise underlines the confidence and strength of the market, he said.
The REIV points to people spending more time at home than ever throughout last year, and families took the opportunity coming out of lockdown to upgrade their home. Following the lifting of intensive lockdowns in 2020, an estimated 35,000 transactions were reported in the March quarter, the highest since March 2015.
REIV President Leah Calnan said she expects the market will gradually begin to settle as life returns to normal following a tumultuous 2020.
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