MEDIAN house prices have continued their record run, with regional Victoria surpassing $559,000 and metropolitan Melbourne $1,010,000 for the first time.
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Data released by the Real Estate Institute of Victoria shows the Bendigo median price was $572,000 for the three months to June 30.
Regional Victoria's 10.5 per cent quarterly growth and almost 20 per cent annual growth in house prices - the highest on record - reaffirms the trend in tree or sea change investment and relocation.
Other Bendigo suburbs to perform strongly include Epsom, where the median price reached $475,000 (up 9.7 per cent), Flora Hill - $435,000 (up 10.1 per cent) and Quarry Hill, where the median price spiked to $$491,000, a rise of 14.7 per cent.
PH Property director Brad Hinton said if interest rates stay low for another 12 months, then the market will continue at its current frenetic pace, but that prices might start to even-out.
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"Low interest rates, solid rental returns and the confidence knowing Bendigo is growing at a pretty rapid rate - which is also strengthening the investment market in Bendigo, are continuing to drive the local market."
Bendigo Real Estate principal Nekti Tzouroutis said many suburbs across the region had reached a record median price, and the local market was showing few signs of slowing.
"Affordability is continuing to drive the market higher.
"The only thing that would stop it now is if there was to be a complete lockdown of Australia," he said.
Mr Tzouroutis pointed to a property in Poplar Street, Golden Square that had more than 60 people attend the most recent open for inspection, and said there had been more than 30 inquiries for three current listings this past weekend, with interest coming from as far as Tasmania, Brisbane and Melbourne from people motivated by Bendigo's affordability, lifestyle, community infrastructure and proximity to Melbourne.
REIV president Leah Calnan said the stand-out insight from the June quarter report is the propensity for buyers to genuinely consider regional Victoria as an attractive option for living and investing.
"We know that COVID-19 has created flexibility in employment arrangements and hybrid working models are allowing people to set their property sights beyond Melbourne. It's also true that there are plenty of investment opportunities in regional areas," she said.
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