Real estate agents in Bendigo are optimistic the region will continue to grow and property prices will rise slightly again.
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According to Real Estate Institute of Victoria data, the median sale price in regional Victoria is $570,000 - an increase from the $470,000 average recorded in the first quart of 2021.
Bendigo's median sale price is $615,000 as is Strathfieldsaye's. Golden Square ($445,000), Kangaroo Flat ($435,000), Epsom ($498,000) and Eaglehawk ($424,000) all have median sale prices under $500,000.
Maiden Gully has a median sale price of $713,000 and while Kennington stands at $510,000.
Tweed Sutherland First National Real Estate principal Craig Tweed said strong growth in the region over the past 18 months had been long overdue. He expected that growth to hold up in 2022.
"You get asked the question a lot about how the market's going to go. I think it will hold up very well and be very positive," he said.
"There is still a shortage of good stock but there have been really good inquiries and there are a few more listings coming on now compared to the middle of last year when listings were in short supply and demand was exceeding them."
Heard & Co director Greg Heard also felt Bendigo's property market would hold steady in the coming year.
"A lot of people are concerned it will fall away and interest rates will have an impact," he said. "My feeling is we will hold steady and have a slight increase on the next 12 months.
"That's on the basis of the demand for regional living supported by fact many people can work from home and enjoy regional affordability and good schools - families are attracted to that.
"If (interest) rates increase, there will be more pressure on metropolitan families to look regionally and we could potentially see a second wave (of people moving) to Bendigo and other regional areas."
Mr Heard said the availability of more residential land would help keep property prices steady in the Bendigo region.
"Prices of land went through the roof because there wasn't many around. The land shortage was astronomical," he said.
"Now there is a lot more land developments to come and that will level out supply and demand. If that potential second wave (of Melbourne families moving) comes and there is no land available, all of sudden you have a rise in prices because of demand.
"Hopefully, the advantage of land developments opening up and more affordable building materials being available will keep the market on a level field for the new home sector."
Mr Tweed said Bendigo's affordability was attractive to families with many regional residents also looking to either upsize or downsize their current way of living.
"We all expected the flood from Melbourne people and we had our fair share but a good spread of people were up or down-sizing," he said. "Bendigo is well regarded as a regional hotspot. The suburbs are equally spread now, so it comes down to affordability.
"I found first home-buyers who didn't want to miss out were looking under $600,000 and they realised you have got to act quickly. Then you have got families who are in their first home but need more room and people who think their homes are too big and want to be closer to the city.
"Epsom and Huntly have burned brightly for the last few years along with Maidn Gully and Marong but you can't single out one suburb - it depends on the price range of the buyer."
Mr Heard said he had the highest demand for affordable first homes that offered a good return and were centrally located.
"Golden Square, Kangaroo Flat, Flora Hill and Kennington are all central suburbs that are close to all services," he said. "Period homes on a basis of $450,000 to $550,000 was affordable for so many buyers, that's where we saw a significant amount of interest, demand and bidding.
"Purely because that's where interest rates allowed that sweet spot - a three-bedroom, one bath home in Bendigo that could be rented out or become a great first home."
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