MEDIAN house prices across Greater Bendigo surged by up to 45 per cent in the 12 months to December 31, according to industry data released today.
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Real Estate Institute of Victoria figures show Huntly was the stand out performer, with the median price jumping from $383,000 at the end of 2020 to an astonishing $555,000 at December 31.
Other Bendigo suburbs to register significant increases include Ironbark (34.9 per cent), California Gully (35.3 per cent), Quarry Hill (35.2 per cent) and North Bendigo, (32.5) per cent.
Across regional Victoria, the median house price recorded its largest annual increase since 2001, up 27 per cent reaching a record breaking $565,000 over the year.
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In the final three months of 2021, the median house price in Kennington jumped by almost 11 per cent, while in Flora Hill it was up 8.2 per cent, and in Spring Gully the price increased by 9.8 per cent.
Bendigo REIV branch chairman Matt Bowles said while every suburb was experiencing strong price growth, the inner suburbs close to the CBD and Bendigo Health had become more gentrified and therefore benefited most.
"I think everywhere is hot at the moment," Mr Bowles said.
"People are buying by price, rather than by suburb."
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REIV president Adam Docking said the data reflects the enduring attraction of regional Victoria as a lifestyle choice following two years of COVID-19 restrictions.
He said the impact, if any, of the Omicron surge on the real estate market was yet to be fully understood.
"At this stage it's too early to tell. Virus safety is front-of-mind and Victorians are well-adjusted to the protocols they need to prepare for when attending inspections," said Mr Docking.
Mr Docking also emphasized the need for government to improve infrastructure investment to support the unprecedented growth in regional areas.
Mr Docking said he expects real estate markets will soon begin to stabilise as some of the listing volume issues are addressed and buyers have more to choose from.
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