Data from the Real Estate Institute of Victoria's June quarterly report showed regional Victoria's median house prices increase by 21.6 per cent from $500,000 to $608,000.

The biggest rise in the Bendigo region was seen in East Bendigo where median house prices increased by 7.2 per cent to $560,000.

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Golden Square went up by 6.6 per cent to $519,000, Bendigo increased by 5.8 per cent to $685,000 and North Bendigo saw a rise of 4.5 per cent to $515,000.

The median price results were recorded prior to the two most recent 0.5 per cent interest rate rises unleashed upon homeowners by the Reserve Bank of Australia in a bid to try and curb Australia's burgeoning inflation, with the likelihood of more rises in coming months.

Bendigo REIV division chairman and DCK Real Estate director Matt Bowles said the reported median prices did not present as a major surprise.

"The market in Bendigo is in general holding up pretty well in comparison to the metropolitan markets, despite the run of rate rises," he said.

"I would expect the impact of these rises will be seen in the next quarter's figures."

Mr Bowles also noted smaller increases in some suburbs' median house prices and the slight decline in others, registered at the higher end of the market.

Mr Bowles said Junortoun's median price of $920,000 represented a 1.6 per cent drop from the previous quarter, while in Maiden Gully the median was $750,000 - just 0.5 per cent up on the March figure.

"Anything under $700,000 has still performed well, and the dramatic double digit rises post-covid could not have been be expected to continue forever," he said.

Bendigo Real Estate principal Nekti Tzouroutis said he believed central Victorian homeowners faced as many as three more rate rises in the next four months leading up to Christmas, and that the average time on market would likely increase as the local property market cooled, following a record run.

"We are still achieving strong results, but buyers now have more time to breathe, and time to look around before they make a decision," he said.

"People have started to sit back and wait to see what the RBA is going to do."

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Mr Tzouroutis said he expected some changes in the local market, but nowhere near the extent that had been speculated by most industry commentators for the metropolitan property market.

In metropolitan Melbourne, the median house price dropped 2.9 per cent to $1,081,000 for the quarter.

Tweed Sutherland First National Real Estate director and agent Andrew Pearce said Bendigo's prices should remain steady going forward.

"We are still very affordable compared to the city," he said.

"Bendigo is still an affordable place to buy a house if you are a first home buyer or from out of town.

"We find there is some good listing coming on and believe we should get good inquiries because (prices have) levelled out.

"Buyers will not be paying the premium prices that they were over the last couple of years."

REIV president Richard Simpson said the decrease in Melbourne was expected while regional Victoria's performance reflected the majority of the current market.

"The market remains strong, especially across regional Victoria," he said.

"As expected, we saw a slight decrease in metro Melbourne as the market adapts to the current rising interest rate environment.

"While there has been discussion on the impact of interest rate rises on house prices, it's important to note that Melbourne has recorded a over 23 per cent increase in home prices over the last two years."

Across regional Victoria, Horsham and Stawell had median house prices below $400,000 after huge annual increases.

Horsham median house prices shot up by 40 per cent to $393,750.

In Stawell, the median house price stands at $322,000 after an annual increase of 26.5 per cent.

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