Family homes boom in regional Victoria

Three-bedroom homes in Bendigo had the highest capital growth of any house type in any regional centre across Victoria in the past year.

REIV CEO Enzo Raimondo said Bendigo, boosted by infrastructure projects such as the New Bendigo Hospital, headed the list of regional Victoria’s top 10 areas for capital growth.

The median price for a three-bedroom house there increased by 16.9 per cent in the 12 months to March 31, taking it to $397,000, he said.

“Like many regional centres within commuting distance of Melbourne, Bendigo is sought-after by those priced out of the Melbourne market and seeking a more affordable home in a location offering a great lifestyle,” Mr Raimondo said.

Second on the list was three-bedroom homes in Kyneton with 13.5 per cent growth and a $420,000 median, followed by Ballarat Central with 12.7 per cent and a median price of $332,500 for three-bedroom homes. Also showing strong annual growth were four-bedroom homes in Wodonga and Drouin and three-bedroom homes in Ballarat East, Belmont, Corio, Geelong West and Mildura.

The REIV median price information provides analysis by house size and town or suburb.

Mr Raimondo said that three-bedroom homes performed well across regional Victoria, with a 6.9 per cent increase in median price over the 12 months and a median price of $310,000. This reflected the trend in Melbourne where capital growth for three-bedroom homes was 9.4 per cent.

Mr Raimondo said that with agents reporting renewed investor interest in regional Victoria, the new data was of enormous benefit to buyers looking for more detailed analysis of the state’s residential real estate market.

House and apartment median price information - by size - is now available under the Property Research tab.