Favorable market conditions continue to stimulate housing demand in the Greater Bendigo area and the Macedon Ranges, according to the latest report by Herron Todd White.
James Watson, a local appraiser at HTW, said both regions are highly exposed to local and non-local buyers who have been encouraged by low interest rates and economic growth.
"The supply of housing in the Bendigo business district has become very limited in recent months due to significant growth in housing demand and competing buyers," he said.
Other areas like Elmore and Goornong, which have historically received less attention from non-local buyers due to their remoteness from Bendigo's main services and infrastructure, are becoming increasingly popular among buyers.
"Homebuyers are more willing to move further in their quest for more affordable housing," Watson said.
A property in Raywood, for example, was able to come off the market eight days after being listed above asking price. The average sales window for Raywood, which is considered a less sought after location, is around six months, Watson said.
The housing market in the Macedon Ranges is also seeing an increase in demand, driven by expats and relocators from Melbourne.
"Macedonia is good value for buyers compared to areas such as Lancefield, Romsey and Gisborne. Residential real estate in the Macedonian ranges generally has a higher final price, but it There's value in the lower-to-middle end in these markets, ”Watson said.
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