The Regional Victoria market continued to improve in 2023, following the lead from Melbourne, although not rising as dramatically as the capital city has recently.
As the year wore on, Regional Victoria built on the recovery evident in mid-year, with the number of rising locations almost doubling in the second half of 2023.
Two-thirds of locations have positive trends with their sales activity, which means buyer demand, although some locations have been slow to join the overall theme of revival and growth.
To put the Regional Victoria market into perspective, the 66% of locations with positive trends is a solid performance, but well short of Melbourne (87%), Brisbane (85%), Regional Queensland (76%) and Regional South Australia (74%).
Geelong continues to be a market leader in Victoria, with most of its suburbs on board with the state’s recovery, led by locations such Armstrong Creek and Charlemont.
Bendigo has an equally positive market, with strong buyer demand for affordable suburbs like Eaglehawk which has a median house price $515,000 – a price level that’s impossible to find in the Greater Melbourne area.
