Bendigo suburbs among state’s top growers

HUNTLY and Heathcote are two property markets expected to boom next year, according to the Well Home Loans Green Shoots Report.

The Greater Bendigo suburbs are among 20 Victorian metro and regional locations identified as showing the strongest price growth potential.

Huntly’s house market is ranked number one, while Heathcote came in at number 10.

Well Home Loans CEO Scott Spencer said all suburbs in the list are reasonably affordable for the average family.

“The Well Home Loans Green Shoots Report doesn’t actively search for affordable locations, but, in a nice coincidence, most of the suburbs on this list would be accessible to the average family, with asking prices ranging from $290,000 to under $730,000.”

The report lists suburbs’ price growth, inventory levels and days on market based on data from property research consultancy Suburbtrends.

Houses in Huntly are being snapped quicker than anywhere in the state, spending just 22 days on the market, down from 29 days in July.

Huntly’s inventory level in October dropped almost 70 per cent from July, down from seven months to just over two, meaning all of the suburbs current listings would be off the market in two months.

According to Well Home Loans, a lower inventory level will generally see vendors raise the price of properties. The median asking price in Huntly has risen from just under $390,000 in July to just over $400,000.

Indicators in Heathcote have followed a similar trend, with inventory level down from 4.8 months to 3.4, days on market dropping from 68 days to 66 days and median asking price rising from $425,000 to $450,000.

Mr Spencer said the Well Home Loans Green Shoots Report provides a comprehensive guide for first home buyers, investors, and property developers.

“The standout feature about this quarterly report is that it focuses on leading indicators, which give a guide to the future, rather than lagging indicators, which tell you about the past,” he said.

“The key leading indicators are inventory levels and days on market, which tell you about the balance between supply and demand. When those two indicators are falling, it means buying conditions are becoming harder, which suggests prices are likely to rise in the months and even years ahead.”

Of course, there are other factors to consider when making buying decisions.

“The Well Home Loans Green Shoots Report is one piece of the puzzle, but it’s not the entire puzzle,” Mr Spencer said. “Do your research and seek professional advice.”

“Also, before you start attending open homes, it’s generally a good idea to get a pre-approval first, whether from Well Home Loans or a mortgage broker. That way, you’ll know what your budget is and you’ll be able to move fast if you find your dream home.”