’25-30 calls a day’: Regional city buyers’ agents swarm – realestate.com.au

An attractive combination of affordable detached homes, a tight rental market and a diverse economy has fueled huge demand in a historic gold rush town not far from Melbourne.

Melbourne’s property market has lagged behind other capital cities for several years, with recent forecasts from realestate.com.au expecting growth of between 5 and 7% by 2026.

But it’s a very different story a few hours away, with the regional city of Bendigo in the midst of a property market boom – and local estate agents say the influx of demand from interstate buyers’ agents continues to drive up competition.

Bendigo Real Estate’s Nekti Tzouroutis said late last year he was receiving dozens of calls a day from buyer’s agents looking for high-yield properties for clients.

“There’s been a lot of demand coming through buyers’ agents over the last 15 months, but when we got through the early to middle of last year it was hot. Demand was definitely hot,” Mr Tzouroutis told realestate.com.au.

“Personally, I was getting 25 to 30 calls a day from different buyer’s agents across the country.”

Additional demand from first-home buyers benefiting from extensive government support has further fueled competition, he said. The 5% deposit scheme, previously limited to 35,000 first home buyers per year, was lifted in October last year.

“Anyone who made a purchase early last year has already seen very, very, very good growth over the last 12 months,” Tzouroutis said.

“The Bendigo market, in my opinion, will be as vibrant over the next six to 12 months as it has been over the last 12 to 15 months.”

Analysis of PropTrack data shows that four of Victoria’s five best-performing suburbs were in the Bendigo region in the December quarter, with house prices in California Gully, Ironbark and North Bendigo recording double-digit growth in just three months, and around 20% over the year.

Top performing suburbs in Victoria

Nationally, the best-performing suburbs in the December quarter were largely concentrated in Western Australia and Queensland, with affordability pressures pushing many buyers to choose units over detached homes.

Andrew Murphy from Bendigo Ballarat Real Estate said strong demand continued into the new year.

“We saw a lot of activity in our market in 2025 with buyer advocates purchasing properties on behalf of investors, and that has continued into early 2026,” he said.

Dozens of buyers inspected this Bendigo villa during its first opening in January. The property is under offer. Image: realestate.com.au/sold

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He pointed to a listing in the Bendigo suburb of Flora Hill, where 25 groups attended the first open day. Several bids were received on the day and the two-bedroom villa at 1/12 Retreat Road is now on offer.

“It was priced under $400,000, so it’s an affordable price in Flora Hill.”

According to PropTrack, unit values ​​in Flora Hill have increased 15% over the past 12 months to an average of $445,000. Home prices also rose 15% to $592,000.

Mr. Murphy noted that the low vacancy rate is a draw for investors. According to PropTrack, the vacancy rate for the Bendigo region in December was 1.43%, which is less than half of the 3% considered to indicate a balanced and healthy rental market.

Renovated character homes near the Bendigo CBD remain out of reach for first home buyers using a government guarantee. Image: realestate.com.au

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The affordable end of the market is where the most pressure is being felt, he said, pointing to price caps for first-home buyers accessing the government guarantee scheme, which in regional Victoria is $650,000.

“First home buyers with the grant are looking at properties up to $650,000, and we are seeing buyer advocates with investors up to around $700,000,” he said.

“Inventory levels in those types of price ranges are quite low, so there is high demand and low inventory, so buyers have to compete for properties in that price range.”

Investors are looking for detached homes

Despite recent growth, Melbourne-based buyer’s agent Cate Bakos said detached houses in regional cities such as Bendigo continue to offer a much more affordable entry point compared to the capital.

“If you’re looking at a price below $600,000, and you want a home that’s within commuting distance of a capital city, but also in an established city in its own right, and with all the amenities that come from a major regional city, Bendigo and Ballarat are certainly viable options by the way,” she said.

‘In these markets you can get houses for under €600,000, and rental yields are also better than those in the capital.’

Melbourne buyer advocate Cate Bakos said Bendigo is a viable option for buyers looking for a detached home in the sub-$600,000 price range.

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But she warned that not every home is investment grade, with some interstate buyer’s agents purchasing properties on behalf of clients without them seeing it.

“You’re seeing tremendous demand and for some buyers, their buyers’ agents aren’t necessarily inspecting in person, but relying on agent videos.

“If they are not inspected in person and the buyer’s agent is not familiar with the area, there is a huge risk that the buyer will buy in a not-so-great area, or buy a property that is not very suitable as a rental property.”

Character properties close to the city center are popular with lifestyle buyers and investors looking for short-term accommodation. Image: realestate.com.au

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As investors and first home buyers push into the more affordable end of the market, local agent Jen Wallace says the city’s heritage architecture, good schools and food and arts scene are also drawing families and young professionals to the top end of the market.

“Bendigo has some beautiful heritage properties close to the city,” Ms Wallace said.

‘All around the cathedral and Girton Grammar [School] attracts many buyers.

“We’re central, we’re an hour from Daylesford, we’re an hour from Echuca, we’re two hours from Melbourne – the location is great. A lot of people come here for the lifestyle,” she said.

“Managing families, and we get a lot of physicians, lifestyle buyers or investors looking for prime properties with flexible long-term value.”

She said city center properties are becoming increasingly popular with investors looking for a property to rent out as short-term holiday accommodation.