Housing prices across the city and the Central Victorian region seem to be dropping according to the latest real estate data from Core Logic.
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The locations which saw the biggest drop in median housing prices included North Bendigo, Loddon, Castlemaine, Kyneton and White Hills.
North Bendigo saw a drop of nearly 20 percent in value equating to the average house price falling by nearly $120,000.
Despite the drop in house prices, certain locations are still close to the million dollar mark for a property, with Woodend and Kyneton still far more expensive than most suburbs in the Bendigo area.
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Meanwhile in the city, Maiden Gully and Strathfieldsaye were the most expensive areas to but in during July 2023 with an average price per property of $813,818 and $763,857, respectively.
The cheapest suburbs in the Greater Bendigo area by comparison for July, 2023 were California Gully, Eaglehawk, Kangaroo Flat and Golden Square will all four neighbourhoods selling houses for under $500,000.
The local housing market has reacted positively to the Reserve Bank holding interest rates for the second time in a row, agents say.
"That's the sort of news the market's wanting to hear, that gives buyers the confidence to buy and vendors the confidence to put their place on the market," Martin Skahill of Elders said.
"Certainly you have periods where you do see the market slow down, as we have with the recent interest rate rises."
But he thinks the disincentive of interest rate rises only delay transactions taking place, rather than stopping them.
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