Bendigo and Ballarat emerge as national hotspots as supply constraints push buyers toward pre-market channels
Buyers in regional Victoria are increasingly pursuing off-market property transactions as tight supply conditions continue to drive competition in Bendigo and Ballarat, according to data from PropApp.
Figures from the Cotality Home Value Index show dwelling values in Bendigo rose approximately 12.6% over the past year, while Ballarat recorded annual growth of around 11.4%, driven by demand from local buyers, interstate relocators and investors returning to regional markets.
"Both cities continue to operate in low-supply conditions, with total advertised stock sitting 20% to 25% below pre-COVID levels, and new listings struggling to keep pace with buyer enquiry," said Zac Burd, founder of PropApp.
"Days on market have tightened in line with rising competition with trend data showing Bendigo homes selling in roughly 25 days, while Ballarat properties are averaging around 28 days, well below long-term norms."
Total advertised stock across both markets remains 20% to 25% below pre-COVID levels, with new listings unable to keep up with buyer demand. The time it takes to sell a property has contracted sharply, with Bendigo homes transacting in roughly 25 days and Ballarat properties averaging approximately 28 days.
"Regional Victoria has become one of the most fiercely contested markets in the country," Burd (pictured right) said. "Buyers in Bendigo and Ballarat are realising that if they wait for a property to hit the major portals, they're already behind. Off-market opportunities are giving them a critical head start and, in many cases, they're the only way to secure a property without entering a bidding war."
"We're seeing strong demand from local buyers, Melbourne movers and investors all competing for the same limited pool of quality homes. Off-market channels are becoming essential because they offer earlier access, less competition and more transparent negotiation."
Burd added that the trend is expected to persist through 2026. "We expect off-market activity in regional Victoria to continue rising through 2026 as competition remains strong and supply struggles to keep pace," he said.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
