House prices have jumped by double digits over the past year in a string of inexpensive Victorian regional towns, as buyers seek more affordable options.

Last year’s rate cuts, strong local economies, tree-change demand and property investors have combined to push up prices in areas that largely remain under the $600,000 threshold.

Affordability and attractive investment returns have been driving home buyers and property investors to the regions or outer city fringes, with 25 outperforming hotspots emerging across the country.

Wodonga, Bendigo and the Shepparton region have been named among Australia’s best bets for those wanting to buy an affordable home that will set them up for life.

Analysis of property prices in Australia’s 30 largest regional cities has revealed a handful of places where prices are growing as fast, if not faster than the strongest capital city markets.

The Albanese and Allan Labor governments are giving Goulburn Valley passengers smoother and more reliable journeys – completing major track upgrades between Shepparton and Seymour.

Australia’s housing market reached a turning point during the first quarter of 2023, with house prices in the combined capitals increasing for the first time in a year. Despite the rise, current market conditions are more balanced between buyers and sellers, as the current pace of quarterly growth of 0.4% across the combined capitals is moderate compared to the historical average of 2.6%