The favourable market conditions continue to boost the demand for dwellings in the Greater Bendigo Region and the Macedon Ranges, according to the latest Herron Todd White report.

James Watson, a local valuer at HTW, said that the two regions have a strong exposure from both local and non-local buyers who were encouraged by the low interest rates and economic growth.

"Housing supply within the Bendigo CBD has become very limited in recent months due to significant growth in demand for housing and competing buyers," he said.

Other areas like Elmore and Goornong, which have historically received less attention from non-local buyers due to their distance from Bendigo major services and infrastructure, are becoming popular among buyers.

"Homebuyers are more willing to move further away in their quest for more affordable housing," Watson said.

A property in Raywood, for instance, was able to get off the market eight days after being listed at above the asking price. The average selling period for Raywood, which is considered a less sought-after location, is about six months, Watson said.

The housing market in the Macedon Ranges is also receiving a surge in demand, driven by expats and relocators from Melbourne.

"Macedon holds strong value for money for buyers compared with areas such as Lancefield, Romsey and Gisborne. Residential property in the Macedon ranges generally has a higher end price point, however there is value in the lower to medium end in these markets," Watson said.