THE value of the average house in regional Victoria increased by 7 per cent last year, according to the latest figures from the Real Estate Institute of Victoria.

The REIV's 2009 Regional Victoria Property Update shows that the average  price of a house in regional Victoria was $276,000, or $18,000 more than the  previous year.

The median  price of a house in the City of Bendigo  increased by 6.2 per cent and  6.1 per cent in the City of Ballarat.