Auction Market
There were 3,194 reported auctions in August 2023 with 2,406 of these sold representing a clearance rate of 75.3 per cent. There were a total of 31,961 reported auctions in Victoria in the past 12 months, with a 73.3 per cent clearance rate.
During the month, middle Melbourne recorded the highest number of auctions and clearance rate with 1,256 auctions and 78.1 per cent of them sold. Inner Melbourne followed with 990 auctions and 72.6 per cent clearance rate; while outer Melbourne sold 76.0 per cent from 847 auctions. Regional Victoria had 101 auctions with 61.4 per cent selling.
The local government areas of Glen Eira (221), Monash (213), Boroondara (209), and Darebin (179) had the highest number of auctions for the month.
At the suburb level, Reservoir had the highest number of reported auctions for the month, with 74 reported auctions, followed by Glen Waverley (48) and Craigieburn (43). Reservoir had the highest number of properties sold by auction (49), followed by Glen Waverley (44) and Mount Waverley (36).
Three suburbs recorded 100 per cent clearance rate over the month (with at least 10 listings), led by Ferntree Gully with 16 listings.
It should be noted that the REIV continues to receive results several weeks after the date of auction which may lead to revisions in auction data.
Rental Market
Victoria's vacancy rate stayed at 2.2 per cent in August 2023.
The vacancy rate across metropolitan Melbourne continued to rise to 2.3 per cent over the month. It was unchanged at 1.5 per cent for outer Melbourne while middle Melbourne saw another decrease to 2.5 per cent. Inner Melbourne's vacancy rate rose to 2.4 per cent.
Regional Victoria's vacancy rate fell to 2.2 per cent in August 2023. The vacancy rate in the Ballarat region remained unchanged at 1.9 per cent for four consecutive months while it went down to 3.0 per cent for Geelong region. Bendigo region saw its vacancy rate rising again to 2.2 per cent.
The median rent in metropolitan Melbourne for houses continued to rise to $550 per week, while it stayed at $500 per week for units for three consecutive months. The median rent for regional houses rose to $450 per week and it went down to $350 per week for units over the month.
Median weekly rent for houses in the Ballarat and Bendigo region saw increases to $400 and $450 respectively. Rental houses in the Geelong region recorded a first decrease in their median rents after six months to $470 per week.
