Market Overview
+4.4% 70%
RMX Change
The REIV Residential Market Index (RMX) for Victoria rose by 4.4 per cent to 144.7 over the four weeks to 11th February 2024.
The House price index went up slightly by 1.8 per cent to 163.0 over the same period and the Unit index saw an increase of 3.3 cent to 128.4.
per
Clearance Rate
A clearance rate of 70.4 per cent was recorded in December 2023. The rolling 12-month clearance rate is 74.4 per cent.
3.1k
Reported Auctions
There were 3,052 reported auctions and 2,149 properties sold by auction in December 2023.
43
Days on Market
Private listings in Victoria took 43 days on market to sell in January 2024.
Properties in metro Melbourne spent 38 days on market, two days fewer than previous month.
For regional Victoria, the median days on market is 59 days, one day more than previous month.
2.2%
Vacancy Rate
Victoria's vacancy rate went down to 2.2 per cent in January 2024. The proportion of vacant properties in metro Melbourne remained at 2.3 per cent while it also stayed at 2.1 per cent for regional Victoria
over the month.
Market Overview
Following the Reserve Bank meeting in February 2024, the cash rate remained unchanged at 4.35 per cent.
There were 3,052 reported auctions in December 2023 with 2,149 of these sold representing a clearance rate of 70.4 per cent. There were a total of 34,758 reported auctions in Victoria in the past 12 months, with a 74.4 clearance rate.
per cent
There were an estimated 11,382 house and unit sales transacted in Victoria in December 2023, and 132,377 sales in the past 12 months. Based on these estimates, the share of auctions sold as a percentage of overall sales was 19.5 per cent in the 12 months to December 2023.
per cent to
The REIV Residential Market Index (RMX) for Victoria rose by 4.4 144.7 over the four weeks to 11th February 2024. The House price index went up slightly by 1.8 per cent to 163.0 over the same period and the Unit index saw an
increase of 3.3 per cent to 128.4.
Victoria's vacancy rate went down to 2.2 per cent in January 2024. The median rent in metropolitan Melbourne for houses rose to $570 per week while it continued to rise to $550 per week for units. The median rent for both regional houses and units remained unchanged at $460 and $380 per week, respectively,
over the month.
