Transactions
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.
The number of residential sales in Victoria in the past 12 months ending December 2023 were down by 4.9 per cent compared to previous year. Melbourne CBD saw the biggest growth over the year with 3.3 per
cent.
In December 2023, there were approximately 8,996 new housing finance commitments for owner-occupiers in Victoria. This is a decrease of 7.9 per cent from December 2022.
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.
Homes in middle Melbourne saw the biggest improvement on their selling time with 4 days while inner and outer Melbourne saw 2 days decrease over the month.
It should be noted that the REIV continues to receive results several weeks after the sold data which may lead to revisions in transactional data.
The total number of building approvals in December 2023 decreased by 18.4 cent compared to previous month in seasonally adjusted terms, with approximately 4,075 dwelling units approved. There were 51,045 dwelling units approved in the past 12 months to December 2023 for Victoria.
