Market Overview
+4.9% 75%
RMX Change
The REIV Residential Market Index (RMX) for Victoria rose by 4.9 per cent to 157.3 over the four weeks to 17th March 2024.
The House price index went up slightly by 1.5 per cent to 166.4 over the same period and the Unit index saw an increase of 6.0 per cent to 137.1.
Clearance Rate
A clearance rate of 75.4 per cent was recorded in February 2024. The rolling 12-month clearance rate is 74.7 per cent.
3.5k
Reported Auctions
There were 3,457 reported auctions and 2,608 properties sold by auction in February 2024.
47
Days on Market
Private listings in Victoria took 47 days on market to sell in February 2024.
Properties in metro Melbourne spent 41 days on market, two days more than previous month.
For regional Victoria, the median days on market is 64 days, four days more than previous month.
2.2%
Vacancy Rate
Victoria's vacancy rate stayed at 2.2 per cent in February 2024.
The proportion of vacant properties in metro Melbourne went down to 2.2 per cent while it remained at 2.1 per cent for regional Victoria over the month.
Market Overview
Following the Reserve Bank meeting in March 2024, the cash rate remained unchanged at 4.35 per cent.
There were 3,457 reported auctions in February 2024 with 2,608 of these sold representing a clearance rate of 75.4 per cent. There were a total of 35,687 reported auctions in Victoria in the past 12 months, with a 74.7 per cent clearance rate.
There were an estimated 15,358 house and unit sales transacted in Victoria in February 2024, and 139,071 sales in the past 12 months. Based on these estimates, the share of auctions sold as a percentage of overall sales was 19.2 per cent in the 12 months to February 2024.
The REIV Residential Market Index (RMX) for Victoria rose by 4.9 per cent to 157.3 over the four weeks to 17th March 2024. The House price index went up slightly by 1.5 per cent to 166.4 over the same period and the Unit index saw an increase of 6.0 per cent to 137.1.
Victoria's vacancy rate stayed at 2.2 per cent in February 2024. The median rent in metropolitan Melbourne for houses and units remained stable at $570 and $550 per week, respectively. The median rent for both regional houses and units was also unchanged at $460 and $380 per week, respectively, over the month
