Transactions
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 number of residential sales in Victoria in the past 12 months ending February 2024 were down by 0.1 per cent compared to previous year. Inner East metro region saw the biggest growth over the year with 7.1 per cent.
In January 2024, there were approximately 7,336 new housing finance commitments for owner-occupiers in Victoria. This is an increase of 15.9 per cent from January 2023.
The total number of building approvals in January 2024 decreased by 9.8 per cent compared to previous month in seasonally adjusted terms, with approximately 3,651 dwelling units approved. There were 51,068 dwelling units approved in the past 12 months to January 2024 for Victoria.
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.
Homes in inner Melbourne managed to cut down their selling time by 8 days over the month while middle and outer Melbourne saw an increase of 8 and 2 days, respectively.
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.
