Market Overview
+6.4% 74%
RMX Change
The REIV Residential Market Index (RMX) for Victoria rose by 6.4 per cent to 163.3 over the four weeks to 12th May 2024.
The House price index went up by 6.8 per cent to 174.2 over the same period while the Unit index saw an increase of 7.4 per cent to 149.0.
Clearance Rate
A clearance rate of 73.9 per cent was recorded in April 2024. The rolling 12-month clearance rate is 74.3 per cent.
3.1k
Reported Auctions
There were 3,144 reported auctions and 2,322 properties sold by auction in April 2024.
47
Days on Market
Private listings in Victoria took 47 days on market to sell in April
2024.
Properties in metro Melbourne spent 41 days on market, one day more than previous month.
For regional Victoria, the median days on market is 64 days, four days more than previous month.
2.1%
Vacancy Rate
Victoria's vacancy rate went down to 2.1 per cent in April 2024.
The proportion of vacant properties in metro Melbourne stayed at 2.1 per cent while it fell to 2.1 per cent for regional Victoria over the month.
Market Overview
Following the Reserve Bank meeting in May 2024, the cash rate remained unchanged at 4.35 per cent.
There were 3,144 reported auctions in April 2024 with 2,322 of these sold representing a clearance rate of 73.9 per cent. There were a total of 37,171 reported auctions in Victoria in the past 12 months, with a 74.3 | per cent clearance rate.
There were an estimated 10,730 house and unit sales transacted in Victoria in April 2024, and 135,293 sales in the past 12 months. Based on these estimates, the share of auctions sold as a percentage of overall sales was 20.4 per cent in the 12 months to April 2024.
The REIV Residential Market Index (RMX) for Victoria rose by 6.4 per cent to 163.3 over the four weeks to 12th May 2024. The House price index went up by 6.8 per cent to 174.2 over the same period while the Unit index saw an increase of 7.4 per cent to 149.0.
Victoria's vacancy rate went down to 2.1 per cent in April 2024. The median rent for metro houses reached a new record high with $580 per week while it remained stable at $550 per week for metro units. The median rent for regional houses was unchanged at $460 per week for five consecutive months while it also hit the all-time high at $395 per week for regional units.
