Transactions
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 number of residential sales in Victoria in the past 12 months ending April 2024 were up by 7.2 per cent compared to previous year. Outer West metro region saw the biggest growth over the with 13.7 year per cent.
In March 2024, there were approximately 8,145 new housing finance commitments for owner-occupiers in Victoria. This is a decrease of 0.8 per from March 2023.
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The total number of building approvals in March 2024 increased by 3.2 per cent compared to previous month in seasonally adjusted terms, with approximately 3,980 dwelling units approved. There were 51,291 dwelling units approved in the past 12 months to March 2024 for Victoria.
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.
The selling time for homes in outer Melbourne has remained stable at 39 days for three consecutive months while inner and middle Melbourne saw an increase of 1 day.
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.
