Market Overview
-1.0%
RMX Change
The REIV Residential Market Index (RMX) for Victoria fell by 1.0 per cent to 154.6 over the four weeks to 14th April 2024.
The House price index went down by 2.0 per cent to 163.0 over the same period while the Unit index saw an increase of 2.4 per cent to 139.3.
73%
Clearance Rate
A clearance rate of 73.1 per cent was recorded in March 2024. The rolling 12-month clearance rate is 74.4 per cent.
4.2k
Reported Auctions
There were 4,180 reported auctions and 3,057 properties sold by auction in March 2024.
45
Days on Market
Private listings in Victoria took 45 days on market to sell in March 2024.
Properties in metro Melbourne spent 40 days on market, one day fewer than previous month.
For regional Victoria, the median days on market is 60 days, four days fewer than previous month.
2.2%
Vacancy Rate
Victoria's vacancy rate stayed at 2.2 per cent in March 2024.
The proportion of vacant properties in metro Melbourne went down to 2.1 per cent while it rose to 2.2 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 4,180 reported auctions in March 2024 with 3,057 of these sold representing a clearance rate of 73.1 per cent. There were a total of 36,722 reported auctions in Victoria in the past 12 months, with a 74.4 | per cent clearance rate.
There were an estimated 12,405 house and unit sales transacted in Victoria in March 2024, and 133,609 sales in the past 12 months. Based on these estimates, the share of auctions sold as a percentage of overall sales was 20.5 per cent in the 12 months to March 2024.
The REIV Residential Market Index (RMX) for Victoria fell by 1.0 per cent to 154.6 over the four weeks to 14th April 2024. The House price index went down by 2.0 per cent to 163.0 over the same period while the Unit index saw an increase of 2.4 per cent to 139.3.
Victoria's vacancy rate stayed at 2.2
2 per cent in March 2024. The median rent in metropolitan Melbourne for houses and units remained stable at $570 and $550 per week, respectively. The median rent for regional houses was also unchanged at $460 per week while it went down to $373 per week for regional
units.
