Market Overview
+1.9%
RMX Change
The REIV Residential Market Index (RMX) for Victoria rose by 1.9 per cent to 153.6 over the four weeks to 19th November 2023.
The House price index went up by 1.1 per cent to 162.6 over the same period and the Unit index saw a decrease of 0.6 per cent to 137.9.
73%
Clearance Rate
A clearance rate of 73.2 per cent was recorded in October 2023. The rolling 12-month clearance rate is 73.8 per cent.
4.3k
Reported Auctions
There were 4,265 reported auctions and 3,122 properties sold by auction in October 2023.
45
Days on Market
Private listings in Victoria took 45 days on market to sell in October 2023.
Properties in metro Melbourne spent 38 days on market, unchanged from previous month.
For regional Victoria, the median days on market is 56 days, one day more than previous month.
2.3%
Vacancy Rate
Victoria's vacancy rate stayed at 2.3 per cent in October 2023. The proportion of vacant properties in metro Melbourne remained at 2.4 per cent while it rose to 2.2 per cent for regional Victoria over the month.
Market Overview
Following the Reserve Bank meeting in November 2023, the cash rate has been increased by 25 basis points to 4.35 per cent.
There were 4,265 reported auctions in October 2023 with 3,122 of these sold representing a clearance rate of 73.2 per cent. There were a total of 33,887 reported auctions in Victoria in the past 12 months, with a 73.8 per cent clearance rate.
There were an estimated 13,920 house and unit sales transacted in Victoria in October 2023, and 128,743 sales in the past 12 months. Based on these estimates, the share of auctions sold as a percentage of overall sales was 19.4 per cent in the 12 months to October 2023.
The REIV Residential Market Index (RMX) for Victoria rose by 1.9 per cent to 153.6 over the four weeks to 19th November 2023. The House price index went up by 1.1 per cent to 162.6 over the same period and the Unit index saw a decrease of 0.6 per cent to 137.9.
Victoria's vacancy rate stayed at 2.3 per cent in October 2023. The median rent in metropolitan Melbourne for houses stayed at $550 per week for three consecutive months, while it rose to $520 per week for units. The median rent for regional houses went up to $460 per week while it saw another increase to $380 per week for units over the month.
