Market Overview
-1.7%
RMX Change
The REIV Residential Market Index (RMX) for Victoria fell by 1.7 per cent to 148.6 over the four weeks to 15th October 2023.
The House price index went down by 0.4 per cent to 158.8 over the same period and the Unit index saw a decrease of 0.7 per cent to 137.5.
73%
Clearance Rate
A clearance rate of 73.2 per cent was recorded in September 2023. The rolling 12-month clearance rate is 73.5 per cent.
3.5k
Reported Auctions
There were 3,479 reported auctions and 2,546 properties sold by auction in September 2023.
41
Days on Market
Private listings in Victoria took 41 days on market to sell in September 2023.
Properties in metro Melbourne spent 36 days on market, four days more than previous month.
For regional Victoria, the median days on market is 53 days, nine days more than previous month.
2.3%
Vacancy Rate
Victoria's vacancy rate went up to 2.3 per cent in September 2023. The proportion of vacant properties in metro Melbourne continued to rise to 2.4 per cent while it came down to 2.1 per cent for regional Victoria over the month.
Market Overview
Following the Reserve Bank meeting in October 2023, the cash rate remained unchanged at 4.10 per cent.
There were 3,479 reported auctions in September 2023 with 2,546 of these sold representing a clearance rate of 73.2 per cent. There were a total of 32,992 reported auctions in Victoria in the past 12 months, with a 73.5 per cent clearance rate.
There were an estimated 12,788 house and unit sales transacted in Victoria in September 2023, and 125,993 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 September 2023.
The REIV Residential Market Index (RMX) for Victoria fell by 1.7 per cent to 148.6 over the four weeks to 15th October 2023. The House price index went down by 0.4 per cent to 158.8 over the same period and the Unit index saw a decrease of 0.7 per cent to 137.5.
Victoria's vacancy rate went up to 2.3 per cent in September 2023. The median rent in metropolitan Melbourne for houses stayed at $550 per week, while it stayed at $500 per week for units for four consecutive months. The median rent for regional houses also remained unchanged at $450 per week while it went up to $370 per week for units over the month.
