Transactions
There were an estimated 13,527 house and unit sales transacted in Victoria in August 2023, and 125,738 sales in the past 12 months. Based on these estimates, the share of auctions sold as a percentage of overall sales was 17.4 per cent in the 12 months to August 2023.
In July 2023, there were approximately 7,895 new housing finance commitments for owner-occupiers in Victoria. This is a decrease of 18.1 per cent from July 2022.
The total number of building approvals in July 2023 decreased by 26.4 per cent compared to previous month in seasonally adjusted terms, with approximately 3,889 dwelling units approved. There were 54,171 dwelling units approved in the past 12 months to July 2023 for Victoria.
Private listings in Victoria took 35 days on the market to sell in August 2023. Properties in metro Melbourne spent 33 days on the market, three days fewer than the previous month. For regional Victoria, the median days on the market are 46 days, five days fewer than previous month.
Inner Melbourne homes managed to cut another three days over the month, bringing their selling time to 37 days - the lowest since May 2021. Both middle and outer Melbourne homes also shortened their days on the market by one day to 36 and 30 days respectively.
Commercial Market
Capital values in the commercial office space fell by 10.0 per cent to $5,955/sqm in August 2023. Net face rents increased by 5.2 per cent to $297/sqm. Net rental yields stayed at 5.0 per cent over the month.
Capital values for the industrial sector rose by 3.6 per cent to $3,015/sqm and net face rents went down by 14.3 per cent to $90/sqm. Net rental yields remained at 4.7 per cent in August 2023.
Capital values for the retail spaces went up by 8.5 per cent to $6,750/sqm and net face rents also saw a 7.9 per cent increase to $328/sqm. Net rental yields rose by 0.2 percentage points to 4.5 per cent over the month.
