Transactions
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 number of residential sales in Victoria in the past 12 months ending March 2024 were up by 3.3 per cent compared to previous year. Inner East metro region saw the biggest growth the over year with 11.1 per cent.
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.
Homes in middle Melbourne managed to cut down their selling time by 6 days over the month while inner and outer Melbourne saw an increase of 7 days and 1 day, respectively.
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.
In February 2024, there were approximately 7,586 new housing finance commitments for owner-occupiers in Victoria. This is an increase of 14.7 cent from February 2023.
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The total number of building approvals in February 2024 increased by 2.1 cent compared to previous month in seasonally adjusted terms, with approximately 3,786 dwelling units approved. There were 51,262 dwelling units approved in the past 12 months to February 2024 for Victoria.
