REIV Research analyses several market indicators from various sources including PropertyData, the ABS and the RBA.
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The RMX for Victoria fell by 0.1 per cent to 152.5 over the four weeks to 8th December 2024.
There were 4,509 reported auctions and 3,226 properties sold by auction in November 2024, resulting in a clearance rate of 71.5 per cent.
It should be noted that the REIV continues to receive results several weeks after the date of auction which may lead to revisions in auction data.
The median number of days it takes to sell a residential property in different regions of Victoria, for private sales.
Private listings in Victoria took 47 days on market to sell in November 2024.
Victoria’s vacancy rate remained unchanged at 2.3 per cent in November 2024.
According to the RBA, inflation has fallen substantially since its peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance. The central forecasts are for inflation to return to the target range of 2–3 per cent in 2025, and to the midpoint in 2026.
Following the Reserve Bank meeting in November 2024, the cash rate remained unchanged at 4.35 per cent.
The total number of building approvals in October 2024 saw an 8.9 per cent increase compared to previous month in seasonally adjusted terms, with approximately 5,282 dwelling units approved.