Data insights for your locality - December Quarter 2023

Date: 7 Feb 24

As 2023 drew to a close, multiple municipalities around Victoria recorded impressive numbers, with both units and houses showing sustained growth. Consumer confidence in the market continues to stabilise.

From Melbourne’s beachside suburbs right through the inner city into the western municipalities, units and apartments proved popular with the City of Melbourne demonstrating the highest annual growth in median weekly rents. The City of Moonee Valley had the highest increase in sale price across Melbourne metro for units and apartments at a 13.2 per cent increase over the final three months of 2023. Meanwhile, down by the beach in the City of Bayside, units recorded the most expensive median price in the entire state, being the only municipality with a median unit price over $1 million. 

Buyer interest remained strong as the City of Monash, located in the south-eastern suburbs, recorded the best house price growth over the last year at 4.9 per cent with the highest number of sales in the competitive auction market. In Regional Northern Victoria, house prices in northwestern town Buloke have quadrupled in price since 2018, whilst Broadford and Mansfield were both in the top 10 quickest towns to sell across regional Victoria.