Victorian property market holds firm in the face of Covid-19. 

Residential prices     Housing demand     Rental Market 

Residential Prices

The Victorian property market is resilient and this is evident in the price performance over recent months. While the pandemic has impacted transaction volumes in Victoria, property prices have held steady.

The June 2020 quarter median price for homes in metropolitan Melbourne exceeded historic figures with the median price for privately sold properties reaching record levels. Quarterly medians for Regional Victoria also recorded growth. Details below.

 



 

Monitor the Residential Market Index (RMX) to understand price movements weekly or ​review the latest release of median price and rents for June Quarter 2020.


Demand for housing

Homes that went under the hammer have received great results over the year and the days it takes to sell a privately listed property remain stable.

The auction market has been performing well, outside of June 2020, the monthly clearance rate in Victoria had been above 70% since July 2019. For private sales, it took a typical home in Victoria about 35 days to sell in July, quicker compared to the month prior and two weeks faster than same time last year. This significant drop in the time it takes to sell a property can partially be attributed to auctions that were converted to private sales prior to re-tightened restrictions introduced in early July. 
 


 


Rental Market

House rents in metropolitan Melbourne have performed well, consistently growing over the quarter and the year. Weekly rents for units and apartments remained steady in the area, but had a solid performance for regional Victoria, which increased over the year by 7.5%.



 

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Member Resources

Members can access helpful reports and resources including the latest quarterly median price release, monthly research bulletin and LGA snapshots. Find out more

Residential Market Index

Understand Victorian price movements weekly, observe how tightened restrictions will impact prices of homes in the coming weeks.  Find out more

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