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 1.6 per cent to 149.4 over the four weeks to 14th July 2024.
The House price index went down by 2.2 per cent to 158.5 over the same period while the Unit index saw an increase of 3.9 per cent to 139.9.
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There were 3,563 reported auctions in June 2024 with 2,562 of these sold representing a clearance rate of 71.9 per cent. There were a total of 39,323 reported auctions in Victoria in the past 12 months, with a 73.5 per cent clearance rate.
Craigieburn had the highest number of reported auctions for the month, with 62 reported auctions, followed by Reservoir (51), Mount Waverley (48), and Glen Waverley (47).
Craigieburn also recorded the highest number of properties sold by auction (48), followed by Glen Waverley and Mount Waverley with 39 auction sales in each.
Three suburbs recorded 100 per cent clearance rate with at least 10 auctions over the month, led by Wantirna South with 16 listings. The other two suburbs were Blackburn and Murrumbeena with 10 listings in each.
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.
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The median number of days it takes to sell a residential property in different regions of Victoria, for private sales.
Properties in metro Melbourne spent 42 days on market, one day more than previous month. For regional Victoria, the median days on market is 61 days, one day more than previous month.
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Victoria’s vacancy rate stayed at 2.2 per cent in June 2024.
The proportion of vacant properties in metro Melbourne remained unchanged at 2.2 per cent and it went back to 2.1 per cent for regional Victoria over the month.
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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.
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Following the Reserve Bank meeting in June 2024, the cash rate remained unchanged at 4.35 per cent.
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The total number of building approvals in May 2024 was unchanged compared to previous month in seasonally adjusted terms, with approximately 4,478 dwelling units approved. There were 52,449 dwelling units approved in the past 12 months to May 2024 for Victoria.
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