REIV Research analyses several market indicators from various sources including PropertyData, the ABS and the RBA.
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The RMX for Victoria rose by 0.3 per cent to 146.5 over the four weeks to 18th August 2024.
The House price index went down by 1.2 per cent to 155.7 over the same period while the Unit index saw a decrease of 3.5 per cent to 133.5.
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There were 2,648 reported auctions in July 2024 with 1,971 of these sold representing a clearance rate of 74.4 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.
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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 43 days on market, one day more than previous month. For regional Victoria, the median days on market is 60 days, same as previous month.
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Victoria’s vacancy ratestayed at 2.2 per cent in July 2024.
The proportion of vacant properties in metro Melbourne remained unchanged at 2.2 per cent and it also stayed at 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 August 2024, the cash rate remained unchanged at 4.35 per cent.
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The total number of building approvals in June 2024 decreased by 13.5 per cent compared to previous month in seasonally adjusted terms, with approximately 3,840 dwelling units approved.
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