Overview of the Real Estate Market in Victoria from the REIV
Following the Reserve Bank meeting in March 2018, the cash rate was
left unchanged at 1.5 per cent, as it has been since August 2016.
The 2018 auction season has started and there were 3,154 auctions
held in February and 2,268 selling, a clearance rate of 71.9 per cent for
the month.

Victoria’s vacancy rate stands at 2.0 per cent in February 2018. The
weekly median rent for houses in metropolitan Melbourne remained
at $450 in February. In regional Victoria, the weekly median rent for
houses also remained stable, at $320 per week in February. The weekly
median rent for units remained at $420 per week in metropolitan
Melbourne while the median rent for units in regional Victoria fell to

In the four weeks to 11th March, the RMX rose by 13.0 per cent. This
recovery is typical following the usual seasonal dip in January. House
prices are up 3.1 per cent in the weeks leading to 11th March. For units,
the index has risen by 8.9 per cent in the weeks leading to the 11th
March and are now back to December 2017 levels.

There were an estimated 9,868 house and unit sales transacted
in Victoria in February 2018, and about 137,059 sales in the past 12
months. Based on these estimates, the share of auctions sold as a
percentage of overall sales was 24.2 per cent in the 12 months to
February 2017.