With another RBA cash rate decision pending next week, its a good time to take a snapshot of the Victorian property market so far this year.
The Real Estate Institute of Victoria apply a Residential Market Index (RMX) to measure property price movement over time. As at 23 March 2025 the RMX was 162.10, dropping 1% from 23 February 2025. As an annual comparison, Victoria’s RMX was 165.50 as at the 23rd March, 2024.
According to the REIV, building approvals in January 2025 dropped 1.5% from December, in seasonally adjusted terms. There were 4,417 building approvals granted in January 2025, a 14.75% increase over the twelve month period to January 2024.
In an analysis of Victoria’s rental market, the vacancy rate dropped in February 2025 to 2.4% with stock remaining consistently low as fleeing investors see zero incentive to return to the market.
Victorian homes took longer to sell in February 2025, averaging 54 days on the market compared to January when they took just 47 days to sell. February marks the slowest turnover rate since September 2020 when properties in Victoria took an average of 67 days to sell.
Conversely, auction clearance rates in February 2025 peaked at 80.6%, the highest they’ve been all year and up significantly from 75.6% in February 2024.
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