Market Update 2024 – Winter Guide

June 14, 2024

As we approach the halfway mark of 2024, we are excited to share some great news with you. The market has been vibrant, with a notable increase in transactions compared to this time last year, and rental demand remains strong.

While some forecasts predict slower growth in Victoria compared to other states, they are optimistic about the potential impact of anticipated interest rate cuts to further energize the market.

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Rental Report StatisticS Q1 2024

The March quarter 2024 Rental Report indicates that over the previous quarter the median rent has strongly increased by $30 in metropolitan Melbourne to $560 per week ($15 increase in the December quarter 2023), and steadily increased by $15 in regional Victoria to $445 per week.

Rental Report Take-aways

In metropolitan Melbourne, the number of new lettings has decreased by 12.6% since the March quarter 2023.

The quarterly turnover rate for metropolitan Melbourne was 9.2%, higher than the rate in the March quarter 2023 (7.8%).

In Metropolitan Melbourne, the proportion of affordable new lettings decreased to 6.3% in the March quarter 2024. This rate compares with 8.6% in the December quarter 2023 and 7.1% in the March quarter 2023.

(Source: dffh.vic.gov.au)

Categories: Buy, Sell, Lease

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