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Overview

The 2023 revaluation outcome summary provides land information and valuation trends. This is a summary of the annual 2023 revaluation by Valuer-General Victoria (VGV).

Victoria's 3.33 million rateable and leviable properties were valued at $3.12 trillion at 1 January 2023. This compares with $2.99 trillion in 2022.

Aggregate data illustrates the value of rateable and non-rateable leviable property across the state.

This information includes:

  • annual comparison of the capital improved value
  • number of assessable properties against land use type for metropolitan Melbourne and regional Victoria.

Download the 2023 outcome summary:

Revaluations have been carried out annually since 2019. Prior to 2019, revaluations were completed in each of Victoria's 79 municipalities every 2 years.

2023 revaluation land use summary

  • 3.33 million properties
  • $2.00 trillion Site Value
  • $3.12 trillion Capital Improved Value
  • Residential Capital Improved Value increased by 0.4%
  • Commercial Capital Improved Value increased by 5.5%
  • Industrial Capital Improved Value increased by 18.6%
  • Rural Capital Improved Value increased by 17.8%

Breakdown by land use

Residential

  • 2.86 million properties
  • $1.53 trillion Site Value
  • $2.36 trillion Capital Improved Value

Commercial

  • 172,000 properties
  • $122 billion Site Value
  • $273 billion Capital Improved Value

Industrial

  • 93,000 properties
  • $89 billion Site Value
  • $154 billion Capital Improved Value

Rural

  • 163,000 properties
  • $194 billion Site Value
  • $236 billion Capital Improved Value

Past property valuation statistics

Other statistics by VGV

VGV also produces annual and quarterly property sales statistics.

Page last updated: 21/03/24