13 September 2023

About the Victorian Property Sales Report

The aim of the Victorian Property Sales Report is to present factual information relating to property sales occurring throughout Victoria over a period of 15 months.

The Victorian Property Sales Report provides the most comprehensive quarterly property data available. It represents 93 per cent of settled sales across the state and is based on official Notices of Acquisition.

Valuer-General Victoria commentary

Valuer-General Victoria has provided commentary for the March 2023 quarter – released September 2023.

The figures for the quarter are preliminary and represent 93 per cent of expected settled sales.

Highlights include:

Median house price in Victoria

  • Decreased by 3.9 per cent from $770,000 to $740,000 in the March 2023 quarter, having increased by 2.7 per cent in the previous quarter (September 2022 to December 2022).

Median price of units in Victoria

  • Decreased by 3.4 per cent from $590,000 to $570,000 in the March 2023 quarter, having showed no change in the December 2022 quarter.
  • The median price of units in Victoria for the March 2023 quarter was lower than the median price of houses.

Melbourne median house price

  • Decreased by 6.1 per cent to $840,000 in the March 2023 quarter and the median unit price decreased by 3.3 percent to $588,000.
  • For the 12 months to March 2023, median sales prices in metropolitan Melbourne decreased by 6.7 per cent for houses and 6.7 per cent for units.

Country Victoria

  • The median house price in country Victoria decreased by 1 per cent, to $570,000
  • Units increased by 1.2 per cent to $415,000.
  • Over the 12 months to Marchr 2023, median sale prices in country Victoria decreased by 2.6 per cent for houses and units showed no change.
  • Of the 782 listed Victorian locations, 200 had median house price increases for the March 2023 quarter compared to 260 in the December 2022 quarter.
  • Seven localities recorded no change, 213 showed a decrease and 331 had insufficient sales.

Number of house sales

  • The highest number of house sales for the quarter was 257 in Tarneit.
  • There were 15 locations with 100 or more sales in the March 2023 quarter.

The Victorian Property Sales Reports are available on the Property sales statistics page.

Page last updated: 14/09/23