28 April 2025 The government has introduced mandatory new owners corporation fee notices that provide information and advice to owners and residents facing financial hardship. Effective immediately, owners corporation managers must use updated notices that clearly outline options for payment plans, access to dispute resolution services, and financial counselling support. A dedicated phone line for...
04 April 2025 The median house price rallied in metropolitan and regional Victoria over the March 2025 quarter, with 2.7 and 1.2 per cent increases, respectively. This rebound follows respective declines of 2.0 and 1.3 per cent over the December 2024 quarter. Combined with modest growth in median unit and apartment prices of 0.9 and 2.1 per cent across metropolitan and regional Victoria...
12 March 2025 REIV’s latest vacancy rate report for February 2025 shows that median weekly rents for units in the metropolitan region have matched their house counterparts for the first time, at $581 per week. The growth in weekly rents for units has outpaced houses over the past year. The median rents for metro houses have remained unchanged at $580 since November 2024, went up slightly from $570...
05 March 2025 Infrastructure Victoria has released a report that calling for stamp duty reform. REIV CEO Kelly Ryan provided commentary on the in-depth report, noting, “As a long-time advocate for property tax reform, the Real Estate Institute of Victoria (REIV) welcomes Infrastructure Victoria’s findings regarding the negative impacts of stamp duty on housing affordability made in its...
26 February 2025 After community consultation, the Victorian Government has announced significant changes to its housing targets. This includes sizeable reductions in the approval targets applied to metropolitan councils. Local councils were engaged around their growth capacity and limitations. Key industry stakeholders were also consulted. Communities expressed concerns about housing targets and...
20 February 2025 A fake rental scam has resurfaced as prospective renters are targeted with fraudulently modified rental listings on social networking sites. Reports indicate that scammers copy genuine listings and share them with altered rents, tenancy conditions, and contact details to appear legitimate. The REIV urges renters seeking properties on social networking sites, to check before you...
12 February 2025 The latest Residential Tenancies Bond Authority (RTBA) Annual Report for 2023-24 highlights key shifts in Victoria’s rental market. As of 30th June 2024, the total number of bonds held declined by 0.9%, while their total value increased by 5.2%, indicating rising rental prices. The median tenancy duration also grew, with active bonds averaging 732 days, up from 679 days in 2023,...
20 January 2025 Units and apartments in Melbourne’s outer suburbs were in high demand with the median price growing 1.5 per cent in 2024 to $600,000. Suburbs in the Yarra Ranges, joined the million-dollar club with Launching Place and Yarra Glen landing median house prices of $1,080,000 and $1,377,500, respectively. Melbourne’s leafy suburbs continued their steady growth, with half of the...
15 January 2025 Homes Victoria has released its Rental Report for the September 2024 quarter. It provides insight into the private rental market in Victoria through key statistics. The rental market experienced notable shifts in the last quarter, marked by rising rents in metropolitan areas, a decline in new lettings, and increased borrowing for property investment. Regional and metropolitan...
15 January 2025 In December 2024, the Victorian Government announced changes to the congestion levy for parts of inner Melbourne, coming into effect from January 2026. The levy acts act to reduce traffic congestion in central Melbourne by encouraging motorists to use public transport more often. The congestion levy is a tax designed to reduce traffic congestion in central Melbourne by discouraging the...