Melbourne Real Estate Listings on the Rise

The number of properties for sale in Melbourne has increased by 9.2 per cent over the past 12 months, giving real estate buyers more choice in the Victorian capital.

New figures published by RP Data for the week ending May 5 revealed that 39,985 properties have been listed for sale in Melbourne – including 8,219 new listings.

Melbourne real estate, according to the numbers, showcased the strongest 12-month change of any Australian capital city – Darwin ranked in second with an annual growth of 4.2 per cent. By contrast, Sydney showed a 9.8 per cent drop over the same period and the combined 12-month average for all Australian capital cities slipped by 2.1 per cent.

Last week, figures from the Real Estate Institute of Victoria (REIV) revealed transaction levels in the state are higher than they were at the same time last year – but still lower than their averages over the medium term.

For example, the REIV noted that while approximately 7,100 real estate sales took place across Victoria during the month of April, this is lower than the five-year average of 9,400. It is, however, higher than last April's figure of 6,800.