Property sales across Victoria slumped by nearly 10 per cent in the past year, with some outer suburbs seeing a 25 per cent freefall in sales.

The latest State Revenue Office stamp duty numbers show just over 201,000 properties changed hands in Victoria in 2018-2019, down from 221,000 the previous year.

The real estate sales slump has punched a billion-dollar hole in Victoria’s budget bottom-line although the state government says the signs are more hopeful for the coming year.

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The sales drought hit the growing suburbs around Cranbourne in the city’s south-east hard with 1200 fewer sales reported in 2019 than the previous year, a fall of more than 27 per cent.