Crime Statistics Agency data released on Thursday shows more than 164,100 victims of crime were recorded in Victoria in the past 12 months, down from 38,300 in 2017.
The state reported its lowest number of unique victims since 1993, when the police database known as the law enforcement assistance program was introduced.
Residential burglaries and overall thefts in the past 12 months were the lowest on record since at least 1993.
Criminal offences dropped more than 10 per cent to 469,500, largely because fewer people breached Chief Health Officer directions.
The number of criminals obtaining property by deception and possessing drugs also declined.
Some 19,930 homes were burgled in the past 12 months, down from 15,570 in 2017.
"Aggravated" burglaries - meaning residents were home at the time - were up by more than 300 on last year.
Police attributed the increase to people working from home, being home sick or subject to COVID-19 restrictions.
Robbery rates were the lowest since 2005, down seven per cent on last year.
More than three-quarters of robberies were committed by people aged under 24. Police said the offenders were often linked to youth street gangs.
While family violence offences dropped more than three per cent in the past 12 months, police warned such offences often go unreported for some time.
Overall assaults dropped by 860 in the past year, although common assaults not related to family violence increased in line with a spike in attacks near licensed premises.
"Across the state, we have teams of police in every entertainment district walking the streets, patrolling the roads and conducting venue checks," Victoria Police said in a statement.
Firearms offences dropped by more than 230 in the past 12 months.