Students have occupied the University of Melbourne's Arts West building in Parkville since May 15, prompting a backlash from administrators.
In a video uploaded to social media on Wednesday evening, a spokesperson from the Unimelb for Palestine group announced the end of encampments in the building and another on the South Lawn.
The group said the university had committed to disclose its partnerships with weapons manufacturers.
"We demand disclosure within one month and that an independent body of our choice oversees this process," the spokesperson said.
"Disclosure will not be determined by the university alone."
In a statement, the university did not address whether it had agreed to disclosure.
"We welcome the willingness of the occupiers to leave the Arts West building and remove the encampment from our Parkville campus," it said.
A pro-Palestine tent camp at the University of Melbourne is set to be packed up. (Joel Carrett/AAP PHOTOS)
Vice-chancellor Duncan Maskell previously said the occupation had led to the cancellation or rescheduling of more than 600 classes, disrupting more than 16,800 students.
Students and staff contravening the order were threatened with academic sanctions including expulsion, and may be referred to police for trespassing.
Unimelb for Palestine urged University of Melbourne chancellor Jane Hansen to intervene to ensure the institution doesn't penalise any participants in the encampments.
Pro-Palestine encampments have sprung up at university campuses across the country after similar actions in the United States.