Prices
The REIV Residential Market Index (RMX) is a residential property price index (RPPI) designed to provide a current, simple insight into real property price trends in Victoria. An RPPI measures the price change of the stock of residential dwellings over time.
The RMX for Victoria rose by 4.9 per cent to 157.3 over the four weeks to 17th March 2024. The House price index went up slightly by 1.5 per cent to 166.4 over the same period and the Unit index saw an increase of 6.0 per cent to 137.1.
The RMX provides a current, simple insight into real property price trends in Victoria. It is calculated weekly based on properties selling prices during the period and weighted to the total number of properties in Victoria. The index indicates price movement relative to the base calculation period of 2016.
Home prices in metropolitan Melbourne have not been growing over the past 15 months. However, they are no longer in downtrend since August 2023. House and unit prices were down in February 2024 by 8.5 and 2.3 per cent, respectively, compared to same month last year.
Prices for regional houses have remained stable in the last three months as they recorded a 0.4 per cent decrease in February 2024 while regional units are starting to see a downturn on their price as they are entering 2024 with a 3.5 per cent decline in the same month.
