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 fell by 1.0 per cent to 154.6 over the four weeks to 14th April 2024. The House price index went down by 2.0 per cent to 163.0 over the same period while the Unit index saw an increase of 2.4 per cent to 139.3.
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 16 months but they are no longer in downtrend since August 2023. House and unit prices were down in March 2024 by 7.5 and 1.3 per cent, respectively, compared to same month last year.
Regional houses recorded their first price growth after 9 months with 0.2 per cent increase in March 2024 while regional units remained stable with a slight decrease of 1.5 per cent in the same month.
