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 6.4 per cent to 163.3 over the four weeks to 12th May 2024. The House price index went up by 6.8 per cent to 174.2 over the same period while the Unit index saw an increase of 7.4 per cent to 149.0.
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.
House prices in metropolitan Melbourne have not been growing over the past 17 months but they are no longer in downtrend since August 2023 with a 5.9 per cent decrease over the year. Meanwhile, unit prices did not record a decline on the same month for the first time since October 2022.
Median price for regional houses also remained stable in April 2024 while regional units saw a decrease of 1.2 per cent in the same month, compared to previous year.
