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 4.4 per cent to 144.7 over the four weeks to 11th February 2024. The House price index went up slightly by 1.8 per cent to 163.0 over the same period and the Unit index saw an increase of 3.3 per cent to 128.4.
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 12 months. However, they are no longer seeing a downtrend since August 2023. At the end of 2023, house and unit prices were down 10.6 and 3.5 respectively, compared to December 2022.
per cent,
In December 2023, regional houses came back to same price level in previous year while regional units still experienced a decline of 1.6 per cent over the same period. 
