REIV Residential Market Index May Update
About the RMX
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 Residential Market Index (RMX) provides an accessible weekly guide to the Victorian residential property market.
The RMX is the most up-to-date indicator for buyers, sellers and property market observers.
REIV RMX
The RMX was quite volatile over 2018, ranging from 121.1 to 136.3. It is currently recovering from the the usual early year drop in price, and although this dip has been more severe than in recent years, the index then recovered strongly to a peak of 119.8 in mid-April. The RMX currently stands at 116.9.
It’s interesting to note that on the 8th of January, 2017 the RMX was 116.5, so quite similar to May 2019.
RMX House Index – 12th May 2019 = 113.3 (-2.2%)
Unit Index – 12th May 2019 = 115.1 (-0.9%)
To read more about the REIV RMX click here.
So, from the above data, its a great time to buy a house or selectively buy a unit in Melbourne.
Also, APRA has written to the banks asking them to remove the loan serviceability buffer. That”s super news for borrowers as it will make it easier to borrow and hopefully increase some purchase budgets.
If you would like some advice on the market in specific suburbs and what you can buy for your purchase budget, please don’t hesitate to book an appointment with Janet or David. There is no cost for your initial consultation and it will help you to flesh out your property plan based on reliable, up to date, non biased information and experience. Buyer Solutions has bought thousands of homes and investment properties over its long trading history. We are multi award winning Buyers Agents.
Buyers Advocate, Buying property, Housing Affordability, Housing Market, Investment property, REIV
+61 39816 8555