{"id":32589,"date":"2020-06-04T00:18:38","date_gmt":"2020-06-03T14:18:38","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/?p=32589"},"modified":"2020-06-04T00:18:38","modified_gmt":"2020-06-03T14:18:38","slug":"reiv-market-holds-its-ground","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/reiv-market-holds-its-ground\/","title":{"rendered":"REIV: Market holds its ground"},"content":{"rendered":"

Victoria\u2019s property market seems to be holding its ground well during the COVID-19 pandemic according to the latest REIV Residential Market Index (RMX) figures.<\/h3>\n

The RMX is a residential property price index (RPPI) designed to provide an up to date and simple insight into real property price trends in Victoria. An RPPI measures the price change of the stock of residential dwellings over time.
\nIn mid-March, the price index was heading into possible new record levels. This is based on the prices recorded a couple of weeks before the restrictions came into effect.
\nThe RMX has been gradually declining since late March due to the coronavirus outbreak, which saw significant restrictions enforced on real estate. Although for now, residential prices in Victoria are still stronger than the same period last year
\nVictorian property prices have held firm during COVID-19, prices are higher than they were 12 months ago.
\nThere are many predictions circling about real estate and the economy in general, but looking at what the actual data tells us, the Victorian market is weathering the storm well. At this time, prices are not as affected by the coronavirus pandemic compared to sales volume, which remains much lower than expected at this time of year.
\nThe RMX considers all properties (not just the ones sold) and gives weekly insight into real price movement over time, a more accurate and up to date reflection on current price trends.
\nThe current RMX reference period is 2016, equivalent to 100.0. This aligns property prices with the most recent ABS census data at the time of release. Meaning that the property price-weighted average in 2016 was given a value of 100.0, and price movements over time are relative to this \u201cbase\u201d reference period.
\nThe current RMX value of 125.4 means that on average, properties in Victoria today are worth 25.4 per cent more than they were in 2016.
\nThe week (ending May 17) the RMX had a week-on-week increase of 0.9 per cent, which broke the declining streak seen in the eight weeks prior.
\nThe Victorian market continues to show strong resilience, with the return of public auctions and easing of some restrictions, we expect the market to soon start gaining the momentum it lost due to the pandemic.
\nAs always, if a buyer or a seller is looking for objective information on the market or an agency, they should head to reiv.com.au<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Victoria\u2019s property market seems to be holding its ground well during the COVID-19 pandemic according to the latest REIV Residential Market Index (RMX) figures. The RMX is a residential property price index (RPPI) designed to provide an up to date and simple insight into real property price trends in Victoria. An RPPI measures the price […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":142,"featured_media":4458,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[],"post_folder":[],"class_list":["post-32589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\nREIV: Market holds its ground - Geelong Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/reiv-market-holds-its-ground\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"REIV: Market holds its ground - Geelong Times\" \/>\n<meta property=\"og:description\" content=\"Victoria\u2019s property market seems to be holding its ground well during the COVID-19 pandemic according to the latest REIV Residential Market Index (RMX) figures. The RMX is a residential property price index (RPPI) designed to provide an up to date and simple insight into real property price trends in Victoria. 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