It’s been another poor week for the Australian housing market, with the RP Data-Rismark daily home price index recording a -0.34% decline in national capital city home values in the week ending 23 May 2012.
Falls were experienced in all capital cities except Sydney, with particularly large falls recorded in Melbourne (-0.92%) and Perth (-0.68%):
Australian capital city home values are now down -1.18% so far in May, with Sydney (-1.71%), Melbourne (-1.54%), Perth (-1.12%) and Brisbane (-0.51%) leading the way and Adelaide (+1.55%) bucking the trend:
Since the beginning of the year, national capital city home values have fallen by -2.02%, with most of these losses registered since April. Melbourne (-3.96%), Perth (-2.13%), Brisbane (-2.00%), and Sydney (-0.96%) have led the declines, with Adelaide (+1.19%) again proving resilient:
And over the past 12-months, capital city home prices have fallen by -5.08%, with Melbourne (-7.62%) Brisbane (-6.20%) and Sydney (-3.91%) leading the declines, while Adelaide (-2.86%) and Perth (-1.81%) are proving more resilient:
Finally, after a brief respite early last week, Australian capital city home prices continued their torrid run since mid-April, falling for seven consecutive days:
Clearly, the recent interest rate cuts are yet to have an impact.
