RP Data: House prices down -1.2% in May

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ScreenHunter_13 May. 01 13.26

By Leith van Onselen

RP Data has just released its daily index results for 31 May, which has enabled me to calculate the dwelling values results at the 5-city level, which covers the five major capital city markets.

According to RP Data, dwelling values nationally fell by -1.19% at the 5-city level, with losses recorded in all major capitals except Perth (see next chart).

ScreenHunter_58 May. 31 12.03
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Since the start of the year, values have risen by 0.91% at the 5-city level, with all major markets except for Melbourne experiencing increases (see next chart).

ScreenHunter_59 May. 31 12.04

Over the past 12 months, values have risen by 2.85% at the 5-city level, with all major markets except for Adelaide experiencing increases (see next chart).

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ScreenHunter_60 May. 31 12.07

Values are down -4.8% since peak at the 5-city level, with all major capitals in negative territory (see next chart).

ScreenHunter_61 May. 31 12.09
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However, major capital home values have now gained 2.9% since bottoming in May 2012, with all capitals rebounding (see next chart).

ScreenHunter_62 May. 31 12.10

On Monday, RP Data will release its full report, which includes price results for the other major capitals, namely Hobart, Canberra and Darwin.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.