Weekly RP Data house price update

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ScreenHunter_07 Mar. 20 20.55

By Leith van Onselen

In the week ended 23 May 2013, the RP Data-Rismark 5-city daily dwelling price index, which covers the five major capital city markets, recorded a large -0.75% decline, which followed last week’s -0.45% fall. It was the biggest weekly decline in over a year (see next chart).

ScreenHunter_06 May. 23 12.53

All capital cities recorded falls over the week, with Brisbane fairing the best and Melbourne the worst (see next chart).

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ScreenHunter_07 May. 23 12.55

Values are down -0.64% so far in May at the 5-city level, with all capitals except Perth experiencing significant declines (see next chart).

ScreenHunter_09 May. 23 12.57
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Over the past 12 months, values have risen by 3.18% at the 5-city level, with all major markets except for Adelaide experiencing increases (see next chart).

ScreenHunter_10 May. 23 12.58

The next chart plots the daily movements on a 14-day moving average, in order to smooth volatility. As you can see, the uptrend that has been apparent across most capitals is weakening (see next chart).

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ScreenHunter_12 May. 23 13.00

Values are down -4.2% since peak at the 5-city level, with all major capitals in negative territory (see next chart).

ScreenHunter_13 May. 23 13.02
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However, major capital home values have now gained 3.4% since bottoming in May 2012, with all capitals rebounding (see next chart).

ScreenHunter_14 May. 23 13.03

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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.