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).
All capital cities recorded falls over the week, with Brisbane fairing the best and Melbourne the worst (see next chart).
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).
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).
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).
Values are down -4.2% since peak at the 5-city level, with all major capitals in negative territory (see next chart).
However, major capital home values have now gained 3.4% since bottoming in May 2012, with all capitals rebounding (see next chart).