In the week ended 22 August 2013, the RP Data-Rismark 5-city daily dwelling price index, which covers the five major capital city markets, recorded a 0.17% fall. It was the first week of decline and followed ten consecutive weeks of rises in values (see next chart).
Results were mixed, however, with three of the capitals experiencing falling values and two increases (see next chart).
Values are up 0.35% so far in August, with all major capitals recording rises (see next chart).
Since the end of last year, home values have risen by 4.91% at the 5-city level, with all markets except Adelaide experiencing gains (see next chart).
Over the past 12 months, values have risen by 4.98% at the 5-city level, again with all major markets except 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 continues, driven primarily by strong gains in Perth and Sydney, and more recently in Melbourne (see next chart).
Values are down 1.1% since peak at the 5-city level, with all major capitals except Sydney and Perth in negative territory (see next chart).
However, major capital home values have now gained 6.9% since bottoming nationally in May 2012, with all capitals rebounding from their respective troughs (see next chart).
Note: readers are advised not to read too much into short-term movements in the RP Data daily index. This index is volatile and not seasonally adjusted, hence it can give false readings when interpreted over a shorter-term timeframe. There is also evidence suggesting the RP Data daily index is a lagging indicator for the quarterly ABS house price series (see here). Caveat emptor.