It’s been a poor week for the Australian housing market, with the RP Data-Rismark daily home price index recording a -0.59% decline in national capital city home values in the week ending 9 May 2012. Australia’s three major capitals – Sydney (-1.20%), Melbourne (-0.55%), and Brisbane (-0.15%) – led the declines, with Perth (+0.45%) and Adelaide (+0.45%) bucking the trend (see below chart).
Since the beginning of the year, national capital city home values have now fallen by -1.44%, with most of these losses registered since April. Melbourne (-2.90%) and Brisbane (-1.60%) have led the declines, with Adelaide (+0.20%) curiously bucking the trend (see below chart).
Finally, over the past 12-months, capital city home prices have fallen by -4.92%, with Melbourne (-7.45%) and Brisbane (-5.50%) leading the declines (see below chart).
The slow melt continues…
