Weekly RP Data house price analysis

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By Leith van Onselen

It’s been another poor week for the Australian housing market, with the RP Data-Rismark daily home price index recording a -0.29% decline in national capital city home values in the week ending 16 May 2012.

All major capitals, with the exception of Adelaide (+1.13%) suffered falls, with Perth (-0.64%) and Sydney (-0.50%) leading the way, followed by Brisbane (-0.44%) and Melbourne (-0.18%):

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Australian capital city home values are down -0.84% so far in May, with Sydney (-1.80%), Melbourne (-0.63%), Brisbane (-0.47%) and Perth (-0.44%) leading the way and Adelaide (+1.60%) again bucking the trend:

Since the beginning of the year, national capital city home values have fallen by -1.69%, with most of these losses registered since April. Melbourne (-3.08%), Brisbane (-1.96%), Perth (-1.46%) and Sydney (-1.05%) have led the declines, with Adelaide (+1.24%) again proving resilient:

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Over the past 12-months, capital city home prices have fallen by -5.00%, with Melbourne (-7.17%) and Brisbane (-6.41%) and Sydney (-4.31%) leading the declines, and Adelaide (-2.67%) and Perth (-0.93%) proving more resilient:

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Finally, there was a ray of sunshine in the past week’s data, with home values recovering some lost ground over the past two days following a torrid run of losses over the past month:

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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.