After seven consecutive weeks of declines, the RP Data-Rismark daily home values index has registered a weekly rise, with national capital city home values registering a 0.1% increase in the week to 6 June 2012 (see below chart).
The rise was driven by Sydney, Perth and Brisbane, whose values rose by +0.49%, +0.90% and +0.35% respectively. By contrast, Melbourne continued its long run of fall (-0.57%), with Adelaide also declining (-0.79%).
So far in 2012, national capital city home values have declined by -2.15%, driven by sharp falls in Melbourne (-5.40%). Sydney (-0.07%) and Adelaide (+0.11), by contrast, have remained resilient:
Finally, over the past 12-months, national capital city home values are down -5.05%, again led by Melbourne (-8.26%), with Sydney (-3.11%) and Perth (-2.84%) remaining more resilient:
With home prices registering a weekly rise after seven weeks of losses, there are tentative signs that recent interest rate cuts might finally be having an impact on the housing market.
