After seven consecutive weeks of declines until the end of May, the RP Data-Rismark daily home values index has, for the third week in a row, registered a weekly rise, with national capital city home values registering a 0.29% increase in the week to 20 June 2012 (see below chart).
Surprisingly, this week’s rise was driven by Australia’s second largest housing market – Melbourne – which recorded a 0.74% increase in home values over the week. Perth (+0.40%) and Brisbane (+0.22%) also recorded solid rises, more than offsetting minor declines in Sydney (-0.02%) and Adelaide (-0.01%):
So far in 2012, national capital city home values have declined by -1.85%, driven by sharp falls in Melbourne (-4.95%). The other capitals, by contrast, have remained relatively resilient:
Finally, over the past 12-months, national capital city home values are down -4.71%, again led by Melbourne (-7.72%), with Sydney (-3.21%) and Perth (-0.59%) remaining more resilient:
As noted last week, with variable mortgage rates having declined some -0.6% over the past two months, and the housing market recording three consecutive weeks of gains, there are now tentative signs that the housing market, at the national level, has stabilised.
