The RP Data-Rismark daily home values index has, for the fourth week in a row, registered a weekly rise, with national capital city home values registering a 0.32% increase in the week to 27 June 2012 (see below chart).
This week’s rise was driven primarily by Australia’s two largest markets – Sydney and Melbourne – which each experienced solid rises, along with Adelaide:
So far in June, prices have retraced roughly half of last month’s losses, with gains recorded across all major capital except Adelaide:
Since the beginning of the year, national capital city home values have declined by -1.54%, driven by sharp falls in Melbourne (-4.50%). Sydney (+0.49%), by contrast, has managed to record modest price growth:
Finally, over the past 12-months, national capital city home values are down -4.09%, again led by Melbourne (-7.07%), with Sydney (-2.09%) and Perth (-1.93%) remaining more resilient:
As noted in previous weeks, with variable mortgage rates having declined some -0.6% over the past two months, and the housing market recording four consecutive weeks of gains, there are now signs that the housing market, at the national level, has stabilised.
