RP Data-Rismark has released it home values indices for 31 July, which revealed that dwelling prices in Australia’s five major capital city markets rose by 0.55% in the month of July. The below chart shows price movements across Australia’s five major markets since the inception of the RP Data-Rismark daily home values index in March 2011:
As you can see, capital city homes have recovered most of their value lost during the seven week downturn from mid-April to end-May, which was followed by seven weeks of price increases.
Over the month of July, home prices rose strongly in Melbourne and Sydney, but fell in the other major capitals, with Adelaide suffering particularly large value falls:
In the year to 31 July, home values have fallen across the board, with values in Sydney and Perth holding-up relatively better than the other capitals:
Finally, since capital city home prices peaked in October 2010, values are down -6.0% nationally, with Brisbane leading the declines and Sydney holding-up relatively well:
Tomorrow, the Australian Bureau of Statistics releases its official house price results for the June quarter, which follows contradictory results reported from the three main private data providers: APM reported that house prices rose, whereas RP Data-Rismark and Residex reported falling house prices over the quarter. We shall see…
Twitter: Leith van Onselen. Leith is the Chief Economist of Macro Investor, Australia’s independent investment newsletter covering trades, stocks, property and yield. Click for a free 21 day trial.
