RP Data-Rismark capital city home price results are in for the month of August, and it’s a flat result, with dwelling values across Australia’s five major capitals down an immaterial -0.01% for the month (see below chart).
As you can see, gains in Sydney (+0.14%), Melbourne (+0.08%) and Adelaide (+1.38%) were fully offset by losses in Brisbane (-0.28%) and Perth (-1.21%).
Over the past 12 months, capital city home prices have fallen in all major capitals, with Sydney and Perth values holding-up the best (see below chart).
Losses have moderated more recently, however, with capital city values down just -0.76% since the start of the year, with Sydney actually recording price growth (+1.89%):
Nationally, capital city home prices are down -6.0% since home prices peaked in October 2010, with losses recorded across all of Australia’s capitals (see belwo chart).
After home values nationally rose by 0.97% in June and by 0.55% in July, on the back of the -0.5% cut to mortgage interest rates over May and June, price momentum has faded in August.
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.
