Weekly RP Data house price update

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ScreenHunter_02 Feb. 13 11.55

By Leith van Onselen

In the week ended 21 March 2013, the RP Data-Rismark 5-city daily dwelling price index, which covers the five major capital city markets, recorded a 0.04% increase, which followed last week’s big 0.47% increase. It was also the sixth straight weekly rise (see next chart).

ScreenHunter_01 Mar. 22 08.18

Value gains were driven by Perth, which offset falls in three of the other major capitals (see next chart).

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ScreenHunter_03 Mar. 22 08.22

Values are up by 1.18% so far in March, with all capitals except Adelaide recording rises (see next chart).

ScreenHunter_04 Mar. 22 08.23
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Over the past 12 months, values have risen by 2.36% at the 5-city level, with all major markets experiencing value increases (see next chart).

ScreenHunter_05 Mar. 22 08.24

The next chart plots the daily movements on a 14-day moving average, in order to smooth volatility. As you can see, all major capitals except Adelaide are in an uptrend (see next chart).

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ScreenHunter_06 Mar. 22 08.25

Values are down -3.3% since peak at the 5-city level, with Sydney almost recovering all of its lost ground, and Brisbane and Adelaide suffering the greatest losses (see next chart).

ScreenHunter_07 Mar. 22 08.26
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However, major capital home values have now gained 4.5% since bottoming in May 2012, with all capitals experiencing a solid rebound (see next chart).

ScreenHunter_08 Mar. 22 08.28

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.