Weekly RP Data house price update

ScreenHunter_03 Apr. 02 11.00

By Leith van Onselen

In the week ended 18 April 2013, the RP Data-Rismark 5-city daily dwelling price index, which covers the five major capital city markets, recorded a -0.20% fall, which followed last week’s 0.02% increase (see next chart).

ScreenHunter_15 Apr. 18 21.24

Results were mixed, with losses in Sydney, Brisbane and Perth partly offset by gains in Melbourne and Adelaide (see next chart).

ScreenHunter_18 Apr. 18 21.30

Values are down -0.22% so far in April, with all capitals, except Adelaide, experiencing losses (see next chart).

ScreenHunter_17 Apr. 18 21.28

Over the past 12 months, values have risen by 2.33% at the 5-city level, with all major markets experiencing increases (see next chart).

ScreenHunter_19 Apr. 18 21.34

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).

ScreenHunter_20 Apr. 18 21.35

Values are down -3.4% since peak at the 5-city level, with all major capitals in negative territory, but with Sydney only marginally under water (see next chart).

ScreenHunter_21 Apr. 18 21.36

However, major capital home values have now gained 4.4% since bottoming in May 2012, with all capitals rebounding (see next chart).

ScreenHunter_22 Apr. 18 21.38

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Unconventional Economist

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.


  1. reusachtigeMEMBER

    I’m hoping for the people of Perth that this represents a turning point. Coming from Sydney, I like what I’m seeing. But Adelaide? When I see that I know it’s all flawed anyway.

  2. Sometimes, it take real financial pain to wake a community up “The house buyers nightmare continues in Auckland… the median house price has jumped 16 percent over the last year.It now takes 87 percent of a single median after-tax income to afford a median priced house in central Auckland, up from 76 percent at the start of the year.”
    I wonder where this is going to end!

    • reusachtigeMEMBER

      Yeah, but Auckland has beaches so it justifies the prices. Beaches help people pay more for housing. Ummmmm….

  3. No doubt we’ll soon see lead stories in Domain referring to the c.9% (annualised) drop in Sydney prices… Clearly the market’s turned a corner.

  4. I’ve some late 20s friends who just loaded up on $1.0m in debt for their first [small cottage] proper home in Perth – good salaries sure – no doubt they’ll behelping that Perth kick.

    I limited my comments to “this is cute” at the home warming BBQ.