In the week ended 28 November 2013, the RP Data-Rismark 5-city daily dwelling price index, which covers the five major capital city markets, fell by 0.15%. This followed last week’s flat result (see next chart).
Values fell in three major capitals and rose in two (see next chart).
Values are up 0.10% so far in November, with three major capitals recording rises and two falls (see next chart).
Since the end of last year, home values have risen by 8.35% at the 5-city level, with all markets experiencing gains (see next chart).
Over the past 12 months, values have risen by 8.08% at the 5-city level, again with all major markets experiencing increases (see next chart).
The next chart plots the daily movements on a 14-day moving average, in order to smooth volatility. As you can see, the uptrend continues, driven primarily by strong gains in Sydney and to a lesser extent Melbourne (see next chart).
Values are up 2.2% since the 2010 peak at the 5-city level, driven primarily by strong gains in Sydney, with Perth values also up modestly and all of the other major markets still in negative territory (see next chart).
However, major capital home values have now gained 10.4% since bottoming nationally in May 2012, with all capitals rebounding from their respective troughs (see next chart).
Note: readers are advised not to read too much into short-term movements in the RP Data daily index. This index is volatile and not seasonally adjusted, hence it can give false readings when interpreted over a very short timeframe. There is also evidence suggesting the RP Data daily index is a lagging indicator for the quarterly ABS house price series (see here). Caveat emptor.
