RP Data house prices jump in August

ScreenHunter_07 Mar. 20 20.55

By Leith van Onselen

RP Data’s daily house price index for 31 August was released yesterday, which has enabled me to calculate monthly price movements for the five major capital city markets.

As shown below, home values at the 5-city rose by 1.18% in August, driven by a big 1.84% gain in Sydney and a 2.26% jump in Adelaide, although gains were recorded across all major markets:

ScreenHunter_3932 Aug. 31 22.06

It was the third consecutive lift in values after May’s large seasonal fall:

ScreenHunter_3930 Aug. 31 21.58

Values at the 5-city level have now increased by 6.21% since the beginning of the year, with all major capitals, except Perth, gaining:

ScreenHunter_3933 Aug. 31 22.08

Over the past 12 months, values have risen by 11.07% at the 5-city level, with gains across all major markets:

ScreenHunter_3934 Aug. 31 22.09

The pace of price growth nationally also appears to have re-accelerated, although the series is choppy, even when shown on a 14-day moving-average basis:

ScreenHunter_3935 Aug. 31 22.11

Prices at the 5-city level are now 10.1% above their 2010 peak in nominal terms, with all major capitals except Brisbane above their former highs:

ScreenHunter_3936 Aug. 31 22.12

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