House prices resume falls

So then, R.P.Data December house price data is out and the melt continues down 0.2% seasonally adjusted for the month:

The raw data was much worse, down 1.2% on the month:

But there was an upwards revision for November to 0.4%. Below find the full tables, with everywhere falling except Sydney (which has been supported by the now expired first home buyer subsidy):

These are pretty poor numbers, most especially given that Sydney has inflated the result on the temporary first home buyer rush. Finally, here’s a chart of the falls to date peak-to-trough in nominal and real terms:

Much more coming later…