![ScreenHunter_07 Mar. 20 20.55](https://www.macrobusiness.com.au/wp-content/uploads/2013/07/ScreenHunter_07-Mar.-20-20.552.gif)
In the week ended 25 July 2013, the RP Data-Rismark 5-city daily dwelling price index, which covers the five major capital city markets, recorded a 0.36% increase. It was the seventh consecutive weekly rise in values (see next chart).
![ScreenHunter_20 Jul. 25 17.30](https://www.macrobusiness.com.au/wp-content/uploads/2013/07/ScreenHunter_20-Jul.-25-17.30.gif)
Gains were recorded in all major capitals, except Adelaide and Brisbane (see next chart).
![ScreenHunter_21 Jul. 25 17.31](https://www.macrobusiness.com.au/wp-content/uploads/2013/07/ScreenHunter_21-Jul.-25-17.31.gif)
Values are up 1.30% so far in July, with all major capitals, except Adelaide, recording rises (see next chart).
![ScreenHunter_22 Jul. 25 17.32](https://www.macrobusiness.com.au/wp-content/uploads/2013/07/ScreenHunter_22-Jul.-25-17.32.gif)
Since the end of last year, home values have risen by 4.32% at the 5-city level, with all markets except Adelaide experiencing gains (see next chart).
![ScreenHunter_23 Jul. 25 17.33](https://www.macrobusiness.com.au/wp-content/uploads/2013/07/ScreenHunter_23-Jul.-25-17.33.gif)
Over the past 12 months, values have risen by 4.51% at the 5-city level, with all major markets experiencing increases (see next chart).
![ScreenHunter_24 Jul. 25 17.35](https://www.macrobusiness.com.au/wp-content/uploads/2013/07/ScreenHunter_24-Jul.-25-17.35.gif)
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 Perth and Sydney (see next chart).
![ScreenHunter_25 Jul. 25 17.36](https://www.macrobusiness.com.au/wp-content/uploads/2013/07/ScreenHunter_25-Jul.-25-17.36.gif)
Values are down 1.6% since peak at the 5-city level, with all major capitals except Sydney in negative territory (see next chart).
![ScreenHunter_26 Jul. 25 17.37](https://www.macrobusiness.com.au/wp-content/uploads/2013/07/ScreenHunter_26-Jul.-25-17.37.gif)
However, major capital home values have now gained 6.3% since bottoming in May 2012, with all capitals rebounding (see next chart).
![ScreenHunter_27 Jul. 25 17.38](https://www.macrobusiness.com.au/wp-content/uploads/2013/07/ScreenHunter_27-Jul.-25-17.38.gif)
Note: readers are advised not to read too much into short-term movements in the RP Data daily index. This index is incredibly volatile and not seasonally adjusted, hence it can give false readings when interpreted over a shorter-term 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.