The February results are in for the RP Data-Rismark 5-city dwelling price index, which recorded a 0.26% rise over the month, driven by a big 1.55% increase in values in Melbourne (see next chart). It was the second consecutive monthly increase and followed January’s 1.11% increase at the 5-city level.
All of the gains at the 5-city level were derived in the last week of the month, again with Melbourne recording a big 1.11% lift in values (see next chart).
Over the past 12 months, values have risen by 1.23% at the 5-city level, with all major markets, except Melbourne and Adelaide, experiencing price rises (see next chart).
The next chart plots the daily movements on a 14-day moving average basis, in order to smooth volatility. As you can see, Sydney and Perth values remain in an uptrend, whereas the other major capitals look to be trending sideways (see next chart).
Values are now down -4.4% since peak at the 5-city level, with Sydney almost recovering all of its lost ground, and Brisbane and Melbourne suffering the greatest losses (see next chart).
However, values have gained significant ground since bottoming in May 2012, with all capitals experiencing a solid rebound (see next chart).
