In the week ended 12 June 2014, the RP Data-Rismark 5-city daily dwelling price index, which covers the five major capital city markets, fell by 0.32%. It was the fifth consecutive week of falls (see next chart).
Values fell in Sydney, Melbourne and Adelaide, but rose in the other major capitals (see next chart).
Values are now down 0.32% so far in June, driven by a big fall in Melbourne and a smaller fall in Sydney, partly offset by rises in the other major capitals (see next chart).
Values are now up by only 1.56% so far in 2014, driven by solid gains in Sydney, Brisbane and Adelaide, with Melbourne and Perth values under water:
Over the past 12 months, home values have risen by 10.39% at the 5-city level, led by Sydney and Melbourne (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 has stalled, with weakness particularly evident in Melbourne and Sydney (see next chart).
Values are now up 5.2% since the 2010 peak at the 5-city level, driven primarily by strong gains in Sydney, with Perth values also up, but Melbourne, Brisbane and Adelaide in negative territory (see next chart).
However, major capital home values have now gained 13.7% since bottoming nationally in May 2012, with all capitals rebounding from their respective troughs (see next chart).
