It’s now August, so RP data have an estimate for what dwelling prices did in July. The uptrend we saw in the daily data (see here) is confirmed by the NSA results (which show the 8 Capital city dwelling price aggregate +0.6%m/m) – and after seasonal adjustment this yields a +0.1%m/m increase.
In aggregate, house prices and unit prices did similarly – with the 8 capital city measure up 0.1%m/m in seasonally adjusted terms (note i’m using the SA that RP provide, rather than my own, as i figure they know more about their data than i do).
Sydney was the out-performer, with prices +0.8%m/m, to be +0.9% over the prior three months. The story seems to be that the expensive capitals — Sydney, Melbourne and Brisbane — are responding to the rate cuts (Darwin was +5% in July, but i’d guess the data is patchy) and the others continued to struggle. I must say, i am surprised that Perth remained in the dumps – i expect that Perth will stabilize and bounce from here.
There’s been something of a fuss about what Melbourne prices have been doing, but at +0.5%m/m (house +0.2%m/m, and units +0.7%m/m) the outcomes seem in keeping with what’s going on in other states.
Of all the capitals, the shape of the chart suggests that it might be too early to call stabilization in Melbourne – the downturn was steep, and thus far we have really only corrected back following a near-vertical drop a few months back.