Property market to reclaim lost ground with 1.7% rise in June to date: RP Data

Dwelling values are expected to rise strongly in June regaining most of the losses recorded over April and May.

For the first 27 days of June, dwelling values across the five city aggregate index are up 1.7%, according to the RP Data-Rismark Daily Index.

This takes values roughly back to where they were at the beginning of May and 1.4% higher since the start of the calendar year.

RP Data-Rismark recorded a 1.2% decline in dwelling values across eight capital cities in May and 0.5% down over April.

"The RP Data-Rismark Hedonic Index series is likely to retrace the decline in home values which was recorded over the months of April and May when the end of June figures are released on Monday,” says RP Data national research director Tim Lawless.

“The daily index has shown a consistent upwards trend over the month, with the main drivers being Perth and Sydney where values are likely to end the month up more than 2%.  

“The Hedonic Index movements have closely mirrored the changes in consumer sentiment, with the Westpac-Melbourne Institute survey of consumer sentiment showing a similar trend over the past three months; down in April and May followed by a further rise in June.”