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In their latest property market update video RPData explain that our housing market remains soft despite the recent rate cuts.

The RP Data-Rismark May Home Value Index results confirmed a further drop of -1.4 per cent for capital city home values indicating that the housing market has not responded to the latest round of interest rate cuts.

The latest drop brings the cumulative decline to -2.2 per cent over the first five months of 2012 and overall values are down -5.3 per cent over the past twelve months. This short video above gives a good explanation of what’s going on….