NationalMediaRelease

RPData-RismarkDecemberHedonicHome ValueIndexResults

Released:Thursday,January2,2014

Furtherinformationcontact:MitchKoper,RPDatanationalcommunicationsmanager–0731149879or

Homevaluesfinish2013calendaryear9.8percenthigher

DwellingvaluesacrossAustralia’scapitalcitiesincreasedby1.4per cent inDecemberandby 2.8percentoverthefinalquarterof2013.

Accordingtotoday’sreleaseoftheRPData-RismarkHomeValueIndexresultsforDecember2013,capitalcityhomevaluesmoved1.4percenthigheroverthelastmonthoftheyear.

Overthefourthquarteroftheyear,capitalcityhomevaluesroseby2.8percentfollowingonfroma2.8percentincreaseover thefirstquarter,by0.2percentincreaseover thesecondquarterandby3.7percentincreaseoverthethirdquarter.

Acrossthecombinedcapitalcities,homevaluesincreasedby

9.8percentoverthe2013calendaryear.AccordingtoRPData’sCameronKusher,thiswasthefastestannualrateofvaluegrowthsince August 2010,andthelargestcalendar yearincreaseinvaluessince2009whenhomevalueswereupby

13.7percent.

Lookingatthedifferencesbetweenhousesandunits,housevaluegrowthat 9.9percentslightlyoutpacedtheoverallincreaseinunitvaluesat9.0percent.

Breakingthe year downintohalves,thefirstsixmonthsoftheyearsawhomevaluesincreaseby3.0percentcomparedtoa

6.6percentincreaseoverthesecondsixmonths.“Clearlyvaluegrowthhasgatheredmomentumthroughoutthesecondhalfoftheyear,”MrKushersaid.

IndexresultsasatDecember31,2013

*Restofstatechange invaluesandmedianpricesareforhousesonlytoendof November

HighlightsoverthethreemonthstoDecember2013

Bestperformingcapitalcity:Sydney+4.1percent

Weakestperformingcapitalcity:Canberra, -1.3percent

Highestrentalyields:Darwinhouseswithgross rentalyieldof6.0percentandDarwinUnitsat6.2percent

Lowestrentalyields:Melbournehouseswithgross rentalyieldof3.4percentandMelbourneunits at4.2percent

Mostexpensivecity:Sydneywitha median dwellingpriceof$655,250

Mostaffordablecity:Hobart with amediandwellingpriceof$330,000

Annualchangeindwellingvalues,1996to2013combinedcapitalcities

“Despitethestrongestannualvaluegrowthsince2009,therateofgrowthwasnotthatstartlinggiventhelowinterestrateenvironmentandtheprevioussuccessiveyearsinwhichhomevaluesfell.

“Althoughhomevaluesincreasedby9.8percentin2013thegrowthfollows a-3.8 percentannual fallinvalues in 2011 andafurther-0.4percentannualfallin2012.Cumulatively,frompeaktotrough,capitalcitydwellingvaluesweredown7.7%priortothiscurrentgrowthcycle,”MrKushersaid.

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

-5.0%

16.0%

14.0%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Changeinhomevaluesthroughout2013,combinedcapitalcities

14.5%

Basedonthese latestresults,itshouldbe notedthat between

1996and2013,therewereseveninstanceswherethecalendaryearrateofcapitalgainwasgreaterthanvaluegrowthoverthepast12 months.AccordingtoMrKusher, thisindicates that although value growth has been strong

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

2.2%2.8%3.3%3.5%

5.1%

8.5%

9.9%

9.8%

comparedtorecentyears,thecurrentgrowthcyclehasbeensomewhatmuted.

Eachcapitalcityhousingmarketrecordedpositivehomevalue

HobartAdelaideDarwinCanberra Brisbane MelbournePerthSydney Combined

capitals

Changeincapitalcityhomevaluesfromtheirprevious

peaktoDecember2013

growthin2013,however,thecitiesdrivingthecapitalgrowthhavebeenSydney(14.5%),Perth(9.9%)andMelbourne(8.5%).Brisbanewastheonlyothercitytorecordvaluegrowthinexcessof5percent(5.1%)witheachoftheremainingcapitalcitiesrecordingannualvaluegrowthof3.5percentorless.

15.0%

10.0%

5.0%

0.0%

-5.0%

-10.0%

-15.0%

-12.0%

-7.7%-6.6%

-2.4%-0.8%-0.7%

3.6%

10.9%

3.5%

HobartDarwinBrisbane Adelaide Canberra MelbournePerthSydney Combined

capitals

NationalMediaRelease(Cont’d)

AnincreaseindwellingvaluesacrosseachcityoverthepastyearhasseenvaluesmoveclosertotheirpreviouspeakswhereSydneyandPerthremaintheonlycitieswherehome valuesarecurrentlyatrecordhighs,up10.9percentand3.6percent overpriorcyclepeaks,respectively.Acrosstheremainingcapitalcitiesvaluesarealllowerthantheirrecordhighs;Melbourne(-0.7%),Canberra(-0.8%),Adelaide(-2.4%),Brisbane(-6.6%),Darwin(-7.7%)andHobart(-12.0%).

MrKushersaidthatitisclearthatasthemarketenters2014 andasvaluesriseacrosseachcapitalcity,therateofgrowthwillvarygreatly.Hesaidthatthemainchallengesin2014 arelikelytobetheimpactofaforecastedhigherunemploymentrate,affordabilityconstraintsforthemorepricesensitivesectorsofthemarket(particularlyinSydney,MelbourneandPerth)andwhetheranyregulatorychangeswillbeimplementedbyAPRAandtheRBAtocoolthenear-recordhighlevelsofinvestmentactivity.

Abriefsummaryoftheperformanceofeachcapitalcityisprovidedbelow

Sydney–Housevaluesincreasedby15.2percentwhichwasmuchgreaterthanthe11.6percentincreaseinunitvalues.Valuegrowthhasoutstrippedrentalgrowthoverthepastyearandasaresult,grossyieldsarecurrentlyrecordedat 3.9percentforhousesand 4.7percentforunitscomparedto4.3per centand

5.0percentrespectivelyayearago.

Melbourne–annualvaluegrowthforunits(8.7%)hasslightlyoutstrippedthatofhouses(8.5%)overthepastyear.Thegrowthinrentalrateshasmeaningfullyunderperformedvaluegrowthwhichhasresultedinyielderosion.Grossrentalyieldsremainthelowestofanycapitalcityandarecurrentlyrecordedat3.4percentforhousesand 4.2percentfor units.Atthesametimeayearago,yieldswererecordedat3.6percentforhousesand4.4percentforunits.

Brisbane– housevalueshaveincreasedby 5.3percentover2013comparedtoa3.5percentincreaseinunitvalues.Valuegrowthhasonlyslightlyoutpacedrentalgrowthhoweverithasresultedingrosshouseyieldsfallingfrom4.7percentayearagoto4.6percentcurrentlyandunityieldseasingfrom 5.6 percentto5.5percent.

Adelaide–valuegrowthacrossAdelaidehasbeencomparativelymoderateovertheyearwithhousevaluesincreasingby3.0percentandunitvaluesliftingbyjust0.6percent.Overtheyeartherehasbeennochangetogrossrentalyieldsforhouses,remainingat

4.3percenthowever,unitrentalyieldshaveincreasedto4.9percentfrom4.8percentayearago.

Keystatistics,capitalcityhouses*

Region / Changeindwellingvalues / Grossrental yield20122013 / Medianprice
YOY / 5yr / 10 yr
Sydney / 15.2% / 6.8% / 2.9% / 4.3% / 3.9% / $775,000
Melbourne / 8.5% / 6.4% / 5.8% / 3.6% / 3.4% / $625,000
Brisbane / 5.3% / 0.6% / 3.6% / 4.7% / 4.6% / $470,000
Adelaide / 3.0% / 1.5% / 4.3% / 4.3% / 4.3% / $405,000
Perth / 10.2% / 3.0% / 8.0% / 4.5% / 4.2% / $537,250
Hobart / 2.9% / -0.7% / 2.7% / 5.4% / 5.3% / $350,000
Darwin / 5.1% / 4.4% / 9.0% / 6.1% / 6.0% / $595,000
Canberra / 3.7% / 3.3% / 3.6% / 4.8% / 4.4% / $570,000
8 capitalcityaggregate / 9.9% / 4.8% / 4.5% / 4.2% / 3.9% / $575,000

Keystatistics,capitalcityunits*

Region / Changeindwellingvalues / Grossrental yield20122013 / Medianprice
YOY / 5yr / 10 yr
Sydney / 11.6% / 5.8% / 3.2% / 5.0% / 4.7% / $557,000
Melbourne / 8.7% / 5.9% / 5.0% / 4.4% / 4.2% / $481,000
Brisbane / 3.5% / 0.9% / 4.4% / 5.6% / 5.5% / $383,000
Adelaide / 0.6% / -0.5% / 3.8% / 4.8% / 4.9% / $325,000
Perth / 6.3% / 2.1% / 7.1% / 5.0% / 4.8% / $439,000
Hobart / -5.1% / -3.1% / 2.6% / 5.2% / 5.6% / $255,000
Darwin / -3.9% / 4.1% / 9.2% / 5.9% / 6.2% / $449,500
Canberra / 1.5% / 2.3% / 2.6% / 5.6% / 5.2% / $432,000
8 capitalcityaggregate / 9.0% / 4.7% / 4.0% / 4.9% / 4.7% / $480,000

*5yrand10yrchangeindwellingvaluesarecompoundannualchanges

Rollingannualchange,combinedcapitalcityhomevalues

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

-5.0%

-10.0%

Dec-97Dec-99Dec-01Dec-03Dec-05Dec-07Dec-09Dec-11Dec-13

Perth–theannualgrowth inhouse values(10.2%)wasmuchgreater thantheincreaseinunitvalues(6.3%).The growthinhomevalues has wellandtrulyoutstrippedrental growthandgross rentalyieldson thetypicalPerthhouse have fallenfrom 4.5 per centayearagoto4.2 percentcurrently.Similarly,unityieldshavefallento4.8percentfrom5.0 percentayearago.

Hobart–housevaluesacrossthecityroseby2.9percentin2013comparedtoa-5.1percentfallinunitvalues.Housevalueshave grown fasterthanrentsandasaresultgrossyieldshavefallen to 5.3 per cent from 5.4 per centayearago.Conversely,unitvalueshavefallenatafasterpacethanrentsandsubsequentlygrossyieldshaveincreasedfrom5.2percentto5.6percent.

Darwin–housevalueshaveincreasedby5.1percentovertheyearwhereasunit valueshavefallenby-3.9percent. 12months

ago,grossrentalyieldsforhouseswererecordedat6.1percentandforunitsat5.9percent. Currently,grossrentalyieldssitat

6.0percentforhousesand6.2percentforunits.

Canberra–housevalueshaveincreasedby3.7percentin2013comparedtoamoremoderate1.5percentannualincreaseinunitvalues.Canberrahasrecordedfallingrentalrates overthe yearandyieldshavesubsequently fallen to 4.4per centforhousesand5.2percentforunits.Atthesametimeayearago,theywere recordedat4.8 percentand5.6percentrespectively.

Mediaenquiriescontact:

MitchKoper,RPDatanationalcommunicationsmanager–0731149879ormedia@rpdata.com

Table1:RPData-RismarkDailyHomeValueIndexResults(ActualResults)

CapitalGrowthto31December2013 / Sydney / Melbourne / Brisbane-GoldCoast / Adelaide / Perth / Australia 5
Capitals(ASX) / Hobart / Darwin / Canberra / Brisbane / Australia8 Capitals
Table1A:AllDwellings
Month / 0.7% / 2.2% / 2.0% / 0.3% / 1.3% / 1.4% / 4.3% / -0.8% / 1.6% / 2.0% / 1.4%
Quarter / 4.1% / 1.3% / 3.0% / 1.8% / 3.9% / 2.9% / 1.4% / 3.6% / -1.3% / 3.4% / 2.8%
Year-to-Date / 14.5% / 8.5% / 4.6% / 2.8% / 9.9% / 9.9% / 2.2% / 3.3% / 3.5% / 5.1% / 9.8%
Year-on-Year / 14.5% / 8.5% / 4.6% / 2.8% / 9.9% / 9.9% / 2.2% / 3.3% / 3.5% / 5.1% / 9.8%
TotalReturnYear-on-Year / 19.5% / 12.6% / 9.7% / 7.5% / 15.0% / 14.6% / 7.7% / 9.9% / 8.4% / 10.3% / 14.5%
Median price*based on settled salesoverquarter / $655,250 / $563,000 / $440,000 / $386,000 / $520,000 / $535,000 / $330,000 / $540,000 / $530,000 / $445,250 / $540,000
Table1B:Houses
Month / 0.8% / 2.3% / 2.1% / 0.4% / 1.4% / 1.5% / 5.2% / 0.5% / 1.6% / 2.1% / 1.5%
Quarter / 4.1% / 1.1% / 3.3% / 2.4% / 4.2% / 3.0% / 2.5% / 3.8% / -1.3% / 3.5% / 2.8%
Year-to-Date / 15.2% / 8.5% / 4.9% / 3.0% / 10.2% / 10.0% / 2.9% / 5.1% / 3.7% / 5.3% / 9.9%
Year-on-Year / 15.2% / 8.5% / 4.9% / 3.0% / 10.2% / 10.0% / 2.9% / 5.1% / 3.7% / 5.3% / 9.9%
TotalReturnYear-on-Year / 20.0% / 12.4% / 9.9% / 7.6% / 15.2% / 14.6% / 8.5% / 11.8% / 8.5% / 10.4% / 14.6%
Median price*based on settled salesoverquarter / $775,000 / $625,000 / $479,000 / $405,000 / $537,250 / $572,000 / $350,000 / $595,000 / $570,000 / $470,000 / $575,000
Table1C:Units
Month / 0.4% / 1.5% / 1.4% / -0.9% / -0.9% / 0.7% / -4.3% / -6.3% / 1.0% / 0.4% / 0.5%
Quarter / 3.9% / 2.5% / 0.5% / -3.6% / 0.1% / 2.6% / -9.3% / 2.9% / -0.2% / 2.4% / 2.7%
Year-to-Date / 11.6% / 8.7% / 2.0% / 0.6% / 6.3% / 8.9% / -5.1% / -3.9% / 1.5% / 3.5% / 9.0%
Year-on-Year / 11.6% / 8.7% / 2.0% / 0.6% / 6.3% / 8.9% / -5.1% / -3.9% / 1.5% / 3.5% / 9.0%
TotalReturnYear-on-Year / 17.2% / 13.6% / 7.7% / 5.6% / 11.7% / 14.3% / -0.1% / 2.3% / 7.2% / 9.4% / 14.4%
Median price*based on settled salesoverquarter / $557,000 / $481,000 / $361,950 / $325,000 / $439,000 / $472,500 / $255,000 / $449,500 / $432,000 / $383,000 / $480,000
Table1D:RentalYieldResults
Houses / 3.9% / 3.4% / 4.6% / 4.3% / 4.2% / 3.9% / 5.3% / 6.0% / 4.4% / 4.6% / 3.9%
Units / 4.7% / 4.2% / 5.4% / 4.9% / 4.8% / 4.6% / 5.6% / 6.2% / 5.2% / 5.5% / 4.7%

TheindicesingreyshadinghavebeendesignedfortradingenvironmentsinpartnershipwiththeAustralianSecuritiesExchange( Canberra,Brisbaneand the 8capital cityaggregate)arecalculatedunderthe samemethodologyhoweverare notcurrentlyplannedtobe partofthe tradingenvironment.

*Themedianpriceisthemiddlepriceofallsettledsalesoverthethreemonthstotheend ofthefinalmonth.Medianpricesareprovidedasanindicatorofwhatpriceatypicalhomesoldforoverthemostrecentquarter.ThemedianpricehasnodirectrelationshipwiththeRPData-RismarkHedonicIndexvalue.ThechangeintheIndexvalueovertimereflectstheunderlyingcapitalgrowthratesgeneratedby residentialpropertyintherelevantregion.

TheRPData-RismarkHedonicIndexgrowthratesarenotordinarilyinfluencedbycapitalexpenditureonhomes,compositionalchangesinthetypesofpropertiesbeingtransacted,orvariationsin the typeandqualityof new homesmanufacturedovertime.TheRPData-Rismark‘index values’arenot, therefore,thesameasthe‘medianprice’soldduringa givenperiod.See themethodologybelowforfurtherdetails.

Methodology:TheRPData-RismarkHedonicHomeValueIndexiscalculatedusingahedonicregressionmethodologythataddressestheissueofcompositionalbiasassociatedwithmedianpriceandothermeasures.Insimpleterms,theindexiscalculatedusingrecentsalesdatacombinedwithinformationabouttheattributesofindividualpropertiessuchasthenumberofbedroomsandbathrooms,landareaandgeographicalcontextofthedwelling.Byseparatingeachpropertycomprisingtheindexintoitsvariousformationalandlocationalattributes,differingobservedsalesvaluesforeachpropertycanbeseparatedintothoseassociatedwithvaryingattributesandthoseresultingfromchangesintheunderlyingresidentialpropertymarket.Also,byunderstandingthevalueassociatedwitheachattributeofagivenproperty,thismethodologycanbeusedtoestimatethevalueofdwellingswithknowncharacteristicsforwhichthereisnorecentsalespricebyobservingthecharacteristicsandsalespricesofotherdwellingswhichhaverecentlytransacted.Itthenfollowsthatchangesinthe market valueof the stock ofresidentialpropertycomprisingan indexcan be accurately trackedthroughtime.RPData ownsandmaintains Australia'slargestpropertyrelateddatabaseinAustraliawhichincludestransactiondataforeveryhomesalewithineverystateandterritory.RPDataaugmentsthisdatawithrecentsalesadvicefromrealestateindustryprofessionals,listingsinformationand attributedatacollectedfroma varietyofsources.Fordetailedmethodologicalinformationpleasevisit

FormoreinformationontheRPData-RismarkIndices,pleasegoto

Mediaenquiriescontact:

MitchKoper,RPDatanationalcommunicationsmanager–

Introductionto the RP Data-RismarkDailyHedonicHomeValueIndex methodology:

TheRPData-RismarkHedonicHomeValueIndexiscalculatedusingahedonicregressionmethodologythataddressestheissueofcompositionalbiasassociatedwithmedianpriceandothermeasures.Insimpleterms,theindexiscalculatedusingrecentsalesdatacombinedwithinformationabouttheattributesofindividualpropertiessuchasthenumberofbedroomsandbathrooms,landareaandgeographicalcontextofthedwelling.Byseparatingeachpropertycomprisingtheindexintoitsvariousformationalandlocationalattributes,differingobservedsalesvaluesforeachpropertycanbeseparatedintothoseassociatedwithvaryingattributesandthoseresultingfromchangesintheunderlyingresidentialpropertymarket.Also,byunderstandingthevalueassociatedwitheachattributeofagivenproperty,thismethodologycanbeusedtoestimatethevalueofdwellingswithknowncharacteristicsforwhichthereisnorecentsalespricebyobservingthecharacteristicsandsalespricesofotherdwellingswhichhaverecentlytransacted.Itthenfollowsthatchangesinthemarketvalueofthestockofresidentialpropertycomprisinganindexcanbeaccuratelytrackedthroughtime.RPDataownsandmaintainsAustralia'slargestpropertyrelateddatabaseinAustraliawhichincludestransactiondataforeveryhomesalewithineverystateandterritory.RPDataaugmentsthisdatawithrecentsalesadvicefromrealestateindustryprofessionals,listingsinformationandattributesdatacollected from avarietyofsources. For detailedmethodologicalinformationpleasevisit

AboutRPData

RPDatais100percentownedbyCoreLogicwhichisaleadingproviderofconsumer,financialandpropertyinformation,analyticsandservicestobusinessandgovernment.Thecompanycombinespublic,contributoryandproprietarydatatodeveloppredictivedecisionanalyticsandprovidebusinessservicesthatbringdynamicinsightandtransparencytothemarketsitserves.Today,CoreLogichasmorethan6,000employeesgloballywith 2012revenuesof$1.6billion andis listedontheNYSE.

AtRPData,wecontinuallycollect,manageandprocessproperty-baseddataandimageryfromover300sourcesacrossAustraliaincludinggovernmentagencies,mediapartnersandindustryprofessionals.RPDataisthebiggestproviderofpropertyinformation,analyticsandriskmanagementservicesinAustraliaandNewZealandwithadatabaseof210millionpropertyrecords.RPDataservescustomersrangingfromrealestateagentsandconsumerstobanks,mortgagebrokers,financialplannersandgovernments.

Weunderstandthatdataismostusefulwhenit’spresentedasrelevantandactionableanalytics.Ourdataprovidescustomerswithinsightsthatrealisemoremarketopportunities,whilesimultaneouslygrowingbusinessesandmanagingrisk.Ourresultsspeakforthemselves;we’rehelpingover100,000endusersincluding approximately45,000realestateagentswinmore businessbyprovidingAustralia’smost trusted pre-listingscomparativemarketappraisal(CMA)report,aswellasindustrystandardtoolsthatpromotetransparencyandconfidencewhenbuyingandsellingproperty.Inaddition,1millionconsumers useRPDatatomakeimportantdecisionsaboutpropertytheyareabouttohold,sellorpurchase.

OurMortgagePlatformscovermorethan90percent ofthe mortgagelendingactivity inAustralia.WeestimatethevalueofeveryresidentialpropertyinAustraliaeachweek viaourautomatedvaluationmodelswhichsupportour industryleadingRP DataRismarkDailyHomeValueIndex.Onaverage,weissueover 30millionautomatedvaluationassessmentseverymonth.We’reAustralia’sleadingsourceformobilepropertyinformationtoo–withover500,000mobiledevicesaccessingourserviceseachmonth.

Usingpublicandproprietarydata,webringinsightandtransparencytotheAustralianpropertymarket.Weemploy330peopleattenlocationsinAustraliaandNewZealandandourrevenuefor2012wasover$70million.

AboutRismarkInternational

RismarkInternational ("Rismark")isa funds managementandquantitative researchbusiness.Itisdedicatedtothedevelopmentofintellectualpropertyrequiredtofacilitatethecreationoffinancialmarketsovertheresidentialrealestateassetclass.RismarkalsohasalonghistoryofadvisingAustralianandoverseasgovernmentsonthedevelopmentofinnovativeeconomicpoliciesastheyrelatetohousingandfinancialmarkets.Asaby-productofitsquantitativeresearchactivities,Rismarkhasdevelopedthetechnologyandintellectual propertyunderlyingthe market-leadingRPData-Rismarkhedonicpropertypriceindicesandrelatedautomatedpropertyvaluationmodels(AVMs),amongstotherthings.Formoreinformationvisit