HOUSING prices fell in all but one of the mainland state capitals last week.
The exception was Adelaide, where prices compiled by RP Data from auction results showed no change.
Elsewhere, price falls ranged from 0.3 per cent in Sydney to 0.7 per cent in Brisbane.
But all the cities showed annual rises well above the 2.9 per cent inflation rate for the consumer price index, with the national average rising by 11.1 per cent.
Sydney, where prices rose 17.1 per cent in the past year, and Melbourne, with annual price rises of 9.5 per cent, continued to dominate the figures.
Despite the steep - albeit very uneven - rises over the past year, there has been virtually no movement in the national market since late March.
That lack of price movement, aside from small ups and downs from week to week, is nothing new.
Much the same thing happened last year and the year before that, ahead of a small dip during the winter months.
It wasn't a big dip, just two or three per cent.
But in the current environment of heightened alertness for any sign of a slump in housing prices, it's bound to encourage talk along the lines that the end is, at long last, nigh.
Meanwhile fundamentals till appear supportive.
On Monday, the Real Estate Institute of NSW published its survey of residential property vacancies, and it showed no sign that the rental market is oversupplied.
Quite the opposite in fact, with vacancies rates in Sydney - the national market's hot spot - at a tight 1.7 per cent in April, the same as it was a year earlier.
And it's not just Sydney.
The tightest rental markets in NSW were Albury, with a vacancy rate of 1.6 per cent, and the Northern Rivers region, 1.5 per cent, both very low by any standard, but particularly outside the capital cities.
There are signs that the supply of new housing is responding to the extra demand from renters.
The value of residential building approvals in the first three months of this year was up by 25 per cent from the first three months of last year, according to the Australian Bureau of Statistics last week.
So the value of new residential building work starting is about $850 million a month higher than it was this time last year - and that amount does not include the value of the land it's being built on.
Even so, it will take a long while for that to chip away at the deficit left by several years of under-building.
Against that background, and with the RBA signalling on Friday that it has no intention of raising interest rates in the near future, it seems likely that the winter lull in prices will not persist into the spring.
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