Australian capital city home values have falled by 2.7% during the 2011 calendar year, according to the latest research from RP Data.

According to the RP Data-Rismark Home Value Index released today, home values continued to decline during the month of May, falling 0.3%. However, this contributed to a full 2.7% seasonally adjusted decline since the beginning of 2011, or 2.3% over 12 months.

The report said that in capital cities, "performance has been varied and counterintuitive to the purported resourses boom".

"Sydney is the only market to have recorded a modest capital gain over the last year, up 1%, while homes in Canberra have also held ground. All other capitals have slipped into the red, with some down by significant margins," the report said.

According to research director Tim Lawless, the two weakest results were Perth, where dwelling values are down 7.5% year-on-year, and Brisbane, which has declined by 5.9% over the last 12 months.

Lawless said the trend of premium markets taking the brunt of the market correction has continued, with the top 20% of capital city suburbs ranked by price recording a fall of 3.9% over the 12 months to the end of May.