Calculate a series which shows the real change in Melbourne house prices over this period. What is the interpretation of this series?

Instructions:

(1) In column "F" title this "Real House Prices" and write a formula in cell "F2" which is equal to house prices divided by the CPI, and then multiplied by 100 (we need to multiply by 100 because the

baseline CPI is equal to 100 in the last period).

(2) Drag this formula down to the end of the column. Do this by double clicking on the bottom right of the cell "F2" when the cursor makes a black plus sign.

(3) Plot the resulting series. Highlight your column of real house prices, go to

the "Insert" tab then "Charts" and choose a line chart.