This study examined whether there were existing house price bubbles via the differencebetween fundamental house values and actual house prices in six Asian cities (Taipei, Tokyo, Seoul,Hong Kong, Singapore and Shanghai) during the period 1995Q3-2011Q4. The fundamental housevalues in each city were calculated based on the long-run relationship between house prices andmacroeconomic variables. The empirical results revealed that fundamental house values were drivenby lending rate, disposable income, gross domestic product and consumer price index. Notably ahouse price bubble appeared to account for about 30% of the house prices in Taipei, Singapore andHong Kong as of the end of 2011. Furthermore, Shanghai and Tokyo also simultaneously had a houseprice bubble that represented about 10% of house prices. However, the house price bubble in Seoulwas not obvious.