In compiling the established house price index, the raw sales prices of a representative sample of dwellings is collected and stratified by the geographical and physical characteristics of the dwelling. This stratification is done to take into account that in addition to the physical characteristics of a dwelling, its geographical location is a significant component of quality. The overall movement in the index is then calculated by weighting together the price movements in individual strata.
The House Price Index was revised in 2005. For more information see: Information Paper: Renovating the Established House Price Index, Nov 2005 (6417.0).
The index for project homes is compiled by the ABS for use in calculating the house purchase component of the Consumer Price Index (CPI).
In compiling the index, a representative sample of project home models is selected, prices are obtained in each quarter, and the price movements for each project home model weighted together. For the Hobart House Price Index, price information for project homes is obtained at the end of each quarter from a sample of project home builders in Hobart.
HOUSE PRICE INDEXES(a), Hobart
|Reference period |
p Preliminary figure or series subject to revision
(a) Reference base of index: 2003-04 = 100.0.
Source: House Price Indexes: Eight Capital Cities (cat. no. 6416.0).