6416.0 - House Price Indexes: Eight Capital Cities, Mar 2013 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 07/05/2013   
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ANALYSIS


PRELIMINARY:

March Quarter 2013 (+0.1%)

The preliminary price index for established houses for the weighted average of the eight capital cities rose 0.1% in the March quarter 2013. The index rose 2.6% through the year to the March quarter 2013.

The positive movement in the March quarter 2013 was the result of rises in Perth (+1.2%), Melbourne (+0.2%), Darwin (+1.9%) and Canberra (+0.2%). This was offset by falls in Brisbane (-0.3%), Adelaide (-0.1%) and Hobart (-0.3%). There was no change for Sydney (0.0%).

The preliminary estimate for Perth (+1.2%) follows rises in the previous five quarters (+0.5%, +0.9%, +0.6%, +1.2% and +3.1% in the December quarter 2011 and the March to December quarters 2012 respectively). Clusters with median prices below $800,000 contributed most to the rise in the March quarter 2013. The index rose 6.1% through the year to the March quarter 2013, the fourth consecutive through the year rise.

The preliminary estimate for Melbourne (+0.2%) follows a rise in the December quarter 2012 (+1.8%, revised from +0.7%). Clusters with median prices between $680,000 and $1,100,000 contributed most to the rise. The index rose 1.1% through the year to the March quarter 2013. This is the first through the year rise since the March quarter 2011.

The preliminary estimate for Darwin (+1.9%) follows rises in the previous six quarters (+0.7%, +1.7%, +4.4%, +2.5%, +0.3% and +3.0% in the September to December quarters 2011 and the March to December quarters 2012 respectively). Clusters with median prices below $600,000 contributed most to the rise in the March quarter 2013. The index rose 8.0% through the year to the March quarter 2013, the fifth consecutive through the year rise.


REVISED:

December Quarter 2012 (+2.0%)

The preliminary price index for established houses for the weighted average of the eight capital cities rose 2.0% in the December quarter 2012. This was revised from a preliminary estimated rise of 1.6%. The through the year movement has been revised from an estimated rise of 2.1% to an estimated rise of 2.5%.

The positive movement in the December quarter 2012 was the result of rises in Sydney (+2.3%, unchanged), Melbourne (+1.8%, revised from +0.7%), Perth (+3.1%, revised from +2.9%), Brisbane (+1.0%, revised from +0.7%), Adelaide (+1.1%, revised from +0.8%), Canberra (+2.8%, revised from +2.1%) and Darwin (+3.0%, revised from +2.6%). This was partially offset by a fall in Hobart (-0.5%, revised from -1.4%).

The preliminary estimate for Sydney (+2.3%) follows a fall in the September quarter 2012 (-0.3%, revised from -0.5%). The rise in Sydney was consistent across a broad range of clusters. Sydney rose 4.4% through the year to the December quarter 2012.


FINAL:

September Quarter 2012 (-0.2%)

The final price index for established houses for the weighted average of the eight capital cities fell 0.2% in the September quarter 2012. This was revised from a preliminary estimated fall of 0.1%. The index fell 0.1% through the year to the September quarter 2012.

The negative movement in the September quarter 2012 was the result of falls in Melbourne (-1.1%, revised from -0.1%), Sydney (-0.3%, revised from -0.5%) and Adelaide (-0.6%, revised from -0.8%) . This was partially offset by rises in Perth (+1.2%, revised from +1.1%), Brisbane (+1.0%, revised from +0.4%), Canberra (+0.4%, revised from -0.6%), Darwin (+0.3%, unchanged) and Hobart (+0.2%, revised from -0.7%).