6416.0 - Residential Property Price Indexes: Eight Capital Cities, Mar 2015 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 23/06/2015   
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ANALYSIS


INDEX ANALYSIS

Residential Property Price Indexes

RPPI
HPI
ADPI
Dec Qtr 14 to Mar Qtr 15
Dec Qtr 14 to Mar Qtr 15
Dec Qtr 14 to Mar Qtr 15
% change
% change
% change

Sydney
3.1
3.8
2.2
Melbourne
0.6
1.2
-0.8
Brisbane
0.4
0.3
0.7
Adelaide
0.7
0.7
-0.1
Perth
-0.1
0.0
-0.3
Hobart
0.5
0.5
0.5
Darwin
-0.2
-0.1
-0.5
Canberra
1.1
1.5
-0.3
Eight capital cities
1.6
1.7
0.8




Notes

The discussion of individual cities is ordered in terms of their significance to the change in the RPPI for the latest quarter.


Weighted average of the eight capital cities (+1.6% RPPI)

The RPPI for the weighted average of the eight capital cities rose 1.6% in the March quarter 2015. This follows a rise of 2.0% for the December quarter 2014 (revised from +1.9%) and a rise of 1.2% for the September quarter 2014 (revised from +1.4%).

The RPPI rose 6.9% through the year to the March quarter 2015.

In the March quarter 2015 the HPI rose 1.7% and the ADPI rose 0.8%. Through the year to the March quarter 2015, the HPI rose 7.5% and the ADPI rose 4.9%.

The quarterly HPI result follows rises in the December quarter 2014 of 2.1% (revised from +1.9%) and a rise of 1.4% for the September quarter 2014 (revised from +1.5%). The ADPI result follows rises of 1.9% (revised from +2.0%) in the December quarter 2014 and 0.5% (revised from +0.6%) in the September quarter 2014.


Sydney (+3.1% RPPI)

The RPPI for Sydney rose 3.1% in the March quarter 2015. This follows rises in the December 2014 (+3.6%) and September 2014 (+2.2%) quarters. The index rose 13.1% through the year to the March quarter 2015.

Over the March quarter 2015 the HPI rose 3.8% and the ADPI rose 2.2%.

For established houses, the rise in Sydney was broad based, with all segments of the market showing price rises. Strata with prices between $700,000 and $1.8m contributed most to the rise. Through the year to the March quarter 2015, the HPI rose 15.0%.

For attached dwellings, the rise in Sydney was due to rises in strata with prices between $400,000 and $1.0m. Through the year to the March quarter 2015, the ADPI rose 9.4%.


Melbourne (+0.6% RPPI)

The RPPI for Melbourne rose 0.6% in the March quarter 2015. This follows rises in the December 2014 (+1.9%) and September 2014 (+0.9%) quarters. The index rose 4.7% through the year to the March quarter 2015.

Over the March quarter 2015 the HPI rose 1.2% and the ADPI fell 0.8%. The fall in the ADPI is the first since June quarter 2012.

For established houses, the rise in Melbourne was due to rises in strata with prices between $750,000 and $2.0m. Through the year to the March quarter 2014, the HPI rose 5.8%.

For attached dwellings, results showed falls in strata in the $450,000 to $550,000 range. Through the year to the March quarter 2015, the ADPI rose 1.1%.


Brisbane (+0.4% RPPI)

The RPPI for Brisbane rose 0.4% in the March quarter 2015. This follows rises in the December 2014 (+1.2%) and September 2014 (+0.5%) quarters. The index rose 3.9% through the year to the March quarter 2015.

Over the March quarter 2015 the HPI rose 0.3% and the ADPI rose 0.7%. Through the year to the March quarter 2015, the HPI rose 4.4% and the ADPI rose 1.6%.


Adelaide (+0.7% RPPI)

The RPPI for Adelaide rose 0.7% in the March quarter 2015. This follows rises in the December 2014 (+1.1%) and September 2014 (+0.5%) quarters. The index rose 2.5% through the year to the March quarter 2015.

Over the March quarter 2015 the HPI rose 0.7% and the ADPI fell 0.1%. Through the year to the March quarter 2015, the HPI rose 2.7% and the ADPI rose 1.6%.


Canberra (+1.1% RPPI)

The RPPI for Canberra rose 1.1% in the March quarter 2015. This follows rises in the December 2014 (+0.8%) and September 2014 (+0.2%) quarters. The index rose 3.0% through the year to the March quarter 2015.

Over the March quarter 2015 the HPI rose 1.5%, the largest quarterly rise since the December quarter 2012. The ADPI fell 0.3%. Through the year to the March quarter 2015, the HPI rose 4.4%, the largest through the year rise since the December quarter 2010. The ADPI fell 1.2%.


Hobart (+0.5% RPPI)

The RPPI for Hobart rose 0.5% in the March quarter 2015. This follows rises in the December 2014 (+0.8%) and September 2014 (+0.3%) quarters. The index rose 1.9% through the year to the March quarter 2015.

Over the March quarter 2015 the HPI and the ADPI rose 0.5%. Through the year to the March quarter 2015, the HPI rose 2.2% and the ADPI rose 0.5%.


Darwin (-0.2% RPPI)

The RPPI for Darwin fell 0.2% in the March quarter 2015. This follows falls in the December quarter 2014 (-0.6%) and September 2014 (-0.3%) quarters. The index fell 0.4% through the year to the March quarter 2015.

Over the March quarter 2015 the HPI fell 0.1% and the ADPI fell 0.5%. Through the year to the March quarter 2015, the HPI fell 0.7% and the ADPI rose 0.3%.


Perth (-0.1% RPPI)

The RPPI for Perth fell 0.1% in the March quarter 2015. This follows a flat result in the December quarter 2014 (0.0%) and a fall in the September quarter 2014 (-0.3%). The index fell 0.3% through the year to the March quarter 2015.

Over the March quarter 2015 the HPI had a flat result 0.0% and the ADPI fell 0.3%. Through the year to the March quarter 2015, the HPI fell 0.2% and the ADPI fell 0.9%.


TOTAL VALUE OF THE DWELLING STOCK

Quarterly Analysis
Total value of dwelling stock
Graph: Total value of dwelling stock


The preliminary estimate of the total value of residential dwellings in Australia in the March quarter 2015 was $5,468.5b (up from $5,367.2b in the December quarter 2014). Of this, $5,185.1b was owned by households.

Over the same period, the number of residential dwellings rose by 38,200 to 9,491,700. The mean price of residential dwellings rose $8,400 to $576,100.

Mean Dwelling Price, States and Territories: March 2015 quarter
Graph: Mean Dwelling Price, States and Territories: March 2015 quarter


The mean price of residential dwellings in NSW ($712,000) remains the highest in the country followed by ACT ($592,800). The mean price in WA ($591,900) was the third highest mean price. The lowest mean price was in Tasmania ($309,700).