6416.0 - Residential Property Price Indexes: Eight Capital Cities, Mar 2017 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 20/06/2017   
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ANALYSIS
Residential Property Price Indexes

RPPI (a)
HPI
ADPI
Dec Qtr 16 to Mar Qtr 17
Dec Qtr 16 to Mar Qtr 17
Dec Qtr 16 to Mar Qtr 17
% change
% change
% change

Sydney
3.0
2.9
3.4
Melbourne
3.1
4.1
-0.7
Brisbane
0.0
-0.2
0.6
Adelaide
1.5
1.8
-0.1
Perth
-1.0
-1.2
-0.9
Hobart
3.4
3.1
5.1
Darwin
-0.9
-0.4
-2.1
Canberra
2.8
3.6
-0.2
Eight capital cities
2.2
2.4
1.7


(a) See Explanatory Notes paragraph 50.


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 (2.2%)

The RPPI for the weighted average of the eight capital cities rose 2.2% in the March quarter 2017. This follows a rise of 4.1% in the December quarter 2016 and 1.5% in the September quarter 2016.

The RPPI rose 10.2% through the year to the March quarter 2017.

In the March quarter 2017 the HPI rose 2.4% and the ADPI rose 1.7%. Through the year to the March quarter 2017, the HPI rose 11.5% and the ADPI rose 6.6%.

The quarterly HPI result follows a rise of 4.7% in the December quarter 2016 and 1.6% in the September quarter 2016. The ADPI result follows a rise of 2.3% in the December quarter 2016 and 1.2% in the September quarter 2016.


Sydney (3.0%)

The RPPI for Sydney rose 3.0% in the March quarter 2017. This follows rises in the December (+5.2%) and September (+2.6%) quarters 2016. The index rose 14.4% through the year to the March quarter 2017.

Over the March quarter 2017 the HPI rose 2.9% and the ADPI rose 3.4%. This is the fourth consecutive quarter of growth for the HPI and ADPI in Sydney after falls in the March quarter 2016 and December quarter 2015.

For established houses, growth continues to be seen across most segments of the market, particularly in the middle to upper segments ($1,540,000 to $2,080,000). Through the year to the March quarter 2017, the HPI rose 16.0%.

For attached dwellings, growth was seen across most segments of the market, particularly in the middle to upper ($865,000 to $1,115,000) segments. Through the year to the March quarter 2017, the ADPI rose 11.1%.


Melbourne (3.1%)

The RPPI for Melbourne rose 3.1% in the March quarter 2017. This follows rises in the December (+5.3%) and September (+1.7%) quarters 2016. The index rose 13.4% through the year to the March quarter 2017.

Over the March quarter 2017 the HPI rose 4.1% following solid growth of 6.0% in the December quarter 2016. The ADPI fell 0.7% following three quarters of growth.

For established houses, growth was seen across most market segments, with strength in the middle ($1,000,000 to $1,300,000) segments of the market. Through the year to the March quarter 2017, the HPI rose 16.1%.

For attached dwellings, slight falls were seen across most market segments, with more pronounced falls in the middle to upper segments ($535,000 to $700,000) which had seen the most growth in the December quarter 2016. Through the year to the March quarter 2017, the ADPI rose 3.9%.


Adelaide (1.5%)

The RPPI for Adelaide rose 1.5% in the March quarter 2017. This follows rises in the December (+1.8%) and September (+0.9%) quarters 2016. The index rose 5.0% through the year to the March quarter 2017.

Over the March quarter 2017 the HPI rose 1.8% and the ADPI fell 0.1%. Through the year to the March quarter 2017, the HPI rose 5.6% and the ADPI rose 3.2%.


Canberra (2.8%)

The RPPI for Canberra rose 2.8% in the March quarter 2017. This follows rises in the December (+2.8%) and September (+0.8%) quarters 2016. The index rose 8.9% through the year to the March quarter 2017.

Over the March quarter 2017 the HPI rose 3.6% and the ADPI fell 0.2%. Through the year to the March quarter 2017, the HPI rose 10.6% and the ADPI rose 2.9%.


Hobart (3.4%)

The RPPI for Hobart rose 3.4% in the March quarter 2017. This follows rises in the December (+4.5%) and September (+2.3%) quarters 2016. The index rose 11.3% through the year to the March quarter 2017.

Over the March quarter 2017 the HPI rose 3.1% and the ADPI rose 5.1%. Through the year to the March quarter 2017, the HPI rose 10.6% and the ADPI rose 14.6%.


Brisbane (0.0%)

The RPPI for Brisbane was flat (0.0%) in the March quarter 2017. This follows rises in the December (+2.2%) and September (+0.2%) quarters 2016. The index rose 3.5% through the year to the March quarter 2017.

Over the March quarter 2017 the HPI fell 0.2% and the ADPI rose 0.6%. Through the year to the March quarter 2017, the HPI rose 4.3% and the ADPI fell 0.4%.


Perth (-1.0%)

The RPPI for Perth fell 1.0% in the March quarter 2017. This follows a rise in the December (+0.3%) and a fall in the September (-1.6%) quarters 2016. The index fell 3.5% through the year to the March quarter 2017.

Over the March quarter 2017 the HPI fell 1.2% and the ADPI fell 0.9%. Through the year to the March quarter 2017, the HPI fell 3.2% and the ADPI fell 5.0%.


Darwin (-0.9%)

The RPPI for Darwin fell 0.9% in the March quarter 2017. This follows falls in the December (-1.5%) and September (-1.2%) quarters 2016. The index fell 5.9% through the year to the March quarter 2017.

Over the March quarter 2017 the HPI fell 0.4% and the ADPI fell 2.1%. Through the year to the March quarter 2017, the HPI fell 5.6% and the ADPI fell 7.1%.


Total value of the dwelling stock

Graph Image for Total Value of Dwelling Stock


The preliminary estimate of the total value of residential dwellings in Australia in the March quarter 2017 was $6,602.1 billion (up from $6,439.0 billion in the December quarter 2016). Of this, $6,270.7 billion was owned by households.

Over the same period, the number of residential dwellings rose by 39,800 to 9,858,400 and the mean price of residential dwellings rose $13,900 to $669,700.

Graph Image for Mean Dwelling Price, States and Territories, March 2017 quarter


The mean price of residential dwellings in New South Wales ($886,800) remains the highest in the country followed by Victoria ($708,300) and then the Australian Capital Territory ($678,400). The lowest mean price is in Tasmania ($357,000).