6416.0 - Residential Property Price Indexes: Eight Capital Cities, Sep 2016 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 13/12/2016   
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ANALYSIS
Residential Property Price Indexes

RPPI (a)
HPI
ADPI
Jun Qtr 16 to Sep Qtr 16
Jun Qtr 16 to Sep Qtr 16
Jun Qtr 16 to Sep Qtr 16
% change
% change
% change

Sydney
2.6
2.9
2.1
Melbourne
1.7
2.1
0.3
Brisbane
0.2
0.3
-0.6
Adelaide
0.9
1.0
0.7
Perth
-1.6
-1.8
-0.8
Hobart
2.3
2.2
2.1
Darwin
-1.2
-2.2
0.8
Canberra
0.8
0.8
0.8
Eight capital cities
1.5
1.6
1.2


(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 (1.5%)

The RPPI for the weighted average of the eight capital cities rose 1.5% in the September quarter 2016. This follows a rise of 2.0% in the June quarter 2016, and a fall of 0.2% in the March quarter 2016.

The RPPI rose 3.5% through the year to the September quarter 2016.

In the September quarter 2016 the HPI rose 1.6% and the ADPI rose 1.2%. Through the year to the September quarter 2016, the HPI rose 4.1%, and the ADPI rose 1.7%.

The quarterly HPI result follows a rise of 2.3% in the June quarter 2016 and a flat result of 0.0% in the March quarter 2016. The ADPI result follows a rise of 1.4% in the June quarter 2016 and a fall of 0.8% in the March quarter 2016.


Sydney (2.6%)


The RPPI for Sydney rose 2.6% in the September quarter 2016. This follows a rise of 2.8% in the June quarter 2016 and a 0.7% fall in the March quarter 2016. The index rose 3.2% through the year to the September quarter 2016.

Over the September quarter 2016 the HPI rose 2.9% and ADPI rose 2.1%. This was the second consecutive quarter of growth for the HPI and ADPI in Sydney after falls in the March quarter 2016.

For established houses, growth was seen across most segments of the market, with the middle segments ($750,000 to $1.5m) being particularly strong. Through the year to September, house prices rose by 3.3%. This sees the rate of annual growth continue to slow after Sydney property prices peaked in mid-2015.

For Sydney attached dwellings, growth was mixed across segments though particularly strong in the middle ($570,000 to $800,000) and upper market segments (greater than $900,000). Through the year to the September quarter 2016, the ADPI rose 2.8%.


Melbourne (1.7%)

The RPPI for Melbourne rose 1.7% in the September quarter 2016. This follows rises in the June (+2.7%) and March (+0.8%) quarters 2016. The index rose 6.9% through the year to the September quarter 2016.

Over the September quarter 2016 the HPI rose 2.1% and the ADPI rose 0.3%.

For established houses, growth was seen across most market segments, but particularly in the lower (less than $550,000) and higher (greater than $1.5m) market segments. Through the year to the September quarter 2016, the HPI rose 8.6%.

For attached dwellings, strength was seen in the lower ($350,000 to $380,000) and upper (greater than $700,000) market segments. The remainder of the market was mixed, with the middle market segments ($400,000 to $550,000) being relatively flat. Through the year to the September quarter 2016, the ADPI rose 1.5%.


Adelaide (0.9%)

The RPPI for Adelaide rose 0.9% in the September quarter 2016. This follows rises in the June (+0.8%) and March (+0.5%) quarters 2016. The index rose 3.2% through the year to the September quarter 2016.

Over the September quarter 2016 the HPI rose 1.0% and the ADPI rose 0.7%. Through the year to the September quarter 2016, the HPI rose 3.9% and the ADPI rose 0.1%.


Brisbane (0.2%)

The RPPI for Brisbane rose 0.2% in the September quarter 2016. This follows rises in the June (+1.1%) and March (+0.3%) quarters 2016. The index rose 3.1% through the year to the September quarter 2016.

Over the September quarter 2016 the HPI rose 0.3% and the ADPI fell 0.6%. Through the year to the September quarter 2016, the HPI rose 3.4% and the ADPI rose 1.5%.


Canberra (0.8%)

The RPPI for Canberra rose 0.8% in the September quarter 2016. This follows a rise of 2.2% in the June quarter and a fall in the March quarter 2016 (-0.4%). The index rose 5.5% through the year to the September quarter 2016.

Over the September quarter 2016 the HPI and ADPI both rose 0.8%. Through the year to the September quarter 2016, the HPI rose 6.8% and the ADPI rose 1.0%.


Hobart (2.3%)

The RPPI for Hobart rose 2.3% in the September quarter 2016. This follows a rise in the June (+0.7%) and March (+1.1%) quarters 2016. The index rose 6.8% through the year to the September quarter 2016.

Over the September quarter 2016 the HPI rose 2.2% and the ADPI rose 2.1%. Through the year to the September quarter 2016, the HPI rose 6.4% and the ADPI rose 7.9%.


Perth (-1.6%)

The RPPI for Perth fell 1.6% in the September quarter 2016. This follows falls in the June (-1.2%) and March (-1.7%) quarters 2016. The index fell 4.0% through the year to the September quarter 2016.

Over the September quarter 2016 the HPI fell 1.8% and the ADPI fell 0.8%. Through the year to the September quarter 2016, the HPI fell 4.1% and the ADPI fell 3.3%.


Darwin (-1.2%)

The RPPI for Darwin fell 1.2% in the September quarter 2016. This follows falls in the June (-2.4%) and March (-2.0%) quarters 2016. The index fell 7.2% through the year to the September quarter 2016.

Over the September quarter 2016 the HPI fell 2.2% and the ADPI rose 0.8%. Through the year to the September quarter 2016, the HPI fell 8.5% and the ADPI fell 4.3%.


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 September quarter 2016 was $6,155.2 billion (up from $6,043.1 billion in the June quarter 2016). Of this, $5,843.0 billion was owned by households.

Over the same period, the number of residential dwellings rose by 39,300 to 9,755,400 and the mean price of residential dwellings rose $9,000 to $631,000.

Graph Image for Mean Dwelling Price, States and Territories, September 2016 quarter


The mean price of residential dwellings in NSW ($822,100) remains the highest in the country followed by Victoria ($651,600). The mean price in ACT ($628,300) is the third highest mean price. The lowest mean price is in Tasmania ($335,300).