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6416.0 - House Price Indexes: Eight Capital Cities, Jun 2010  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 04/08/2010   
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ANALYSIS



Preliminary: June quarter 2010 (+3.1%)

The preliminary price index for established houses for the weighted average of the eight capital cities increased 3.1% in the June quarter 2010. This was the fifth consecutive increase in the eight capital cities index. Through the year to June quarter 2010, the index increased 18.4%.

Sydney (+4.9%) and Melbourne (+3.6%) were the largest contributors to the quarterly increase in the eight capital cities index. The preliminary result for Sydney was the fifth consecutive quarterly increase in the index, all of which were greater than 4%. The movement through the year to June quarter 2010 (+21.4%) was the largest through the year increase in the series which commenced in 2002 and was equal to the revised estimate through the year to March quarter 2010. Median prices increased across almost all clusters in Sydney this quarter, with the index movement driven by clusters with median prices between $650 000 and $1 200 000.

The preliminary result for Melbourne (+3.6%) increased for the fifth consecutive quarter, but at a lower rate than the previous four quarters. The through the year increase was +24.3%. In Melbourne, median prices increased across almost all clusters. The increase in the index was driven by clusters with median prices below $700 000.

The other capital cities all made positive contributions to the weighted average of the eight capital cities index in the June quarter 2010: Adelaide (+3.2%), Perth (+0.4%), Canberra (+2.1%), Brisbane (+0.3%), Darwin (+2.8%), and Hobart (+0.1%).


Revised: March Quarter 2010 (+4.2%)

The price index for established houses for the weighted average of the eight capital cities increased by 4.2% in the March quarter 2010. This was revised from a preliminary estimated increase of 4.8%. The through the year movement was revised from an estimated increase of 20.0% to an estimated increase of 19.7%.

The revision to the preliminary estimate for Melbourne was the main contributor to the revision of the eight capital cities result. The quarterly movement in the price index for Melbourne was revised from a preliminary estimate of +6.7% to +5.7%. As more data became available, the additional observations for the March quarter 2010 resulted in lower median price increases across most clusters.

Sydney (+5.0%) and Melbourne (+5.7%) were the largest contributors to the eight capital cities result in the March quarter 2010. The other capital cities all made positive contributions: Perth (+3.2%), Adelaide (+2.3%), Brisbane (+1.3%), Canberra (+5.3%), Darwin (+0.8%) and Hobart (+2.3%).


Final: December Quarter 2009 (+5.5%)

The change in the established house price index for the weighted average of the eight capital cities for the December quarter 2009 was revised from a second estimate of +5.1% to a final estimate of +5.5%. The movement in the index through the year to December quarter 2009 was revised from an estimated increase of 13.5% to an increase of 13.9%.

Melbourne (+6.6%) and Sydney (+5.5%) were the largest contributors to the eight capital cities result in the December quarter 2009. The other capital cities all made positive contributions: Perth (+5.8%), Brisbane (+3.5%), Adelaide (+3.8%), Canberra (+6.6%), Hobart (+6.0%) and Darwin (+7.0%).


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