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6416.0 - Residential Property Price Indexes: Eight Capital Cities, Dec 2013 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 11/02/2014   
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WHAT'S NEW

From the December quarter 2013, all index numbers are calculated on a new index reference period of 2011-12. This results in the index numbers for each index series being reset to 100.0 for the financial year 2011-12. Period-to-period percentage changes may differ to those previously published due to rounding and the re-referencing. These differences do not constitute a revision.



DECEMBER KEY FIGURES

Sep Qtr 13 to Dec Qtr 13
Dec Qtr 12 to Dec Qtr 13
RESIDENTIAL PROPERTY PRICES
% change
% change

Weighted average of eight capital cities
3.4
9.3
Sydney
4.7
13.8
Melbourne
2.6
7.9
Brisbane
2.8
5.7
Adelaide
2.5
3.4
Perth
3.3
8.7
Hobart
2.0
4.9
Darwin
1.7
5.0
Canberra
0.3
-0.3


Total Value of the Dwelling Stock
Dec Qtr 13

Value of dwelling stock(a) ($m)
5 017 041.4
Mean price of residential dwellings ($'000)
539.4
Number of residential dwellings ('000)
9 300.7

(a) all sectors

Residential property prices, Weighted average of eight capital cities - Quarterly % change
Graph: Residential property prices, Weighted average of eight capital cities—Quarterly % change

Residential property prices, Quarterly % change - December quarter 2013
Graph: Residential property prices, Quarterly % change—December quarter 2013




DECEMBER KEY POINTS


CHANGES TO RESIDENTIAL PROPERTY PRICE INDEX
  • Preliminary estimates show that the price index for residential properties for the weighted average of the eight capital cities rose 3.4% in the December quarter 2013. The index rose 9.3% through the year to the December quarter 2013.
  • The capital city residential property price indexes rose in Sydney (+4.7%), Melbourne (+2.6%), Perth (+3.3%), Brisbane (+2.8%), Adelaide (+2.5%), Hobart (+2.0%), Darwin (+1.7%) and Canberra (+0.3%).
  • Annually, residential property prices rose in Sydney (+13.8%), Perth (+8.7%), Melbourne (+7.9%), Brisbane (+5.7%), Darwin (+5.0%), Hobart (+4.9%), Adelaide (+3.4%) and fell in Canberra (-0.3%).


TOTAL VALUE OF THE DWELLING STOCK
  • The total value of residential dwellings in Australia was $5,017,041.4 m at the end of December quarter 2013, rising $184,304.7 m over the quarter.
  • The mean price of residential dwellings rose $17,700 and the number of residential dwellings rose by 37,300 in the December quarter 2013.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
March 2014 13 May 2014
June 2014 12 August 2014
September 2014 11 November 2014
December 2014 10 February 2015



CHANGES IN THIS ISSUE

From the December quarter 2013, a number of changes to the content and format of this publication, and associated time series spreadsheets on the ABS website, have been made. To reflect the change in content, this publication, previously known as House Price Indexes: Eight Capital Cities, is now known as Residential Property Price Indexes: Eight Capital Cities. The catalogue number (6416.0) remains the same.

In summary:
  • an Attached Dwellings Price Index and a Residential Property Price Index (an aggregation of the HPI and ADPI) are published in addition to the existing House Price Index;
  • a measure for the total value of the dwelling stock has been developed and is published;
  • all index numbers are now calculated on a new index reference period of 2011-12=100, see Appendix 1 for further details;
  • the geography for the indexes has been updated to align with the Australian Statistical Geography Standard (ASGS);
  • the weights and the variables used to stratify the index have been updated using data from the 2011 Census, see Appendix 2 for further details.

The change in content has led to the table numbers and series IDs (in the time series spreadsheets) changing. Appendix 3 provides a concordance between the new and old table numbers and series IDs.

Further details about these changes are available in the Information Paper: Forthcoming changes to House Price Indexes: Eight Capital Cities (cat. no. 6416.0.55.002) which was released on 24 September 2013.


REVISIONS

Estimates for the two most recent quarters of the indexes are preliminary and subject to revision (see paragraph 26 of the Explanatory Notes). In this issue, revisions to June and September quarters 2013 also reflect updates to the weighting pattern and variables used to stratify the indexes.


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Neel Tikaram on Sydney (02) 9268 4792.


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Commonwealth of Australia 2014

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