House price indexes enable the comparison of price changes between cities, though not the price levels themselves.
From 1999-2000 to 2000-01, the price index of established houses increased in all capital cities except Darwin (table 8.17).
For the fourth year in a row, Melbourne recorded the greatest rise in established house prices, increasing by 10.0% in 2000-01. Other capital city price rises were in Canberra (8.8%), Sydney (7.0%), Adelaide (6.4%), Perth (6.4%), Brisbane (5.1%) and Hobart (4.0%). House prices in Darwin fell by 0.3%. The weighted average of eight capitals index rose by 7.4%.
In 2000-01, project home prices (cost of new dwellings excluding land) rose significantly in all capital cities (table 8.18). Canberra recorded the largest increase (16.4%), followed by Sydney (12.4%), Melbourne (12.2%), Brisbane (11.7%), Adelaide (11.6%), Hobart (11.5%), Perth (9.9%) and Darwin (9.5%). The index for the weighted average of eight capitals rose by 11.8%.
The price index of materials used in house building is discussed see Construction.
8.17 PRICE INDEX NUMBERS FOR ESTABLISHED HOUSES(a) |
|
| Sydney | Melbourne | Brisbane | Adelaide | Perth | Hobart | Darwin | Canberra | Weighted average of eight capital cities |
|
INDEX NUMBER |
|
1998–99 | 137.9 | 126.8 | 141.0 | 114.1 | 118.9 | 123.2 | 193.6 | 128.2 | 130.4 |
1999–00 | 153.1 | 144.6 | 142.2 | 123.2 | 125.9 | 129.0 | 199.2 | 137.0 | 142.3 |
2000–01 | 163.8 | 159.1 | 149.4 | 131.1 | 133.9 | 134.2 | 198.7 | 149.1 | 152.8 |
|
CHANGE FROM PREVIOUS YEAR (%) |
|
1998–99 | 7.3 | 10.9 | 1.5 | 1.8 | 4.9 | -1.8 | -2.7 | 1.6 | 6.2 |
1999–00 | 11.0 | 14.0 | 0.9 | 8.0 | 5.9 | 4.7 | 2.9 | 6.9 | 9.1 |
2000–01 | 7.0 | 10.0 | 5.1 | 6.4 | 6.4 | 4.0 | -0.3 | 8.8 | 7.4 |
|
(a) Reference base year 1989-90 = 100.0. |
Source: House Price Indexes: Eight Capital Cities (6416.0). |
8.18 PRICE INDEX NUMBERS FOR PROJECT HOMES(a) |
|
| Sydney | Melbourne | Brisbane | Adelaide | Perth | Hobart | Darwin | Canberra | Weighted average of eight capital cities |
|
INDEX NUMBER |
|
1998–99 | 115.2 | 112.5 | 113.4 | 117.0 | 106.1 | 123.3 | 139.0 | 124.4 | 113.1 |
1999–00 | 123.1 | 122.0 | 118.2 | 127.2 | 114.8 | 126.2 | 143.2 | 131.9 | 120.7 |
2000–01 | 138.4 | 136.9 | 132.0 | 141.9 | 126.2 | 140.7 | 156.8 | 153.5 | 134.9 |
|
CHANGE FROM PREVIOUS YEAR (%) |
|
1998–99 | 2.7 | 3.6 | 0.9 | 3.4 | 3.8 | 0.0 | 1.2 | 0.7 | 2.5 |
1999–00 | 6.9 | 8.4 | 4.2 | 8.7 | 8.2 | 2.4 | 3.0 | 6.0 | 6.7 |
2000–01 | 12.4 | 12.2 | 11.7 | 11.6 | 9.9 | 11.5 | 9.5 | 16.4 | 11.8 |
|
(a) Reference base year 1989-90 = 100.0. |
Source: House Price Indexes: Eight Capital Cities (6416.0). |