Australian Bureau of Statistics
6416.0 - Residential Property Price Indexes: Eight Capital Cities, Dec 2014 Quality Declaration
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 10/02/2015
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CHANGES IN THIS ISSUE
New established house price index
This issue introduces a new methodology for compiling the established house price index.
Since late last year the ABS has been working on improving the established house price index. Broadly, the improvements are:
Refer to Information Paper: Renovating the Established House Price Index (cat. no. 6417.0) released on 30 November 2005, for a more detailed discussion of the improvements.
The new established house price index commences from March quarter 2002 and has a reference base of 2003-04 = 100.0.
The established house price index is now on a reference base of 2003-04 = 100.0, and the index for construction industry total hourly rates of pay is already on this base. The ABS has decided to re-reference the other indexes presented in the publication to the same base year. Details about the re-referencing process and how to convert the rebased quarterly series of index numbers back to the previous reference base of 1989-90 = 100.0 are included in an appendix to this issue. A consequence of re-referencing price indexes can be that period-to-period percentage changes calculated using re-referenced index number series may differ slightly from those calculated using the original series. These differences do not constitute a revision of the index but simply reflect the effect of rounding.
A new weighting pattern has been introduced to combine the capital city indexes to the weighted average of eight capital cities for the project home price index from September quarter 2005. For more details, see paragraph 20-21 of the Explanatory Notes of House Price Indexes: Eight Capital Cities (cat. no. 6416.0). The index series for periods prior to September quarter 2005 are not affected by this re-weighting.
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This page last updated 9 February 2015