CHAPTER 1 INTRODUCTION
1.1 Residential property prices are of significant interest to policy makers, market analysts and researchers for a range of economic and social reasons. The price of residential dwellings plays an important role in the Australian economy, both in terms of the transmission of monetary policy and as an important determinant of household wealth.
1.2 This information paper outlines changes to be made to the content and format of the publication, House Price Indexes: Eight Capital Cities (cat. no. 6416.0). These changes are the result of a review to ensure the published statistics continue to meet user needs and reflect current economic activity. The changes are:
- the publication of an Attached Dwellings Price Index (ADPI) and an aggregated Residential Property Price Index (RPPI) in addition to the existing House Price Index (HPI);
- the publication of new statistics relating to the value of the dwelling stock; and
- changes to other outputs.
From the December quarter 2013 the title of the current publication, House Price Indexes: Eight Capital Cities
(cat. no. 6416.0) will be changed to Residential Property Price Indexes: Eight Capital Cities
(cat. no. 6416.0) to reflect the suite of new statistics. These statistics will be released six weeks after the end of the reference quarter.
This information paper also outlines:
- the use of data from the 2011 Census of Population and Housing to update the stratification and weights of the indexes;
- the use of the new Australian Statistical Geography Standard (ASGS); and
- the introduction of a new index reference period of 2011-12=100.