Australian Bureau of Statistics
6416.0.55.002 - Information Paper: Forthcoming changes to House Price Indexes: Eight Capital Cities, 2013
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 24/09/2013 First Issue
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CHAPTER 4 TOTAL VALUE OF THE DWELLING STOCK
plus (Completions times Realisation Rate).
4.13 The total figure in each state is then apportioned to each SA2 (based on the number of dwellings of each type at the last Census) so that there is a quarterly estimate of the number of dwellings in the stock (by dwelling type).
4.14 Not all residential dwellings in Australia are owned by households. Some (for example public housing) are owned by government, or by corporations (for example housing owned by mining companies). Table 2 shows the percentage of dwellings, by type, owned by the household sector.
4.15 Information on ownership of dwellings cannot be observed directly in the population, nor is it easily obtainable on every transfer that occurs. To overcome this, information on landlord and tenure type from the 2011 Census of Population and Housing is used as a proxy for ownership. This remains unchanged between Census periods.
Producing the total value of dwelling stock
4.16 A value of the dwelling stock can now be calculated as a price, dwelling count and ownership has been determined.
4.17 Each quarter the mean prices for each geographic area (SA2) are multiplied by an estimated number of dwellings (by dwelling type, for the same geographic area) to compile a total value of the dwelling stock. As the geographic areas (i.e. SA2s) easily aggregate up into larger geographies, this allows for the compilation of dwelling stock values at the state and national level.
4.18 However, the calculation of mean prices in the most recent two quarters using VGs data is likely to lead to volatile results. This is because of the time lag between the property price being determined and information received and processed by the VGs office and provided to the ABS.
4.19 Based on historical trends, the ABS estimates that it is not until the second quarter after the reference quarter that the majority of records from the VGs are received. It is known that the time lag between exchange and settlement is not evenly distributed across property prices, longer lags tend to be associated with more expensive properties. Because of this, using a mean value during the latest two quarters would bias the results.
4.20 To enable the timely publication of data on the value of the dwelling stock, the movements of the RPPI (at the capital city level) are used as a proxy for movements in the mean prices (at the state level) for the most recent two quarters. This results in the TVDS estimates being Preliminary in these periods and being Final in the third most recent quarter.
OUTPUTS FOR PUBLICATION
4.21 The ABS will be publishing the following data items quarterly (with a time series beginning in the September quarter 2011) from the December quarter 2013:
4.22 Further breakdowns of the data will not be available.
ANALYSIS: JUNE QUARTER 2013
4.23 The estimated total value of residential dwellings in Australia in the June quarter 2013 was $4,722 billion (up from $4,598 billion in the March quarter 2013). Of this, $4,472 billion was owned by households.
4.24 Over the same period, the number of residential dwellings in Australia rose from 9,193,300 to 9,230,400 (an increase of 0.4%, compared to a rise of 2.7% in the value).
4.25 The mean price of dwellings remains the highest in NSW at $583,400 followed by WA ($582,700) and the ACT ($563,800).
4.26 Further data can be found in Appendix 2: Total value of the dwelling stock data.
1 The location variable is defined by the Statistical Area Level 2 (SA2) in the Australian Statistical Geography Standard (ASGS): Volume 1 - Main Structure and Greater Capital City Statistical Areas, July 2011 (cat. no. 1270. 0. 55. 001). The SA2 level of geography has been chosen due to its closeness to gazetted localities, size, comparability with other data and stability between Censuses. <back
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This page last updated 23 September 2013