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6416.0 - Residential Property Price Indexes: Eight Capital Cities, Jun 2014 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 12/08/2014   
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ANALYSIS


INDEX ANALYSIS

Residential Property Price Indexes

RPPI
HPI
ADPI
Mar Qtr 14 to Jun Qtr 14
Mar Qtr 14 to Jun Qtr 14
Mar Qtr 14 to Jun Qtr 14
% change
% change
% change

Sydney
3.1
3.1
3.2
Melbourne
1.3
1.4
0.7
Brisbane
1.8
1.7
1.6
Adelaide
1.0
1.2
0.7
Perth
-0.2
-0.3
0.5
Hobart
0.3
0.2
0.7
Darwin
0.7
0.7
0.8
Canberra
0.8
0.7
0.7
Eight capital cities
1.8
1.7
1.9




Notes

The discussion of individual cities is ordered in terms of their significance to the change in the RPPI for the latest quarter.


Weighted average of the eight capital cities (+1.8% RPPI)

The preliminary RPPI for the weighted average of the eight capital cities rose 1.8% in the June quarter 2014. This follows a rise of 1.5% for the March quarter 2014 (revised from +1.7%) and a rise of 4.0% for the December quarter 2013 (revised from +3.8%).

The RPPI rose 10.1% through the year to the June quarter 2014.

In the June quarter 2014 the HPI rose 1.7% and the ADPI rose 1.9%. Through the year to the June quarter 2014, the HPI rose 10.4% and the ADPI rose 9.0%.

The quarterly HPI result follows rises in the March quarter 2014 of 1.4% (revised from +2.0%) and a rise of 4.2% for the December quarter 2013 (revised from +3.9%). The ADPI result follows rises of 1.5% (revised from +1.1%) and 3.2% (revised from +3.1%) in the March 2014 and December 2013 quarters respectively.


Sydney (+3.1% RPPI)

The RPPI for Sydney rose 3.1% in the June quarter 2014. This follows rises in the March 2014 (+2.4%) and December 2013 (+5.5%) quarters. The index rose 15.6% through the year to the June quarter 2014.

Over the June quarter 2014 the HPI rose 3.1% and the ADPI rose 3.2%.

For established houses, the rise in Sydney was broad based, with almost all segments of the market showing price rises. Strata with prices between $600,000 and $1.3 m contributed most to the rise. Through the year to the June quarter 2014, the HPI rose 16.5%.

For attached dwellings, the rise in Sydney was due to rises in strata with prices below $1.0 m, in particular strata with prices between $550,000 and $800,000. Through the year to the June quarter 2014, the ADPI rose 14.1%.


Melbourne (+1.3% RPPI)

The RPPI for Melbourne rose 1.3% in the June quarter 2014. This follows rises in the March 2014 (+1.0%) and December 2013 (+3.6%) quarters. The index rose 9.3% through the year to the June quarter 2014.

Over the June quarter 2014 the HPI rose 1.4% and the ADPI rose 0.7%.

For established houses, the rise in Melbourne was due to rises in strata with prices above $1.4 m and below $700,000. Through the year to the June quarter 2014, the HPI rose 10.3%.

For attached dwellings, results were mixed across the strata with some showing rises and others falls in prices. Through the year to the June quarter 2014, the ADPI rose 5.8%.


Brisbane (+1.8% RPPI)

The RPPI for Brisbane rose 1.8% in the June quarter 2014. This follows rises in the March 2014 (+1.1%) and December 2013 (+2.5%) quarters. The index rose 6.8% through the year to the June quarter 2014.

Over the June quarter 2014 the HPI rose 1.7% and the ADPI rose 1.6%. Through the year to the June quarter 2014, the HPI rose 7.2% and the ADPI rose 5.3%.


Adelaide (+1.0% RPPI)

The RPPI for Adelaide rose 1.0% in the June quarter 2014. This follows rises in the March 2014 (+1.1%) and December 2013 (+3.1%) quarters. The index rose rose 5.6% through the year to the June quarter 2014.

Over the June quarter 2014 the HPI rose 1.2% and the ADPI rose 0.7%. Through the year to the June quarter 2014, the HPI rose 7.1% and the ADPI rose 0.4%.


Canberra (+0.8% RPPI)

The RPPI for Canberra rose 0.8% in the June quarter 2014. This follows rises in the March 2014 (+0.6%) and December 2013 (+0.7%) quarters. The index rose rose 2.2% through the year to the June quarter 2014.

Over the June quarter 2014 the HPI rose 0.7% and the ADPI rose 0.7%. Through the year to the June quarter 2014, the HPI rose 2.2% and the ADPI rose 1.8%.


Darwin (+0.7% RPPI)

The RPPI for Darwin rose 0.7% in the June quarter 2014. This follows rises in the March 2014 (+1.1%) and December 2013 (+1.3%) quarters. The index rose 3.4% through the year to the June quarter 2014.

Over the June quarter 2014 the HPI rose 0.7% and the ADPI rose 0.8%. Through the year to the June quarter 2014, the HPI rose 4.4% and the ADPI rose 1.2%.


Hobart (+0.3% RPPI)

The RPPI for Hobart rose 0.3% in the June quarter 2014. This follows rises in the March 2014 (+0.7%) and December 2013 (+2.3%) quarters. The index rose 4.3% through the year to the June quarter 2014.

Over the June quarter 2014 the HPI rose 0.2% and the ADPI rose 0.7%. Through the year to the June quarter 2014, the HPI rose 4.8% and the ADPI rose 1.9%.


Perth (-0.2% RPPI)

The RPPI for Perth fell 0.2% in the June quarter 2014. Perth was the only city to show a fall in prices this quarter. The fall follows rises in the March 2014 (+0.8%) and December 2013 (+2.9%) quarters. The index rose 3.6% through the year to the June quarter 2014.

Over the June quarter 2014 the HPI fell 0.3%. This is the first fall since the September quarter 2011. The ADPI rose 0.5%. Through the year to the June quarter 2014, the HPI rose 3.6% and the ADPI rose 3.4%.


TOTAL VALUE OF THE DWELLING STOCK

Quarterly Analysis
TOTAL VALUE OF RESIDENTIAL DWELLINGS, all sectors
Graph: TOTAL VALUE OF RESIDENTIAL DWELLINGS, all sectors


The preliminary estimate of the total value of residential dwellings in Australia in the June quarter 2014 was $5,196.4 b (up from $5,083.8 b in the March quarter 2014). Of this, $4,925.3 b was owned by households.

Over the same period, the number of residential dwellings rose by 37,600 to 9,366,800. The mean price of residential dwellings rose $9,900 to $554,800.

MEAN DWELLING PRICE, States and Territories - June quarter 2014
Graph: MEAN DWELLING PRICE, States and Territories - June quarter 2014


The mean price of residential dwellings in NSW ($664,700) remains the highest in the country followed by WA ($590,700). The mean price in ACT ($581,000) was the third highest of all states and territories. The lowest mean price was in Tasmania ($309,500).


Annual Analysis

Through the year to the June quarter 2014, the total value of residential dwellings rose $492.5 b, almost twice the increase over the year to the June quarter 2013 (which was $246.9 b).

The mean price of residential dwellings rose $45,000 through the year to the June quarter 2014, compared to $19,900 over the year to the June quarter 2013. All states and territories had a rise in the mean price through the year to the June quarter 2014, with NSW, Victoria, Queensland, SA and Tasmania rising by at least twice the increase over the year to June 2013.

Mean Dwelling Price, change over previous year
Graph: Mean Dwelling Price, change over previous year


The number of residential dwellings rose by 139,900 through the year to the June quarter 2014, compared to 129,300 over the year to the June quarter 2013. Over half of the increase in dwellings through the year to the June quarter 2014 has come from Victoria (42,400) and NSW (31,200).

Number of residential dwellings, change over previous year - June quarter 2014
Graph: Number of residential dwellings, change over previous year—June quarter 2014



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Commonwealth of Australia 2014

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