6416.0 - Residential Property Price Indexes: Eight Capital Cities, Jun 2017 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 19/09/2017   
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ANALYSIS
Residential Property Price Indexes

RPPI (a)
HPI
ADPI
Mar Qtr 17 to Jun Qtr 17
Mar Qtr 17 to Jun Qtr 17
Mar Qtr 17 to Jun Qtr 17
% change
% change
% change

Sydney
2.3
2.1
2.6
Melbourne
3.0
3.0
2.7
Brisbane
0.6
0.8
0.0
Adelaide
0.8
0.5
1.9
Perth
-0.8
-0.6
-1.5
Hobart
1.8
2.0
0.6
Darwin
-1.4
-1.1
-1.8
Canberra
1.3
1.4
0.8
Eight capital cities
1.9
1.9
1.9


(a) See Explanatory Notes paragraph 50.


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 (1.9%)

The RPPI for the weighted average of the eight capital cities rose 1.9% in the June quarter 2017. This follows a rise of 2.2% in the March quarter 2017 and 4.1% in the December quarter 2016.

The RPPI rose 10.2% through the year to the June quarter 2017.

In the June quarter 2017 the HPI and ADPI both rose 1.9%. Through the year to the June quarter 2017, the HPI rose 11.1% and the ADPI rose 7.2%.

The quarterly HPI result follows a rise of 2.4% in the March quarter 2017 and 4.7% in the December quarter 2016. The ADPI result follows a rise of 1.7% in the March quarter 2017 and 2.3% in the December quarter 2016.


Sydney (2.3%)

The RPPI for Sydney rose 2.3% in the June quarter 2017. This follows rises in the March quarter 2017 (+3.0%) and December quarter 2016 (+5.2%). The index rose 13.8% through the year to the June quarter 2017.

Over the June quarter 2017 the HPI rose 2.1% following a rise of 2.9% in the March quarter 2017. The ADPI rose 2.6% following a rise of 3.4% in the March quarter 2017.

For established houses, growth continues to be seen across most segments of the market, particularly in the middle to upper segments ($1,420,000 to $1,670,000). Through the year to the June quarter 2017, the HPI rose 14.8%.

For attached dwellings, growth was seen across most segments of the market, particularly in the middle to upper segments ($885,000 to $1,150,000). Through the year to the June quarter 2017, the ADPI rose 11.7%.


Melbourne (3.0%)

The RPPI for Melbourne rose 3.0% in the June quarter 2017. This follows rises in the March quarter 2017 (+3.1%) and December quarter 2016 (+5.3%). The index rose 13.8% through the year to the June quarter 2017.

Over the June quarter 2017 the HPI rose 3.0% following solid growth of 4.1% in the March quarter 2017. The ADPI rose 2.7% following a fall of 0.7% in the March quarter 2017.

For established houses, growth was seen across most market segments, with strength in the middle segments of the market ($850,000 to $1,000,000). Through the year to the June quarter 2017, the HPI rose 16.0%.

For attached dwellings, solid growth was seen in the middle to upper market segments ($550,000 to $630,000). Through the year to the June quarter 2017, the ADPI rose 5.3%.


Brisbane (0.6%)

The RPPI for Brisbane rose 0.6% in the June quarter 2017. This follows a flat result in the March quarter 2017 (0.0%) and a rise (+2.2%) in the December quarter 2016. The index rose 3.0% through the year to the June quarter 2017.

Over the June quarter 2017 the HPI rose 0.8% and the ADPI was flat 0.0%. Through the year to the June quarter 2017, the HPI rose 3.9% and the ADPI fell 1.3%.


Adelaide (0.8%)

The RPPI for Adelaide rose 0.8% in the June quarter 2017. This follows rises in the March quarter 2017 (+1.5%) and December quarter 2016 (+1.8%). The index rose 5.0% through the year to the June quarter 2017.

Over the June quarter 2017 the HPI rose 0.5% and the ADPI rose 1.9%. Through the year to the June quarter 2017, the HPI rose 5.1% and the ADPI rose 4.9%.


Canberra (1.3%)

The RPPI for Canberra rose 1.3% in the June quarter 2017. This follows rises in the March quarter 2017 (+2.8%) and December quarter 2016 (+2.8%). The index rose 7.9% through the year to the June quarter 2017.

Over the June quarter 2017 the HPI rose 1.4% and the ADPI rose 0.8%. Through the year to the June quarter 2017, the HPI rose 9.0% and the ADPI rose 3.7%.


Hobart (1.8%)

The RPPI for Hobart rose 1.8% in the June quarter 2017. This follows rises in the March quarter 2017 (+3.4%) and December quarter 2016 (+4.5%). The index rose 12.4% through the year to the June quarter 2017.

Over the June quarter 2017 the HPI rose 2.0% and the ADPI rose 0.6%. Through the year to the June quarter 2017, the HPI rose 12.2% and the ADPI rose 13.8%.


Perth (-0.8%)

The RPPI for Perth fell 0.8% in the June quarter 2017. This follows a fall in the March quarter 2017 (-1.0%) and a rise in the December quarter 2016 (+0.3%). The index fell 3.1% through the year to the June quarter 2017.

Over the June quarter 2017 the HPI fell 0.6% and the ADPI fell 1.5%. Through the year to the June quarter 2017, the HPI fell 2.8% and the ADPI fell 4.8%.


Darwin (-1.4%)

The RPPI for Darwin fell 1.4% in the June quarter 2017. This follows falls in the March quarter 2017 (-0.9%) and the December quarter 2016 (-1.5%). The index fell 4.9% through the year to the June quarter 2017.

Over the June quarter 2017 the HPI fell 1.1% and the ADPI fell 1.8%. Through the year to the June quarter 2017, the HPI fell 4.7% and the ADPI fell 5.5%.


Total value of the dwelling stock

Graph Image for Total Value of Dwelling Stock


The preliminary estimate of the total value of residential dwellings in Australia in the June quarter 2017 was $6,726.8 billion (up from $6,580.9 billion in the March quarter 2017). Of this, $6,390.7 billion was owned by households.

Over the same period, the number of residential dwellings rose by 40,000 to 9,906,100 and the mean price of residential dwellings rose $12,100 to $679,100.

Graph Image for Mean Dwelling Price, States and Territories, June 2017 quarter


The mean price of residential dwellings in New South Wales ($903,700) remains the highest in the country followed by Victoria ($723,200) and then the Australian Capital Territory ($674,200). The lowest mean price is in Tasmania ($360,400).