6416.0 - Residential Property Price Indexes: Eight Capital Cities, Sep 2017 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 12/12/2017   
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ANALYSIS
Residential Property Price Indexes

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

Sydney
-1.4
-1.3
-1.4
Melbourne
1.1
1.6
-0.4
Brisbane
0.7
0.6
0.4
Adelaide
0.7
0.5
1.4
Perth
-1.0
-0.9
-1.3
Hobart
3.4
3.0
5.9
Darwin
-2.6
-2.5
-2.8
Canberra
-0.2
0.2
-1.1
Eight capital cities
-0.2
0.0
-0.8


(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 (-0.2%)

The RPPI for the weighted average of the eight capital cities fell 0.2% in the September quarter 2017. This follows rises in the June (+1.9%) and March (+2.2%) quarters 2017.

The RPPI rose 8.3% through the year to the September quarter 2017.

In the September quarter 2017 the HPI was flat (0.0%) and the ADPI fell 0.8%. Through the year to the September quarter 2017, the HPI rose 9.3% and the ADPI rose 5.1%.

The quarterly HPI result follows rises in the June (+1.9%) and March (+2.4%) quarters 2017. The ADPI result follows rises in the June (+1.9%) and March (+1.7%) quarters 2017.

Sydney (-1.4%)

The RPPI for Sydney fell 1.4% in the September quarter 2017. This follows rises in the June (+2.3%) and March (+3.0%) quarters 2017. The index rose 9.4% through the year to the September quarter 2017.

Over the September quarter 2017 the HPI fell 1.3% and the ADPI fell 1.4%. This is the first negative result for the RPPI, HPI and ADPI since the March quarter 2016.

For established houses, falls were broad based and observed across most market segments. Strata in the middle to upper segments ($1,385,000 to $2,050,000) contributed most to the fall. Through the year to the September quarter 2017, the HPI rose 10.0%.

For attached dwellings, falls were seen across most segments of the market, particularly in the middle segments ($620,000 to $870,000). Through the year to the September quarter 2017, the ADPI rose 7.8%.

Perth (-1.0%)

The RPPI for Perth fell 1.0% in the September quarter 2017. This follows falls in the June (-0.8%) and March (-1.0%) quarters 2017. The index fell 2.4% through the year to the September quarter 2017.

Over the September quarter 2017 the HPI fell 0.9% and the ADPI fell 1.3%. Through the year to the September quarter 2017, the HPI fell 1.8% and the ADPI fell 5.3%.

Darwin (-2.6%)

The RPPI for Darwin fell 2.6% in the September quarter 2017. This follows falls in the June (-1.4%) and March (-0.9%) quarters 2017. The index fell 6.3% through the year to the September quarter 2017.

Over the September quarter 2017 the HPI fell 2.5% and the ADPI fell 2.8%. Through the year to the September quarter 2017, the HPI fell 5.0% and the ADPI fell 8.9%.

Canberra (-0.2%)

The RPPI for Canberra fell 0.2% in the September quarter 2017. This follows rises in the June (+1.3%) and March (+2.8%) quarters 2017. The index rose 6.9% through the year to the September quarter 2017.

Over the September quarter 2017 the HPI rose 0.2% and the ADPI fell 1.1%. Through the year to the September quarter 2017, the HPI rose 8.3% and the ADPI rose 1.8%.

Melbourne (1.1%)

The RPPI for Melbourne rose 1.1% in September quarter 2017. This follows rises in the June (+3.0%) and March (+3.1%) quarters 2017. The index rose 13.2% through the year to the September quarter 2017.

Over the September quarter 2017 the HPI rose 1.6% following a rise of 3.0% in the June quarter 2017. The ADPI fell 0.4% following a rise of 2.7% in the June quarter 2017.

For established houses, growth was predominately driven by the upper ($1,375,000 to $2,000,000) and lower segments of the market ($520,000 to $695,000). Through the year to the September quarter 2017, the HPI rose 15.5%.

For attached dwellings, falls were observed in the middle to upper market segments ($550,000 to $800,000). Through the year to the September quarter 2017, the ADPI rose 4.5%.

Brisbane (0.7%)

The RPPI for Brisbane rose 0.7% in the September quarter 2017. This follows a rise in the June quarter 2017 (0.6%) and a flat result (0.0%) in the March quarter 2017. The index rose 3.5% through the year to the September quarter 2017.

Over the September quarter 2017 the HPI rose 0.6% and the ADPI rose 0.4%. Through the year to the September quarter 2017, the HPI rose 4.2% and the ADPI fell 0.4%.

Adelaide (0.7%)

The RPPI for Adelaide rose 0.7% in the September quarter 2017. This follows rises in the June (+0.8%) and March (+1.5%) quarters 2017. The index rose 4.8% through the year to the September quarter 2017.

Over the September quarter 2017 the HPI rose 0.5% and the ADPI rose 1.4%. Through the year to the September quarter 2017, the HPI rose 4.6% and the ADPI rose 5.7%.

Hobart (3.4%)

The RPPI for Hobart rose 3.4% in the September quarter 2017. This follows rises in the June (+1.8%) and March (+3.4%) quarters 2017. The index rose 13.8% through the year to the September quarter 2017.

Over the September quarter 2017 the HPI rose 3.0% and the ADPI rose 5.9%. Through the year to the September quarter 2017, the HPI rose 13.1% and the ADPI rose 18.0%.

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 September quarter 2017 was $6,779.3 billion (up from $6,764.5 billion in the June quarter 2017). Of this, $6,442.4 billion was owned by households.

Over the same period, the number of residential dwellings rose by 40,200 to 9,954,100 and the mean price of residential dwellings fell $1,200 to $681,100.

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


The mean price of residential dwellings in New South Wales ($896,100) remains the highest in the country followed by Victoria ($739,000) and then the Australian Capital Territory ($666,300). The lowest mean price is in Tasmania ($369,900).