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1301.0 - Year Book Australia, 2003  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 24/01/2003   
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Contents >> Housing >> House prices

House price indexes enable the comparison of price changes between cities, though not the price levels themselves.

From 2000-01 to 2001-02, the price index of established houses increased in all capital cities (table 8.17).

For the fifth year in a row, Melbourne recorded the greatest rise in established house prices, increasing by 21.7% in 2001-02. Other capital city price rises were in Sydney (17.3%), Canberra (16.1%), Adelaide (14.5%), Brisbane (13.7%), Perth (8.7%), Hobart (4.4%), and Darwin (2.8%). The weighted average of eight capitals index rose by 16.5%. This was the highest percentage increase over a financial year since 1988-89.

In 2000-01, project home prices (cost of new dwellings excluding land) rose in all capital cities (table 8.18). Canberra recorded the largest increase (5.1%), followed by Adelaide (4.4%), Melbourne (3.8%), Hobart (3.1%), Sydney (2.1%), Perth (2.1%) Brisbane (1.1%),and Darwin (1.1%). The index for the weighted average of eight capitals rose by 2.4%.

The price index of materials used in house building is discussed in the section Construction.


8.17 PRICE INDEXES FOR ESTABLISHED HOUSES(a)

Sydney
Melbourne
Brisbane
Adelaide
Perth
Hobart
Darwin
Canberra
Weighted average of eight capital cities

INDEX NUMBER

1999-2000
153.1
144.6
142.2
123.2
125.9
129.0
199.2
137.0
142.3
2000-01
163.8
159.1
149.4
131.1
133.9
134.2
198.7
149.1
152.8
2001-02
192.2
193.7
169.8
150.1
145.5
140.1
204.2
173.1
178.0

CHANGE FROM PREVIOUS YEAR (%)

1999-2000
11.0
14.0
0.9
8.0
5.9
4.7
2.9
6.9
9.1
2000-01
7.0
10.0
5.1
6.4
6.4
4.0
-0.3
8.8
7.4
2001-02
17.3
21.7
13.7
14.5
8.7
4.4
2.8
16.1
16.5

(a) Reference base year 1989-90 = 100.0.

Source: House Price Indexes: Eight Capital Cities (6416.0).


8.18 PRICE INDEXES FOR PROJECT HOMES(a)

Sydney
Melbourne
Brisbane
Adelaide
Perth
Hobart
Darwin
Canberra
Weighted average of eight capital cities

INDEX NUMBER

1999-2000
123.1
122.0
118.2
127.2
114.8
126.2
143.2
131.9
120.7
2000-01(b)
138.4
136.9
132.0
141.9
126.2
140.7
156.8
153.5
134.9
2001-02
141.3
142.1
133.5
148.2
128.8
145.1
158.5
161.3
138.1

CHANGE FROM PREVIOUS YEAR (%)

1999-2000
6.9
8.4
4.2
8.7
8.2
2.4
3.0
6.0
6.7
2000-01(b)
12.4
12.2
11.7
11.6
9.9
11.5
9.5
16.4
11.8
2001-02
2.1
3.8
1.1
4.4
2.1
3.1
1.1
5.1
2.4

(a) Reference base year 1989-90 = 100.0. (b) The 2000-01 data were affected by the introduction of The New Tax System, in particular, the introduction of the Goods and Services Tax (GST) from 1 July 2000.

Source: House Price Indexes: Eight Capital Cities (6416.0).


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