6416.0 - Residential Property Price Indexes: Eight Capital Cities, Dec 2018 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 19/03/2019   
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DECEMBER KEY FIGURES
Sep Qtr 18 to Dec Qtr 18
Dec Qtr 17 to Dec Qtr 18
RESIDENTIAL PROPERTY PRICES
% change
% change

Weighted average of eight capital cities
-2.4%
-5.1%
Sydney
-3.7%
-7.8%
Melbourne
-2.4%
-6.4%
Brisbane
-1.1%
-0.3%
Adelaide
0.1%
1.5%
Perth
-1.0%
-2.5%
Hobart
0.7%
9.6%
Darwin
-0.6%
-3.5%
Canberra
-0.2%
1.8%


Total value of the dwelling stock
Dec Qtr 18

Value of dwelling stock(a) ($m)
6 677 797.4
Mean price of residential dwellings ($'000)
651.1
Number of residential dwellings ('000)
10 256.7

(a) all sectors


Graph Image for Residential Property Prices, Weighted average of eight capital cities, Quarterly percentage change


Graph Image for Residential Property Prices, Quarterly Percentage Change, December Quarter 2018



DECEMBER KEY POINTS


CHANGES TO RESIDENTIAL PROPERTY PRICE INDEX
  • The price index for residential properties for the weighted average of the eight capital cities fell 2.4% in the December quarter 2018. The index fell 5.1% through the year to the December quarter 2018.
  • The capital city residential property price indexes fell in Sydney (-3.7%), Melbourne (-2.4%), Brisbane (-1.1%), Perth (-1.0%), Canberra (-0.2%) and Darwin (-0.6%), and rose in Hobart (+0.7%) and Adelaide (+0.1%).
  • Annually, residential property prices fell in Sydney (-7.8%), Melbourne (-6.4%), Darwin (-3.5%), Perth (-2.5%) and Brisbane (-0.3%) and rose in Hobart (+9.6%), Canberra (+1.8%) and Adelaide (+1.5%).

TOTAL VALUE OF THE DWELLING STOCK
  • The total value of residential dwellings in Australia was $6,677,797.4m at the end of the December quarter 2018, falling $133,057.1m over the quarter.
  • The mean price of residential dwellings fell $15,700 to $651,100 and the number of residential dwellings rose by 42,600 to 10,256,700 in the December quarter 2018.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
March 201918 June 2019
June 201917 September 2019
September 201917 December 2019
December 201917 March 2020



CHANGES IN THIS ISSUE

From the December quarter 2018, the weights and variables used to stratify the residential property price indexes, and inputs used to compile the total value of dwelling stock, have been updated using data from the 2016 Census of Population and Housing. See Appendix 1- Updating the weights and stratification variables in the Residential Property Price Indexes (RPPIs) and Appendix 2 - Updating the Benchmarks used to compile the Total Value of Dwelling Stock (TVDS) for further details.

The ABS has been using data supplied by CoreLogic to compile the statistics in this publication. An updated residential property sales dataset from CoreLogic has been implemented this quarter. The updated dataset reflects improvements to the underlying data following a major investment in additional data sources and improvements in the overall scope of CoreLogic data assets.


REVISIONS

Revisions apply to estimates for the second and third most recent quarters of the total value of dwelling stock (see paragraph 41 of the Explanatory Notes) and to median prices and transfers (see paragraph 48 of the Explanatory Notes).

The implementation of updated benchmarks using data from the 2016 Census of Population and Housing has resulted in some revisions to the previously published total value of dwelling stock estimates. The ABS has smoothed in the change over a number of quarters. This approach is in line with standard ABS practice for introducing changes and does not impact the interpretation of the data.

The implementation of the updated residential property sales dataset from CoreLogic has resulted in revisions to the median price and transfers series. The ABS has revised this series back to March quarter 2014 when CoreLogic data was introduced into this series.


INQUIRIES

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