HOUSE PRICE INDEXES
The price index for established houses covers transactions in detached residential dwellings on their own block of land regardless of age (i.e. includes new houses sold as a house/land package as well as second-hand houses). Price changes therefore relate to changes in the total price of dwelling and land.
Project homes are dwellings available for construction on an existing block of land. Price changes relate only to the cost of constructing the dwelling (excluding land).
During 2007 and 2008, the ABS undertook a review of the house price index. As a result, the housing stock weights have been updated using quantity data from the 2006 Census of Population and Housing and the method of stratification used to compile the index has been refined. For further details, please refer to the Appendix in the December 2008 issue of House Price Indexes: Eight Capital Cities (cat. no. 6416.0).
In December quarter 2008, the price of project homes in Melbourne decreased by 1.4% from the previous quarter. Based on preliminary estimates, the price of established homes decreased by 1.7% over the same period. Preliminary estimates of the weighted average of the eight capital cities showed a decrease of 0.8% in established house prices and an increase of 0.2% in project home prices in December quarter 2008.
From December quarter 2007 to December quarter 2008, established home prices in Melbourne decreased by 3.2% while project home prices rose by 1.8%.
View underlying table as an Excel spreadsheet: 1367.2 House Price Indexes, Melbourne and Weighted Average of Eight Capital Cities (file size 54kB)