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6416.0 - House Price Indexes: Eight Capital Cities, Dec 2009  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/02/2010   
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DECEMBER KEY FIGURES

Sep Qtr 09 to Dec Qtr 09
Dec Qtr 08 to Dec Qtr 09
Established house prices
% change
% change

Weighted average of eight capital cities
5.2
13.6
Sydney
5.0
12.8
Melbourne
6.8
19.7
Brisbane
3.8
10.9
Adelaide
2.1
5.1
Perth
5.7
11.5
Hobart
4.3
11.0
Darwin
4.9
13.6
Canberra
3.6
12.4


Established house prices, Weighted average of eight capital cities - Quarterly % change
Graph: Established house prices, Weighted average of eight capital cities—Quarterly % change

Established house prices, Quarterly % change - December quarter 2009
Graph: Established house prices, Quarterly % change—December quarter 2009




DECEMBER KEY POINTS


ESTABLISHED HOUSE PRICES

Quarterly Changes
  • Preliminary estimates show the price index for established houses for the weighted average of the eight capital cities increased 5.2% in the December quarter 2009.
  • The main contributors to the weighted average of the eight capital cities were Melbourne (+6.8%), Sydney (+5.0%), and Perth (+5.7%). There were also positive contributions from Brisbane (+3.8%), Adelaide (+2.1%), Canberra (+3.6%), Hobart (+4.3%) and Darwin (+4.9%).
  • The movement in the preliminary established house price index between June quarter 2009 and September quarter 2009 has been revised from an estimated increase of 4.2% to an estimated increase of 4.4%.


ANNUAL CHANGES (DECEMBER QUARTER 2008 TO DECEMBER QUARTER 2009)
  • Over the year to December 2009, preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities increased 13.6%.
  • Annually, house prices rose in Melbourne (+19.7%), Darwin (+13.6%), Sydney (+12.8%), Canberra (+12.4%), Perth (+11.5%), Hobart (+11.0%), Brisbane (+10.9%), and Adelaide (+5.1%).
  • The movement in the preliminary established house price index between September quarters 2008 and 2009 has been revised from an estimated increase of 6.2% to an estimated increase of 6.6%.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
March 2010 3 May 2010
June 2010 4 August 2010
September 2010 1 November 2010
December 2010 1 February 2011



CHANGES IN THIS ISSUE

There have been some changes this quarter to improve the price sample used to calculate the established house price index (HPI), the median price of established house transfers (unstratified) and the number of established house transfers for Perth. The derivation of the HPI benchmark for June quarter 2009 and following quarters are based on a larger set of Valuer General sales records.


REVISIONS

Estimates for the two most recent quarters of the HPI series are preliminary and subject to revision (see paragraphs 13 and 14 of the Explanatory notes). This issue, revisions to Perth and the eight capital cities aggregate for June and September quarters 2009 also reflect changes to the price sample for Perth. The impact of these changes on the HPI benchmarks for June quarter 2009 for Perth and the eight capital cities aggregate, and consequent revisions from the figures previously published for that quarter are minimal.

The series for median price of established house transfers (unstratified) and number of established house transfers (published in Tables 7 and 8 respectively) are also subject to revision. In addition to the usual reason for revisions outlined in paragraph 33 of the Explanatory Notes, in this issue there are revisions to Perth for all quarters from March quarter 2006 resulting from changes to the price sample.


RECENT RELEASES

The Information Paper House Price Indexes: Concepts, Sources and Methods, Australia, 2009 (cat. no. 6464.0) was published on 14 December 2009. It replaces the last publication of this type: A Guide to House Price Indexes, Australia, 2006 (cat. no. 6464.0). The Concepts, Sources and Methods publication contains updated information on the stratification method and weights used in the HPI. It also provides more information on how the HPI is calculated and on price index concepts in general.


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Mark Dubner on Sydney (02) 9268 4448.


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