6416.0 - Residential Property Price Indexes: Eight Capital Cities, Mar 2020 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 16/06/2020   
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March key statistics


Dec Qtr 19 to Mar Qtr 20
Mar Qtr 19 to Mar Qtr 20
Residential property prices
% change
% change

Weighted average of eight capital cities
1.6
7.4
Sydney
1.9
10.0
Melbourne
2.1
10.4
Brisbane
0.6
2.5
Adelaide
0.4
0.9
Perth
0.6
-0.9
Hobart
2.4
7.0
Darwin
0.7
-3.1
Canberra
0.2
3.0


Total value of the dwelling stock
Mar Qtr 20

Value of dwelling stock(a) ($b)
7 237.1
Mean price of residential dwellings ($'000)
690.2
Number of residential dwellings ('000)
10 485.7

(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, March Quarter 2020



March key points


The Residential Property Price Indexes


Weighted average of the eight capital cities
  • rose 1.6% this quarter.
  • rose 7.4% over the last twelve months.

Capital city Residential Property Price Indexes
  • rose in Sydney (+1.9%), Melbourne (+2.1%), Brisbane (+0.6%), Perth (+0.6%), Hobart (+2.4%), Adelaide (+0.4%), Canberra (+0.2%) and Darwin (+0.7%) this quarter.
  • rose in Melbourne (+10.4%), Sydney (+10.0%), Hobart (+7.0%), Canberra (+3.0%), Brisbane (+2.5%) and Adelaide (+0.9%), and fell in Darwin (-3.1%) and Perth (-0.9%), over the last twelve months.

Total value of the dwelling stock
  • The total value of residential dwellings in Australia rose $141.6b to $7,237.1b this quarter.
  • The mean price of residential dwellings rose $10,700 to $690,200.
  • The number of residential dwellings rose by 43,700 to 10,485,700.


Notes


Revisions

Revisions apply to estimates for the second and third most recent quarters of the total value of dwelling stock (see Revisions, under Total value of dwelling stock, in the Explanatory notes) and to median prices and transfers (see Revisions, under Dwelling transfer counts and median prices, in the Explanatory notes).

Use of price indexes in contracts

Price indexes published by the Australian Bureau of Statistics (ABS) provide summary measures of the movements in various categories of prices over time. They are published primarily for use in Government economic analysis. Price indexes are also often used in contracts by businesses and government to adjust payments and/or charges to take account of changes in categories of prices (Indexation Clauses).

Use of Price Indexes in Contracts sets out a range of issues that should be taken into account by parties considering including an Indexation Clause in a contract using an ABS published price index.

Bushfires in January 2020

Quality assurance undertaken by the ABS has confirmed that the bushfires did not result in quality impacts to residential property price statistics for the March quarter 2020.

Coronavirus (COVID-19) in March quarter 2020

The majority of restrictions relating to COVID-19 which affected the residential property market came into effect in late March, and therefore did not have a noticeable impact on residential property price statistics in the March quarter 2020.

New ABS website

The ABS will be launching a new website in 2020. You will soon be able to see how this release will appear on the new website by exploring our Beta site. Regular users of this information are encouraged to explore the Beta site and consider if this will affect the way you access and consume ABS data and information. If you would like more information on the new ABS website, or want to discuss how the transition to the new site might impact you, please email newABSwebsite@abs.gov.au