ANALYSIS

Residential Property Price Indexes
	RPPI (a)	HPI	ADPI
	Sep Qtr 15 to Dec Qtr 15	Sep Qtr 15 to Dec Qtr 15	Sep Qtr 15 to Dec Qtr 15
	% change	% change	% change
Sydney	-1.6	-2.1	-0.8
Melbourne	1.6	1.8	1.1
Brisbane	1.6	1.7	0.5
Adelaide	0.9	1.3	-0.4
Perth	0.5	0.4	0.2
Hobart	2.5	2.6	2.0
Darwin	-1.8	-1.9	-1.7
Canberra	2.8	3.2	1.3
Eight capital cities	0.2	0.2	0.0

(a) See Explanatory Notes paragraph 50.

NOTES

The discussion of individual cities is ordered in terms of their significance to the change in the RPPI for the latest quarter.


Weighted average of the eight capital cities (+0.2% RPPI)

The RPPI for the weighted average of the eight capital cities rose 0.2% in the December quarter 2015. This follows a rise of 2.0% in the September quarter and a rise of 4.7% in the June quarter 2015.

The RPPI rose 8.7% through the year to the December quarter 2015.

In the December quarter 2015 the HPI rose 0.2% and the ADPI was flat (0.0%). Through the year to the December quarter 2015, the HPI rose 9.3%, and the ADPI rose 6.7%.

The quarterly HPI result follows rises in the September quarter 2015 of 2.2% and 5.0% in the June quarter 2015. The ADPI result follows rises of 1.6% in the September quarter 2015 and 4.1% in the June quarter 2015.


Sydney (-1.6% RPPI)

The RPPI for Sydney fell 1.6% in the December quarter 2015. This follows rises in the September 2015 (+3.1%) and June 2015 (+8.9%) quarters. The index rose 13.9% through the year to the December quarter 2015.

Over the December quarter 2015 the HPI fell 2.1% and the ADPI fell 0.8%. This is the first negative growth for RPPI, HPI and ADPI since the September quarter 2012.

For established houses, the rise in Sydney was broad based, with almost all segments of the market showing price falls. Strata with prices between $700,000 and $1.4m contributed most to the fall. Through the year to the December quarter 2015, the HPI rose 15.2%.

For attached dwellings, the negative growth in Sydney was seen across almost all segments of the market. Strata with prices between $420,000 and $850,000 contributed most to the fall. Through the year to the December quarter 2015, the ADPI rose 11.2%.


Melbourne (+1.6% RPPI)

The RPPI for Melbourne rose 1.6% in the December quarter 2015. This follows rises in the September 2015 (+2.9%) and June 2015 (+4.2%) quarters. The index rose 9.6% through the year to the December quarter 2015.

Over the December quarter 2015 the HPI rose 1.8% and the ADPI rose 1.1%.

For established houses, the rise in Melbourne was broad based, with almost all segments of the market showing price rises. Strata with prices above $870,000 and below $570,000 contributed most to the rise. Through the year to the December quarter 2015, the HPI rose 11.3%.

For attached dwellings, the rise in Melbourne was seen predominately in the upper and lower segments of the market. Strata with prices above $600,000 and those below $370,000 contributed most to the rise. Through the year to the December quarter 2015, the ADPI rose 4.4%.


Brisbane (+1.6% RPPI)

The RPPI for Brisbane rose 1.6% in the December quarter 2015. This follows rises in the September 2015 (+1.3%) and June 2015 (+0.9%) quarters. The index rose 4.2% through the year to the December quarter 2015.

Over the December quarter 2015 the HPI rose 1.7% and the ADPI rose 0.5%. Through the year to the December quarter 2015, the HPI rose 4.6% and the ADPI rose 2.1%.


Adelaide (+0.9% RPPI)

The RPPI for Adelaide rose 0.9% in the December quarter 2015. This follows rises in the September 2015 (+1.2%) and June 2015 (+0.5%) quarters. The index rose 3.3% through the year to the December quarter 2015.

Over the December quarter 2015 the HPI rose 1.3% and the ADPI fell 0.4%. Through the year to the December quarter 2015, the HPI rose 3.9% and the ADPI rose 0.9%.


Canberra (+2.8% RPPI)

The RPPI for Canberra rose 2.8% in the December quarter 2015. This follows rises in the September 2015 (+1.3%) and June 2015 (+0.8%) quarters. The index rose 6.0% through the year to the December quarter 2015.

Over the December quarter 2015 the HPI rose 3.2% and the ADPI rose 1.3%. Through the year to the December quarter 2015, the HPI rose 7.8% and the ADPI rose 0.4%.


Perth (+0.5% RPPI)

The RPPI for Perth rose 0.5% in the December quarter 2015. This follows falls in the September 2015 (-2.4%) and June 2015 (-0.9%) quarters. The index fell 2.9% through the year to the December quarter 2015.

Over the December quarter 2015 the HPI rose 0.4% and the ADPI rose 0.2%. Through the year to the December quarter 2015, the HPI fell 2.9% and the ADPI fell 2.8%.


Hobart (+2.5% RPPI)

The RPPI for Hobart rose 2.5% in the December quarter 2015. This follows a rise in the September quarter 2015 (+0.5%) and a flat result in the June quarter 2015 (0.0%). The index rose 3.5% through the year to the December quarter 2015.

Over the December quarter 2015 the HPI rose 2.6% and the ADPI rose 2.0%. Through the year to the December quarter 2015, the HPI rose 3.6% and the ADPI rose 3.2%.


Darwin (-1.8% RPPI)

The RPPI for Darwin fell 1.8% in the December quarter 2015. This follows falls in the September 2015 (-0.4%) and June 2015 (-0.8%) quarters. The index fell 3.2% through the year to the December quarter 2015.

Over the December quarter 2015 the HPI fell 1.9% and the ADPI fell 1.7%. Through the year to the December quarter 2015, the HPI fell 2.8% and the ADPI fell 4.2%.


TOTAL VALUE OF THE DWELLING STOCK

Quarterly Analysis



The preliminary estimate of the total value of residential dwellings in Australia in the December quarter 2015 was $5,886.0 billion (up from $5,854.4b in the September quarter 2015). Of this, $5,585.7b was owned by households. Over the same period, the number of residential dwellings rose by 38,700 to 9,615,800 and the mean price of residential dwellings rose $800 to $612,100.

The mean price of residential dwellings in NSW ($771,900) remains the highest in the country followed by Victoria ($627,600). The mean price in ACT ($623,900) is the third highest. The lowest mean price is in Tasmania ($325,200).