6416.0 - Residential Property Price Indexes: Eight Capital Cities, Dec 2018 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 19/03/2019   
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ANALYSIS

Residential Property Price Indexes

RPPI (a)
HPI
ADPI
Sep Qtr 18 to Dec Qtr 18
Sep Qtr 18 to Dec Qtr 18
Sep Qtr 18 to Dec Qtr 18
% change
% change
% change

Weighted average of eight capital cities
-2.4%
-2.6%
-1.9%
Sydney
-3.7%
-3.9%
-3.2%
Melbourne
-2.4%
-3.2%
-0.2%
Brisbane
-1.1%
-1.0%
-1.4%
Adelaide
0.1%
0.1%
-0.2%
Perth
-1.0%
-0.9%
-1.5%
Hobart
0.7%
0.3%
3.3%
Darwin
-0.6%
0.1%
-2.2%
Canberra
-0.2%
-0.4%
0.2%



(a) See Explanatory Notes paragraph 54.


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 (-2.4%)

The RPPI for the weighted average of the eight capital cities fell 2.4% in the December quarter 2018. This follows falls in the September (-1.5%) and June (-0.7%) quarters 2018.

The RPPI fell 5.1% through the year to the December quarter 2018.

In the December quarter 2018 the HPI fell 2.6% and the ADPI fell 1.9%. Through the year to the December quarter 2018, the HPI fell 5.5% and the ADPI fell 4.2%.

The quarterly HPI result follows falls in the September (-1.7%) and June (-0.6%) quarters 2018. The ADPI result follows falls in the September (-1.0%) and June (-0.7%) quarters 2018.

Sydney (-3.7%)

The RPPI for Sydney fell 3.7% in the December quarter 2018. This follows falls in the September (-1.9%) and June (-1.2%) quarters 2018. The index fell 7.8% through the year to the December quarter 2018.

Over the December quarter 2018 the HPI fell 3.9% following a fall of 2.1% in the September quarter 2018. The ADPI fell 3.2% following a fall of 1.3% in the September quarter 2018.

For established houses, falls were observed across most segments of the market, with weakness most evident in the middle to upper ($1,175,000 - $1,850,000) market segments. Through the year to the December quarter 2018, the HPI fell 8.4%.

For attached dwellings, falls were observed in all market segments, with weakness most evident in the middle ($765,000 - $1,110,000) market segments. Through the year to the December quarter 2018, the ADPI fell 6.4%.

Melbourne (-2.4%)

The RPPI for Melbourne fell 2.4% in December quarter 2018. This follows falls in the September (-2.6%) and June (-0.8%) quarters 2018. The index fell 6.4% through the year to the December quarter 2018.

Over the December quarter 2018 the HPI fell 3.2% following a fall of 3.0% in the September quarter 2018. The ADPI fell 0.2% following a fall of 1.1% in the September quarter 2018.

For established houses, falls continue to be observed across the market, driven this quarter by the middle to upper ($1,160,000 - $2,040,000) market segments. Through the year to the December quarter 2018, the HPI fell 7.6%.

For attached dwellings, results were mixed across the market segments. Through the year to the December quarter 2018, the ADPI fell 2.0%, the first annual fall since the September quarter 2012.

Brisbane (-1.1%)

The RPPI for Brisbane fell 1.1% in the December quarter 2018. This follows rises in the September (+0.6%) and June (+0.7%) quarters 2018. The index fell 0.3% through the year to the December quarter 2018.

Over the December quarter 2018 the HPI fell 1.0% and the ADPI fell 1.4%. Through the year to the December quarter 2018, the HPI fell 0.2% and the ADPI fell 0.9%.

Perth (-1.0%)

The RPPI for Perth fell 1.0% in the December quarter 2018. This follows falls in the September (-0.6%) and June (-0.1%) quarters 2018. The index fell 2.5% through the year to the December quarter 2018.

Over the December quarter 2018 the HPI fell 0.9% and the ADPI fell 1.5%. Through the year to the December quarter 2018, the HPI fell 2.2% and the ADPI fell 4.0%.

Canberra (-0.2%)

The RPPI for Canberra fell 0.2% in the December quarter 2018. This follows rises in the September (+0.5%) and June (+0.6%) quarters 2018. The index rose 1.8% through the year to the December quarter 2018.

Over the December quarter 2018 the HPI fell 0.4% and the ADPI rose 0.2%. Through the year to the December quarter 2018, the HPI rose 2.1% and the ADPI rose 0.6%.

Darwin (-0.6%)

The RPPI for Darwin fell 0.6% in the December quarter 2018. This follows falls in the September (-0.9%) and June (-0.9%) quarters 2018. The index fell 3.5% through the year to the December quarter 2018.

Over the December quarter 2018 the HPI rose 0.1% and the ADPI fell 2.2%. Through the year to the December quarter 2018, the HPI fell 0.8% and the ADPI fell 9.6%.

Hobart (+0.7%)

The RPPI for Hobart rose 0.7% in the December quarter 2018. This follows rises in the September (+1.3%) and June (+3.0%) quarters 2018. The index rose 9.6% through the year to the December quarter 2018.

Over the December quarter 2018 the HPI rose 0.3% and the ADPI rose 3.3%. Through the year to the December quarter 2018, the HPI rose 9.2% and the ADPI rose 11.3%.

Adelaide (+0.1%)

The RPPI for Adelaide rose 0.1% in the December quarter 2018. This follows rises in the September (+0.6%) and June (+0.3%) quarters 2018. The index rose 1.5% through the year to the December quarter 2018.

Over the December quarter 2018 the HPI rose 0.1% and the ADPI fell 0.2%.Through the year to the December quarter 2018, the HPI rose 1.7% and the ADPI rose 0.6%.

Total value of the dwelling stock

Graph Image for Total Value of Dwelling Stock


The preliminary estimate of the total value of residential dwellings in Australia in the December quarter 2018 was $6,677.8 billion (down from $6,810.9 billion in the September quarter 2018). Of this, $6,375.6 billion was owned by households.

Over the same period, the number of residential dwellings rose by 42,600 to 10,256,700 at the mean price of residential dwellings fell $15,700 to $651,100.

Graph Image for Mean Dwelling Price, States and Territories, December 2018 quarter


The mean price of residential dwellings in New South Wales ($831,800) remains the highest in the country, followed by Victoria ($690,900) and then the Australian Capital Territory ($665,600). The lowest mean price is in Tasmania ($411,700).