6416.0 - Residential Property Price Indexes: Eight Capital Cities, Jun 2015 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 22/09/2015   
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ANALYSIS


INDEX ANALYSIS

Residential Property Price Indexes

RPPI
HPI
ADPI
Mar Qtr 15 to Jun Qtr 15
Mar Qtr 15 to Jun Qtr 15
Mar Qtr 15 to Jun Qtr 15
% change
% change
% change

Sydney
8.9
9.8
6.9
Melbourne
4.2
4.7
2.5
Brisbane
0.9
0.9
0.7
Adelaide
0.5
0.5
0.1
Perth
-0.9
-1.0
-0.6
Hobart
0.0
0.1
-0.5
Darwin
-0.8
-0.5
-1.3
Canberra
0.8
1.0
0.0
Eight capital cities
4.7
5.0
4.1




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 (+4.7% RPPI)

The RPPI for the weighted average of the eight capital cities rose 4.7% in the June quarter 2015. This follows a rise of 1.6% for the March quarter 2015 and a rise of 2.0% for the December quarter 2014.

The RPPI rose 9.8% through the year to the June quarter 2015.

In the June quarter 2015 the HPI rose 5.0% and the ADPI rose 4.1%. Through the year to the June quarter 2015, the HPI rose 10.5% and the ADPI rose 7.5%.

The quarterly HPI result follows rises in the March quarter 2015 of 1.7% and a rise of 2.1% for the December quarter 2014. The ADPI result follows rises of 0.8% in the March quarter 2015 and 1.9% in the December quarter 2014.


Sydney (+8.9% RPPI)

The RPPI for Sydney rose 8.9% in the June quarter 2015. This follows rises in the March 2015 (+3.1%) and December 2014 (+3.6%) quarters. The index rose 18.9% through the year to the June quarter 2015.

Over the June quarter 2015 the HPI rose 9.8%, the largest quarterly rise since the start of the current series which commenced in the March quarter 2002. The ADPI rose 6.9%, the largest quarterly rise since the start of the series which commenced in September quarter 2003.

For established houses, the rise in Sydney was broad based, with all segments of the market showing price rises. Strata with prices between $900,000 and $1.4m contributed most to the rise. Through the year to the June quarter 2015, the HPI rose 21.5%.

For attached dwellings, the rise in Sydney was seen across all segments of the market. Strata with prices between $550,000 and $950,000 contributed most to the rise. Through the year to the June quarter 2015, the ADPI rose 14.0%.


Melbourne (+4.2% RPPI)

The RPPI for Melbourne rose 4.2% in the June quarter 2015. This follows rises in the March 2015 (+0.6%) and December 2014 (+1.9%) quarters. The index rose 7.8% through the year to the June quarter 2015.

Over the June quarter 2015 the HPI rose 4.7%, the largest quarterly rise since the March quarter 2010. The ADPI rose 2.5%.

For established houses, the rise in Melbourne was broad based, with all segments of the market showing price rises. Strata with prices between $500,000 and $900,000 contributed most to the rise. Through the year to the June quarter 2015, the HPI rose 9.2%.

For attached dwellings, the rise in Melbourne was seen across all segments of the market. Strata with prices between $500,000 to $800,000 contributed most to the rise. Through the year to the June quarter 2015, the ADPI rose 3.2%.


Brisbane (+0.9% RPPI)

The RPPI for Brisbane rose 0.9% in the June quarter 2015. This follows rises in the March 2015 (+0.4%) and December 2014 (+1.2%) quarters. The index rose 2.9% through the year to the June quarter 2015.

Over the June quarter 2015 the HPI rose 0.9% and the ADPI rose 0.7%. Through the year to the June quarter 2015, the HPI rose 3.2% and the ADPI rose 1.2%.


Adelaide (+0.5% RPPI)

The RPPI for Adelaide rose 0.5% in the June quarter 2015. This follows rises in the March 2015 (+0.7%) and December 2014 (+1.1%) quarters. The index rose 2.7% through the year to the June quarter 2015.

Over the June quarter 2015 the HPI rose 0.5% and the ADPI rose 0.1%. Through the year to the June quarter 2015, the HPI rose 3.1% and the ADPI rose 1.1%.


Canberra (+0.8% RPPI)

The RPPI for Canberra rose 0.8% in the June quarter 2015. This follows rises in the March 2015 (+1.1%) and December 2014 (+0.8%) quarters. The index rose 2.8% through the year to the June quarter 2015.

Over the June quarter 2015 the HPI rose 1.0% and the ADPI had a flat result 0.0%. Through the year to the June quarter 2015, the HPI rose 4.1% and the ADPI fell 1.3%.


Hobart (+0.0% RPPI)

The RPPI for Hobart had a flat result 0.0% in the June quarter 2015. This follows rises in the March 2015 (+0.5%) and December 2014 (+0.8%) quarters. The index rose 1.5% through the year to the June quarter 2015.

Over the June quarter 2015 the HPI rose 0.1% and the ADPI fell 0.5%. Through the year to the June quarter 2015, the HPI rose 1.9% and the ADPI fell 0.8%.


Perth (-0.9% RPPI)

The RPPI for Perth fell 0.9% in the June quarter 2015. This follows a fall in the March 2015 quarter (-0.1%) and a flat result in the December quarter 2014 (0.0%). The index fell 1.2% through the year to the June quarter 2015.

Over the June quarter 2015 the HPI fell 1.0% and the ADPI fell 0.6%. Through the year to the June quarter 2015, the HPI fell 1.1% and the ADPI fell 1.6%.


Darwin (-0.8% RPPI)

The RPPI for Darwin fell 0.8% in the June quarter 2015. This follows falls in the March 2015 (-0.2%) and December 2014 (-0.6%) quarters. The index fell 1.8% through the year to the June quarter 2015.

Over the June quarter 2015 the HPI fell 0.5% and the ADPI fell 1.3%. Through the year to the June quarter 2015, the HPI fell 1.8% and the ADPI fell 1.8%.


TOTAL VALUE OF THE DWELLING STOCK

Quarterly Analysis
Total value of dwelling stock
Graph: Total value of dwelling stock


The preliminary estimate of the total value of residential dwellings in Australia in the June quarter 2015 was $5,761.6b (up from $5,489.7b in the March quarter 2015). Of this, $5,465.7b was owned by households.

Over the same period, the number of residential dwellings rose by 38,400 to 9,528,300. The mean price of residential dwellings rose $26,200 to $604,700.

Mean Dwelling Price, States and Territories: June 2015 quarter
Graph: Mean Dwelling Price, States and Territories: June 2015 quarter


The mean price of residential dwellings in NSW ($777,400) remains the highest in the country followed by Victoria ($605,000). The mean price in ACT ($598,500) is the third highest mean price. The lowest mean price is in Tasmania ($309,900).