6416.0 - Residential Property Price Indexes: Eight Capital Cities, Mar 2014 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 13/05/2014   
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ANALYSIS


INDEX ANALYSIS

Residential Property Price Indexes

RPPI
HPI
ADPI
Dec Qtr 13 to Mar Qtr 14
Dec Qtr 13 to Mar Qtr 14
Dec Qtr 13 to Mar Qtr 14
% change
% change
% change

Sydney
2.3
2.4
2.0
Melbourne
2.1
2.8
0.3
Brisbane
0.8
0.7
0.9
Adelaide
0.7
0.9
0.1
Perth
1.1
1.3
0.0
Hobart
1.4
1.5
0.1
Darwin
1.1
1.0
1.2
Canberra
-0.1
0.0
-0.3
Eight capital cities
1.7
2.0
1.1


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 (+1.7% RPPI)

The preliminary RPPI for the weighted average of the eight capital cities rose 1.7% in the March quarter 2014. This follows a rise of 3.8% for the December quarter 2013 (revised from +3.4%) and a rise of 2.5% for the September quarter 2013 (revised from +2.4%).

The RPPI rose 10.9% through the year to the March quarter 2014.

In the March quarter 2014 the HPI rose 2.0% and the ADPI rose 1.1%. Through the year to the March quarter 2014, the HPI rose 11.4% and the ADPI rose 9.1%.

The quarterly HPI result follows rises in the December quarter 2013 of 3.9% (revised from +3.5%) and a rise of 2.7% for the September quarter 2013 (revised from +2.5%). The ADPI result follows rises of 3.1% (revised from +3.0%) and 2.0% (revised from +2.2%) in the December 2013 and September 2013 quarters respectively.


Sydney (+2.3% RPPI)

The RPPI for Sydney rose 2.3% in the March quarter 2014. This follows rises in the December 2013 (+5.0%) and September 2013 (+3.8%) quarters. The index rose 15.7% through the year to the March quarter 2014.

Over the March quarter 2014 the HPI rose 2.4% and the ADPI rose 2.0%.

For established houses, the rise in Sydney was largely the result of rises in strata with median prices between $1.0 m and $2.3 m, with most other strata showing smaller positive contributions. Through the year to the March quarter 2014, the HPI rose 16.6%, the largest annual rise since June 2010.

For attached dwellings, the rise in Sydney was largely the result of rises in strata with median prices above $600,000 over the quarter. All strata have shown rises in the year to the March quarter 2014, with the overall ADPI rising 13.7% through the year to the March quarter 2014.


Melbourne (+2.1% RPPI)

The RPPI for Melbourne rose 2.1% in the March quarter 2014. This follows rises in the December 2013 (+3.4%) and September 2013 (+3.1%) quarters. The index rose 10.9% through the year to the March quarter 2014.

Over the March quarter 2014 the HPI rose 2.8% and the ADPI rose 0.3%.

For established houses, the rise in Melbourne was across almost all strata, with rises in strata with median prices over $700,000 being most significant.

Through the year to the March quarter 2014, the HPI rose 12.4% and the ADPI rose 6.7%.


Perth (+1.1% RPPI)

The RPPI for Perth rose 1.1% in the March quarter 2014. This follows rises in the December 2013 (+3.1%) and September 2013 (+0.1%) quarters. The index rose 7.3% through the year to the March quarter 2014.

Over the March quarter 2014 the HPI rose 1.3%, there was no change in the ADPI (+0.0%). Through the year to the March quarter 2014, the HPI rose 7.7% and the ADPI rose 5.0%.


Brisbane (+0.8% RPPI)

The RPPI for Brisbane rose 0.8% in the March quarter 2014. This follows rises in the December 2013 (+2.6%) and September 2013 (+1.3%) quarters. The index rose 6.1% through the year to the March quarter 2014.

Over the March quarter 2014 the HPI rose 0.7% and the ADPI rose 0.9%. Through the year to the March quarter 2014, the HPI rose 6.7% and the ADPI rose 3.4%.


Adelaide (+0.7% RPPI)

The RPPI for Adelaide rose 0.7% in the March quarter 2014. This follows rises in the December 2013 (+2.7%) and September 2013 (+0.4%) quarters. The index rose 4.9% through the year to the March quarter 2014.

Over the March quarter 2014 the HPI rose 0.9% and the ADPI rose 0.1%. Through the year to the March quarter 2014, the HPI rose 5.5% and the ADPI rose 2.5%.


Hobart (+1.4% RPPI)

The RPPI for Hobart rose 1.4% in the March quarter 2014. This follows rises in the December 2013 (+2.4%) and September 2013 (+1.0%) quarters. The index rose 4.8% through the year to the March quarter 2014.

Over the March quarter 2014 the HPI rose 1.5% and the ADPI rose 0.1%. Through the year to the March quarter 2014, the HPI rose 5.5% and the ADPI rose 1.1%.


Darwin (+1.1% RPPI)

The RPPI for Darwin rose 1.1% in the March quarter 2014. This follows rises in the December 2013 (+1.4%) and September 2013 (+0.3%) quarters. The index rose 4.1% through the year to the March quarter 2014.

Over the March quarter 2014 the HPI rose 1.0% and the ADPI rose 1.2%. Through the year to the March quarter 2014, the HPI rose 5.1% and the ADPI rose 1.8%.


Canberra (-0.1% RPPI)

The RPPI for Canberra fell 0.1% in the March quarter 2014. This follows rises in the December 2013 (+0.4%) and September 2013 (+0.1%) quarters. The index rose 1.1% through the year to the March quarter 2014.

Over the March quarter 2014 the HPI showed no change (+0.0%) and the ADPI fell 0.3%. Through the year to the March quarter 2014, the HPI rose 0.8% and the ADPI rose 2.1%.


TOTAL VALUE OF THE DWELLING STOCK

Total value of residential dwellings, all sectors
Graph: Total value of residential dwellings, all sectors


The preliminary estimate of the total value of residential dwellings in Australia in the March quarter 2014 was $5,100.8 b (up from $4,995.5 b in the December quarter 2013). Of this, $4,833.8 b was owned by households.

Over the same period, the number of residential dwellings rose by 37,400 to 9,333,700. The mean price of residential dwellings rose $9,100 to $546,500.

Mean dwelling price, States and Territories - March quarter 2014
Graph: Mean dwelling price, States and Territories—March quarter 2014


The mean price of residential dwellings in NSW ($643,300) remains the highest in the country followed by WA ($597,700). The mean price in Victoria ($557,100) has taken over from the ACT ($553,900) as the third highest mean price. The lowest mean price is in Tasmania ($309,400).