ANALYSIS

Residential Property Price Indexes
	RPPI (a)	HPI	ADPI
	Dec Qtr 18 to Mar Qtr 19	Dec Qtr 18 to Mar Qtr 19	Dec Qtr 18 to Mar Qtr 19
	% change	% change	% change
Weighted average of eight capital cities	-3.0%	-3.1%	-3.0%
Sydney	-3.9%	-4.2%	-3.3%
Melbourne	-3.8%	-3.7%	-4.2%
Brisbane	-1.5%	-1.5%	-1.6%
Adelaide	-0.2%	-0.2%	-0.1%
Perth	-1.1%	-1.3%	-0.1%
Hobart	-0.4%	-0.2%	-1.2%
Darwin	-1.8%	-2.0%	-1.5%
Canberra	-0.9%	-1.1%	-0.1%

(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 (-3.0%)

The RPPI for the weighted average of the eight capital cities fell 3.0% in the March quarter 2019. This follows falls in the December (-2.4%) and September (-1.5%) quarters 2018.

The RPPI fell 7.4% through the year to the March quarter 2019.

In the March quarter 2019 the HPI fell 3.1% and the ADPI fell 3.0%. Through the year to the March quarter 2019, the HPI fell 7.7% and the ADPI fell 6.4%.

The quarterly HPI result follows falls in the December (-2.6%) and September (-1.7%) quarters 2018. The ADPI result follows falls in the December (-1.9%) and September (-1.0%) quarters 2018.

Sydney (-3.9%)

The RPPI for Sydney fell 3.9% in the March quarter 2019. This follows falls in the December (-3.7%) and September (-1.9%) quarters 2018. The index fell 10.3% through the year to the March quarter 2019.

Over the March quarter 2019 the HPI fell 4.2% following a fall of 3.9% in the December quarter 2018. The ADPI fell 3.3% following a fall of 3.2% in the December quarter 2018.

For established houses, falls were observed in all segments of the market, with weakness most evident in the $870,000 to $2,800,000 market segments. Through the year to the March quarter 2019, the HPI fell 11.0%.

For attached dwellings, falls were observed in most market segments, with weakness most evident in the middle ($580,000 to $1,070,000) market segments. Through the year to the March quarter 2019, the ADPI fell 8.8%.

Melbourne (-3.8%)

The RPPI for Melbourne fell 3.8% in the March quarter 2019. This follows falls in the December (-2.4%) and September (-2.6%) quarters 2018. The index fell 9.4% through the year to the March quarter 2019.

Over the March quarter 2019 the HPI fell 3.7% following a fall of 3.2% in the December quarter 2018. The ADPI fell 4.2% following a fall of 0.2% in the December quarter 2018.

For established houses, falls continue to be observed across most of the market, with strong falls continuing to be seen in the upper market segments. Through the year to the March quarter 2019, the HPI fell 10.5%.

For attached dwellings, falls were observed in most market segments, with weakness most evident in the middle to upper ($500,000 +) market segments. Through the year to the March quarter 2019, the ADPI fell 5.7%.

Brisbane (-1.5%)

The RPPI for Brisbane fell 1.5% in the March quarter 2019. This follows a fall in the December (-1.1%) quarter 2018 and a rise in the September (+0.6%) quarter 2018 . The index fell 1.3% through the year to the March quarter 2019.

Over the March quarter 2019 the HPI fell 1.5% and the ADPI fell 1.6%. Through the year to the March quarter 2019, the HPI fell 0.9% and the ADPI fell 2.7%.

Perth (-1.1%)

The RPPI for Perth fell 1.1% in the March quarter 2019. This follows falls in the December (-1.0%) and the September (-0.6%) quarters 2018. The index fell 2.7% through the year to the March quarter 2019.

Over the March quarter 2019 the HPI fell 1.3% and the ADPI fell 0.1%. Through the year to the March quarter 2019, the HPI fell 2.5% and the ADPI fell 3.9%.

Canberra (-0.9%)

The RPPI for Canberra fell 0.9% in the March quarter 2019. This follows a fall in the December (-0.2%) quarter 2018 and a rise in the September (+0.5%) quarter 2018. The index was flat (0.0%) through the year to the March quarter 2019.

Over the March quarter 2019 the HPI fell 1.1% and the ADPI fell 0.1%. Through the year to the March quarter 2019, the HPI fell 0.5% and the ADPI rose 1.7%.

Darwin (-1.8%)

The RPPI for Darwin fell 1.8% in the March quarter 2019. This follows falls in the December (-0.6%) and the September (-0.9%) quarters 2018. The index fell 4.2% through the year to the March quarter 2019.

Over the March quarter 2019 the HPI fell 2.0% and the ADPI fell 1.5%. Through the year to the March quarter 2019, the HPI fell 2.6% and the ADPI fell 7.9%.

Adelaide (-0.2%)

The RPPI for Adelaide fell 0.2% in the March quarter 2019. This follows rises in the December (+0.1%) and September (+0.6%) quarters 2018. The index rose 0.8% through the year to the March quarter 2019.

Over the March quarter 2019 the HPI fell 0.2% and the ADPI fell 0.1%. Through the year to the March quarter 2019, the HPI rose 0.6% and the ADPI rose 2.0%.

Hobart (-0.4%)

The RPPI for Hobart fell 0.4% in the March quarter 2019. This follows rises in the December (+0.7%) and September (+1.3%) quarters 2018. The index rose 4.6% through the year to the March quarter 2019.

Over the March quarter 2019 the HPI fell 0.2% and the ADPI fell 1.2%. Through the year to the March quarter 2019, the HPI rose 3.8% and the ADPI rose 9.3%.


Total value of the dwelling stock



The preliminary estimate of the total value of residential dwellings in Australia in the March quarter 2019 was $6,564.4 billion (down from $6,737.1 billion in the December quarter 2018). Of this, $6,265.1 billion was owned by households.

Over the same period, the number of residential dwellings rose by 42,900 to 10,307,600 and the mean price of residential dwellings fell $19,400 to $636,900.



The mean price of residential dwellings in New South Wales ($806,800) remains the highest in the country, followed by Victoria ($671,900) and then the Australian Capital Territory ($671,000). The lowest mean price is in Tasmania ($412,700).