6416.0 - Residential Property Price Indexes: Eight Capital Cities, Dec 2019 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 17/03/2020   
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December key statistics
Sep Qtr 19 to Dec Qtr 19
Dec Qtr 18 to Dec Qtr 19
Residential property prices
% change
% change

Weighted average of eight capital cities
3.9
2.5
Sydney
4.7
3.7
Melbourne
5.2
4.1
Brisbane
1.8
0.3
Adelaide
1.4
0.3
Perth
1.1
-2.5
Hobart
2.7
4.1
Darwin
-0.8
-5.5
Canberra
3.1
1.9


Total value of the dwelling stock
Dec Qtr 19

Value of dwelling stock(a) ($b)
7 212.6
Mean price of residential dwellings ($'000)
691.0
Number of residential dwellings ('000)
10 437.9

(a) all sectors


Graph Image for Residential Property Prices, Weighted average of eight capital cities, Quarterly percentage change


Graph Image for Residential Property Prices, Quarterly Percentage Change, December Quarter 2019



December key points


The Residential Property Price Indexes

Weighted average of the eight capital cities Residential Property Price Index
  • rose 3.9% this quarter.
  • rose 2.5% over the last twelve months.

Capital city Residential Property Price Indexes
  • rose in Sydney (+4.7%), Melbourne (+5.2%), Brisbane (+1.8%), Perth (+1.1%), Adelaide (+1.4%), Canberra (+3.1%) and Hobart (+2.7%), and fell in Darwin (-0.8%), this quarter.
  • rose in Melbourne (+4.1%), Hobart (+4.1%), Sydney (+3.7%), Canberra (+1.9%), Brisbane (+0.3%) and Adelaide (+0.3%), and fell in Darwin (-5.5%) and Perth (-2.5%), over the last twelve months.

Total value of the dwelling stock
  • The total value of residential dwellings in Australia rose $294.4b to $7,212.6b this quarter.
  • The mean price of residential dwellings rose $25,400 to $691,000.
  • The number of residential dwellings rose by 43,400 to 10,437,900.


Notes

Revisions

Revisions apply to estimates for the second and third most recent quarters of the total value of dwelling stock (see Preliminary and final series, under Total value of dwelling stock, in the Explanatory notes) and to median prices and transfers (see Price indexes, unstratified medians and transfers, under Interpreting outputs, in the Explanatory notes).

Use of price indexes in contracts

Price indexes published by the Australian Bureau of Statistics (ABS) provide summary measures of the movements in various categories of prices over time. They are published primarily for use in Government economic analysis. Price indexes are also often used in contracts by businesses and government to adjust payments and/or charges to take account of changes in categories of prices (Indexation Clauses).

Use of Price Indexes in Contracts sets out a range of issues that should be taken into account by parties considering including an Indexation Clause in a contract using an ABS published price index.

Bushfires in December

Quality assurance undertaken by the ABS has confirmed that the bushfires did not result in quality impacts to residential property price statistics for the December quarter 2019. For information on the expected economic impacts of the bushfires and COVID-19, please see the ABS Chief Economist Series paper Measuring natural disasters in the Australian economy.

New ABS website

The ABS will be launching a new website in 2020. You will soon be able to see how this release will appear on the new website by exploring our Beta site. Regular users of this information are encouraged to explore the Beta site and consider if this will affect the way you access and consume ABS data and information. If you would like more information on the new ABS website, or want to discuss how the transition to the new site might impact you, please email newABSwebsite@abs.gov.au