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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DECEMBER KEY POINTS
CHANGES TO RESIDENTIAL PROPERTY PRICE INDEX
TOTAL VALUE OF THE DWELLING STOCK
CHANGES IN THIS ISSUE
From the December quarter 2018, the weights and variables used to stratify the residential property price indexes, and inputs used to compile the total value of dwelling stock, have been updated using data from the 2016 Census of Population and Housing. See Appendix 1- Updating the weights and stratification variables in the Residential Property Price Indexes (RPPIs) and Appendix 2 - Updating the Benchmarks used to compile the Total Value of Dwelling Stock (TVDS) for further details.
The ABS has been using data supplied by CoreLogic to compile the statistics in this publication. An updated residential property sales dataset from CoreLogic has been implemented this quarter. The updated dataset reflects improvements to the underlying data following a major investment in additional data sources and improvements in the overall scope of CoreLogic data assets.
Revisions apply to estimates for the second and third most recent quarters of the total value of dwelling stock (see paragraph 41 of the Explanatory Notes) and to median prices and transfers (see paragraph 48 of the Explanatory Notes).
The implementation of updated benchmarks using data from the 2016 Census of Population and Housing has resulted in some revisions to the previously published total value of dwelling stock estimates. The ABS has smoothed in the change over a number of quarters. This approach is in line with standard ABS practice for introducing changes and does not impact the interpretation of the data.
The implementation of the updated residential property sales dataset from CoreLogic has resulted in revisions to the median price and transfers series. The ABS has revised this series back to March quarter 2014 when CoreLogic data was introduced into this series.
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