|Page tools: Print Page Print All|
TOTAL VALUE OF THE DWELLING STOCK
plus (Completions times Realisation Rate) (footnote 19)
10.13 The total figure in each state is then apportioned to each SA2 (based on the number of dwellings of each type at the last Census) so that there is a quarterly estimate of the number of dwellings in the stock (by dwelling type).
10.14 The primary purpose of the suite of TVDS figures is supporting the compilation of the non-financial assets component of the Household Balance Sheet in the Australian System of National Accounts (ASNA).
10.15 To support this, the total value of the dwelling stock figures are compiled for two sectors of ownership: the household sector (which includes Non-Profit Institutions Serving Households) and the non-household sector (all other sectors of ownership). The sectors of ownership are consistent with Standard Economic Sector of Australia (SESCA), 2008 (Version 1.1) (cat. no. 1218.0).
10.16 Information on ownership of dwellings cannot be observed directly in the population, nor is it easily obtainable on every transfer that occurs. To overcome this, information on landlord and tenure type (footnote 20) from the 2016 Census of Population and Housing is used as a proxy for ownership.
10.17 The following tenure types are allocated to the household sector:
10.20 The proportion of properties owned by sector by Capital City/Rest of State by dwelling type from the last Census is used to apportion the total value into sectors each quarter. For example, if for attached dwellings in the Rest of NSW 83% of dwellings were owned by households then 83% of the total value of all attached dwellings in the Rest of NSW would be allocated to the household sector.
10.21 Table 7 shows the percentage of dwellings, by type, owned by the household sector.
Producing the total value of dwelling stock
10.22 A value of the dwelling stock can now be calculated as a price, dwelling count and ownership has been determined.
10.23 Each quarter the mean price for each geographic area (SA2) is multiplied by an estimated number of dwellings (by dwelling type, for the SA2) to compile a total value of the dwelling stock. As the SA2s aggregate up into larger geographies, this allows for the compilation of dwelling stock values at the state and national level.
10.24 However, the calculation of mean prices in the most recent quarter using VGs data is likely to lead to volatile results. This is because of the time lag between the property price being determined and information received and processed by the VGs office and provided to the ABS.
10.25 To enable the timely publication of data on the value of the dwelling stock, the movements of the capital city level RPPIs are used as a proxy for movements in the state/territory mean prices for the most recent quarter. This results in preliminary estimates for TVDS this period.
10.26 Revisions to the TVDS are applied to both the second and third most recent quarters due to updated completions and unit record residential property sales data becoming available to use in the direct calculation of quantity and price. The TVDS for the third most recent quarter is considered Final.
(a) Each strata is a combination of SA2 x dwelling type. Data is illustrative only.
(b) Can be calculated by taking the total value and dividing it by number of dwellings.
(c) Sum of all strata combined values.
(d) Sum of all state values.
OTHER MEASUREMENT ISSUES
Adjusting for the other territories
10.27 The Other Territories (comprising of Jervis Bay Territory, Norfolk Island, Christmas Island and the Cocos (Keeling) Islands) are considered part of economic and Geographic Australia, however the ABS does not receive VG's data for these territories.
10.28 In order to include the value of the dwelling stock in figures, an adjustment is made to NSW (for Jervis Bay and Norfolk Island) and WA (for Christmas Island and the Cocos (Keeling) Islands) total values. This adjustment is based on the number of dwellings in each of the Other Territories relative to the number of dwellings in the state from the latest Census.
10.29 Data for the other territories is not included in the estimated number of dwellings in the stock as it cannot be separately calculated.
10.30 The value of vacant residential land is not included in the total value of the dwelling stock figures as the ABS cannot currently estimate the price or quantity component of vacant residential land.
10.31 The ABS will continue to investigate potential data sources that could be used to calculate the total value of vacant residential land in the future.
10.32 The following information is published in Table 6 of Residential Property Price Indexes: Eight Capital Cities (cat. no. 6416.0):
18 The location variable is defined by the Statistical Area Level 2 (SA2) in the Australian Statistical Geography Standard (ASGS): Volume 1 - Main Structure and Greater Capital City Statistical Areas, July 2016 (cat. no. 1270. 0. 55. 001). The SA2 level of geography has been chosen due to its closeness to gazetted localities, size, comparability with other data and stability between Censuses. <back
19 i.e. net additions to the stock. <back
20 See Census Dictionary, 2016 (cat. no. 2901.0). <back
These documents will be presented in a new window.
6464.0 - Residential Property Price Indexes: Concepts, Sources and Methods, 2018
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 19/03/2019