RESIDENTIAL PROPERTY PRICE INDEXES
1.1 Residential property prices are of significant interest to policy makers, market analysts and researchers for a range of economic and social reasons. The price of dwellings plays an important role in the Australian economy, both in terms of the transmission of monetary policy and as an important determinant of household wealth.
1.2 The Australian Residential Property Price Indexes measure price change of the stock of dwellings over time. The ABS RPPIs serve the dual purpose of:
(a) a macroeconomic indicator of residential property price inflation; and
(b) supporting the compilation of the non-financial assets component of the Household Balance Sheet in the Australian System of National Accounts (ASNA).
1.3 The ABS produces a range of residential property price indexes and related statistics. Those currently released by the ABS are:
- a House Price Index (HPI);
- an Attached Dwellings Price Index (ADPI);
- an aggregated Residential Property Price Index (RPPI);
- a measure for the Total Value of the Dwelling Stock (TVDS); and
- statistics relating to transfer counts and median prices for established houses and attached dwellings.
The HPI, ADPI and RPPI will be collectively referred to throughout this publication as ‘the indexes’.