1307.8 - Australian Capital Territory in Focus, 2007  
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HOUSE PRICES

According to the Real Estate Institute of Australia (REIA), the annual median sales price for Canberra in the December quarter 2006 was $382,000 for houses and $304,700 for other dwellings.


Canberra had the third highest moving annual median house price of all capital cities behind Sydney ($521,500) and Perth ($415,000) and ahead of Melbourne ($373,300). Canberra recorded the fourth highest moving annual median price for other dwellings behind Sydney ($356,400), Perth ($323,300) and Melbourne ($315,300). Median house prices in Canberra had increased by 3.7% from the December quarter 2005 ($368,300) and had increased by 18% in the three years from the December quarter 2003 ($323,800).

12.3 Moving annual median sales prices(a), Houses and other dwellings - December quarter

Houses
Other dwellings(b)
2001
2002
2003
2004
2005
2006
2001
2002
2003
2004
2005
2006
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000

Canberra
206.3
234.2
323.8
365.0
368.3
382.0
156.9
197.8
264.8
289.0
302.6
304.7
Sydney(c)
325.3
458.3
533.0
553.0
525.1
521.5
287.8
335.5
367.3
376.3
364.6
356.4
Melbourne
296.8
327.5
367.0
366.0
358.1
373.3
229.7
262.2
288.6
290.9
299.3
315.3
Brisbane
164.3
193.4
258.6
305.5
311.9
329.9
164.1
174.4
201.8
235.6
252.8
276.4
Adelaide
150.2
177.3
223.3
260.8
275.8
286.3
109.8
134.7
168.8
197.5
208.5
218.1
Perth
167.1
187.2
223.7
258.3
306.5
415.0
123.6
147.3
180.5
203.8
244.6
323.3
Hobart
120.6
137.2
192.0
252.0
268.5
284.9
88.5
95.6
148.6
192.1
209.0
225.1
Darwin
188.0
202.3
216.0
256.5
295.7
360.0
149.8
154.8
154.9
176.3
216.1
269.3

(a) Annual average of the quarterly figures for the past year.
(b) Other dwellings are individual flats, home units, town houses, terrace houses etc.
(c) New Sydney annual median price series adjusted for compositional change.
Real Estate Institute of Australia, Real Estate Market Facts, December Quarter 2006.



House price index

A house price index is concerned with measuring pure price change and looks at that element of price change which is not bought about by any change in the qualities of dwellings over time. In this way, the house price index provides a measure of house price movements over time, rather than house prices themselves.


The ABS produces two house price indexes, one for established house prices and another for project homes (which represents movements in the cost to construct a new house, excluding the value of the land). Both house price indexes have a reference base year of 2003-04 = 100.0.


In 2005-06, Canberra's house price index for established houses rose by 9.1% from the previous financial year. After Melbourne (116.6), Canberra's established house price index was closest to the weighted average of the eight capital cities (115.3). Sydney had an established house price index of 95.3 and Perth had an index of 194.0.


For project homes in Canberra there was a 2.8% change between 2005-06 and 2006-07. This was the fifth highest percentage change of the capital cities and was lower than the increase for the weighted average of the eight capital cities (2.7%). Sydney had a project home price index of 108.1 and Melbourne had an index of 105.9.

12.4 House price indexes(a)(b)

Established Houses(c)
Project Homes(d)
Canberra
Weighted Average
of 8 Capital Cities
Canberra
Weighted Average
of 8 Capital Cities
index
index
index
index

2004-05
99.9
101.2
102.0
106.1
2005-06
103.5
105.1
105.4
110.3
2006-07
p112.9
p115.3
p108.4
p113.3

p preliminary figure or series subject to revision
(a) Base of each index 2003-04 = 100.0.
(b) Estimates for the two most recent quarters are experimental.
(c) Price changes relate to changes in the total price of dwelling and land.
(d) Price changes relate only to the price of the dwelling (excluding land).
House Price Indexes, Eight Capital Cities, June quarter 2007 (cat. no. 6416.0).


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