6416.0 - Residential Property Price Indexes: Eight Capital Cities, Dec 2018 Quality Declaration 
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APPENDIX 2 UPDATING THE BENCHMARKS USED TO COMPILE THE TOTAL VALUE OF DWELLING STOCK (TVDS)


INTRODUCTION

1 The release of data from the 2016 Census of Population and Housing has allowed the ABS to update the benchmarks used to compile the Total Value of Dwelling Stock (TVDS).

2 The purpose of this appendix is to outline the components of the TVDS that have been updated using the 2016 Census, and to describe the process used to implement the updated benchmarks.

UPDATING THE TVDS BENCHMARKS

3 The TVDS utilises dwelling count and dwelling type data from the Census of Population and Housing. The following key inputs are used in the compilation of the TVDS:

  • stratification of the dwelling stock, by location (based on Statistical Area Level 2 (SA2) from the ASGS) and dwelling type (established houses and attached dwellings);
  • the number of dwellings in the dwelling stock;
  • the long term realisation rate, which is used to produce an estimate of net additions to the dwelling stock;
  • sector of ownership (Household/Non Household) proportions, which are used in the Australian System of National Accounts (ASNA) to compile the non-financial assets component of the Household Balance Sheet; and
  • an adjustment factor for the Other Territories.

4 Further detail on the methodology used to compile TVDS is available under 'Total Value of the Dwelling Stock' in the Residential Property Price Indexes: Concepts, Sources and Methods, Australia (cat. no. 6464.0).

IMPLEMENTATION

5 The TVDS was first published in the December quarter 2013. The first TVDS series spanned the period September quarter 2011 to September quarter 2018.

6 The updated TVDS series using data from the 2016 Census has been introduced from the December quarter 2018 issue and commences from the September quarter 2016.

7 The implementation of updated benchmarks has resulted in some revisions to the previously published TVDS estimates. In the September quarter 2016, the revision is -0.7% of the TVDS at the Australia level.

8 The ABS has smoothed in the changes over a number of quarters. A two year window has been used for the Household series, while a longer window of four years has been used for the Non-Household series. This approach is in line with standard ABS practice for introducing changes and does not impact the interpretation of the data.

9 Table 2.1 shows the percentage of dwellings, by type, owned by the household sector from the 2016 Census.


TABLE A2.1, Ownership by Dwelling type, Australia, 2016

% of dwellings owned by the household sector

Detached Houses 96.6
Attached Dwellings(a) 90.7
All Dwellings 95.0

(a) Includes flats/units/apartments and semi-detached/row/terrace houses.

TVDS RESULTS

10 The following tables provide a comparison of the TVDS results from the 2011 Census benchmarks published in the September quarter 2018 issue and the revised estimates using the 2016 Census benchmarks in the December quarter 2018 issue.


Table A2.2 Total Value of Dwelling Stock, All Sectors, Australia published September quarter 2018 and revised December quarter 2018 estimates

September quarter 2018 issue
(2011 Census),
Total Value of Dwelling Stock,
All Sectors, ($bn)
December quarter 2018 issue
(2016 Census),
Total Value of Dwelling Stock,
All Sectors, ($bn)
Difference (%)

Sep-2016
6222.4
6178.7
-0.7
Dec-2016
6491.6
6441.2
-0.8
Mar-2017
6644.5
6601.7
-0.6
Jun-2017
6823.0
6771.3
-0.8
Sep-2017
6835.5
6779.3
-0.8
Dec-2017
6979.4
6946.2
-0.5
Mar-2018
6992.6
6957.2
-0.5
June-2018
6917.2
6921.0
0.1
Sep-2018
6847.1
6810.9
-0.5


Table A2.3 Number of Residential Dwellings, All Sectors, Australia published September quarter 2018 and revised December quarter 2018 estimates

September quarter 2018 issue
(2011 Census),
Number of Residential Dwellings,
All Sectors, ($'000)
December quarter 2018 issue
(2016 Census),
Number of Residential Dwellings,
All Sectors, ($'000)
Difference (%)

Sep-2016
9762.6
9829.1
0.7
Dec-2016
9823.4
9884.8
0.6
Mar-2017
9866.2
9927.2
0.6
Jun-2017
9914.1
9974.8
0.6
Sep-2017
9962.4
10022.7
0.6
Dec-2017
10012.4
10071.8
0.6
Mar-2018
10052.7
10111.7
0.6
June-2018
10102.8
10161.4
0.6
Sep-2018
10143.7
10214.1
0.7


Table A2.4 Mean Price of Residential Dwellings, All Sectors, Australia published September quarter 2018 and revised December quarter 2018 estimates

September quarter 2018 issue
(2011 Census),
Mean Price of Residential Dwellings,
All Sectors, ($'000)
December quarter 2018 issue
(2016 Census),
Mean Price of Residential Dwellings,
All Sectors, ($'000)
Difference (%)

Sep-2016
637.4
628.6
-1.4
Dec-2016
660.8
651.6
-1.4
Mar-2017
673.5
665.0
-1.3
Jun-2017
688.2
678.8
-1.4
Sep-2017
686.1
676.4
-1.4
Dec-2017
697.1
689.7
-1.1
Mar-2018
695.6
688.0
-1.1
June-2018
684.7
681.1
-0.5
Sep-2018
675.0
666.8
-1.2


11 The TVDS results including revisions to the historical series are presented in Table 6 of this publication.