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   
   Page tools: Print Print Page Print all pages in this productPrint All RSS Feed RSS Bookmark and Share Search this Product

GLOSSARY

Attached dwellings

Dwellings which share a structural component with one or more other buildings. This may include walls, ceiling, floor or roofing. For example, flats, units and apartments and semi-detached, row and terrace houses.

Attached Dwellings Price Index (ADPI)

A measure of the price change of attached dwellings within the GCCSAs between two periods.

Billion

The term 'billion' means 'thousand million' in line with Australian standards.

Chain linking

The process by which an index series based on one set of weights is joined to another index series based on a different set of weights.

Dwelling

A suite or rooms contained within a building which are self-contained and intended for long-term residential use. To be self-contained the suite of rooms must possess cooking and bathing/shower facilities as building fixtures.

Established House Price Index (HPI)

A measure of the price change in all established detached houses within the eight GCCSAs between two periods.

Established houses

Detached residential dwellings on their own block of land regardless of age (i.e. including new houses sold as a house/land package as well as second hand houses).

Exchange date

The date at which the agreed market price for a dwelling is recorded.

Final estimate

The estimate is final once it is considered complete and is only revised in exceptional circumstances.

Greater Capital City Statistical Areas (GCCSAs)

These areas capture the socio-economic extent of the State/Territory capital cities for statistical purposes. The boundary is set to include the population who regularly socialise, shop or work within the city, but live in the small towns and rural areas surrounding the city.

Index reference period

The period for which an index is given a value of 100.0, usually a financial year. The current index reference period for the Residential Property Price Indexes is 2011-12 = 100.0.

Mean price

The average dwelling value in the reference period. It is derived by taking the total value of residential dwellings and dividing by the estimated number of dwellings in the stock.

Median price

The mid point of dwelling values in the reference period. Half of all properties bought/sold in the period did so at a price below the median, the other half had a price above the median.

Preliminary estimate

The estimate is preliminary when it is not considered complete and is subject to revision.

Price index

A measure of the proportionate, or percentage, changes in a set of prices over time relative to a given reference period.

Price movement

Changes in price levels between two or more periods. Movements can be expressed in money values, as price relatives, changes in index points or as percentage changes.

Re-referencing

Re-referencing is the process which sets a new index reference period for a price index.

Residential Property Price Index (RPPI)

An aggregation of the HPI and ADPI, measuring the price change in all residential dwellings within the eight GCCSAs between two periods.

Rest of State

Within each state or territory the area not defined as being part of the greater capital city.

Socio-economic Index for Areas (SEIFA)

A ranking of areas in Australia according to relative socio-economic advantage and disadvantage using information from the Census of Population and Housing. People's access to material and social resources, and their ability to participate in society is the broad definition used by the ABS to define relative socio-economic advantage and disadvantage.

Strata

The finest level of groupings based on similar characteristics. The total sample of residential dwellings is separated into groups in a way that balances homogeneity of suburbs with sufficient sales observations to construct reliable measures of price movements.

Total Value of Dwelling Stock

An estimate which combines the price of dwellings and the total number of dwellings.

Transfers

The record of sale for established houses and attached dwellings taken from the residential property sales dataset.

Unstratified medians

The midpoint of sales data taken from the residential property sales dataset. No grouping (stratifying) or weighting is applied.