6416.0 - Residential Property Price Indexes: Eight Capital Cities, Jun 2018 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 18/09/2018   
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ANALYSIS
Residential Property Price Indexes

RPPI (a)
HPI
ADPI
Mar Qtr 18 to Jun Qtr 18
Mar Qtr 18 to Jun Qtr 18
Mar Qtr 18 to Jun Qtr 18
% change
% change
% change

Weighted average of eight capital cities
-0.7%
-0.6%
-0.7%
Sydney
-1.2%
-1.2%
-1.3%
Melbourne
-0.8%
-1.0%
-0.2%
Brisbane
0.7%
0.9%
0.4%
Adelaide
0.3%
0.2%
1.1%
Perth
-0.1%
0.2%
-1.2%
Hobart
3.0%
2.8%
4.0%
Darwin
-0.9%
-0.7%
-1.7%
Canberra
0.6%
0.5%
0.9%


(a) See Explanatory Notes paragraph 50.


NOTES

The discussion of individual cities is ordered in terms of their significance to the change in the RPPI for the latest quarter.


Weighted average of the eight capital cities (-0.7%)

The RPPI for the weighted average of the eight capital cities fell 0.7% in the June quarter 2018. This follows a fall in the March quarter 2018 (-0.7%) and a rise in the December quarter 2017 (+1.0%).

The RPPI fell 0.6% through the year to the June quarter 2018.

In the June quarter 2018 the HPI fell 0.6% and the ADPI fell 0.7%. Through the year to the June quarter 2018, the HPI fell 0.3% and the ADPI fell 1.6%.

The quarterly HPI result follows a fall in the March quarter 2018 (-0.8%) and a rise in the December quarter 2017 (+1.1%). The ADPI result follows a fall in the March quarter 2018 (-0.7%) and a rise in the December quarter 2017 (+0.6%).

Sydney (-1.2%)

The RPPI for Sydney fell 1.2% in the June quarter 2018. This follows falls in the March quarter 2018 (-1.2%) and December quarter 2017 (-0.1%). The index fell 3.9% through the year to the June quarter 2018.

Over the June quarter 2018 the HPI fell 1.2% following a fall of 1.4% in the March quarter 2018. The ADPI fell 1.3% following a fall of 0.7% in the March quarter 2018.

For established houses, falls were driven by the middle to upper ($1,300,000 - $2,400,000) market segments. Through the year to the June quarter 2018, the HPI fell 4.1%.

For attached dwellings, falls continue to be seen across most segments of the market, with weakness most evident in the middle to upper ($970,000 - $1,390,000) segments. Through the year to the June quarter 2018, the ADPI fell 3.4%.

Melbourne (-0.8%)

The RPPI for Melbourne fell 0.8% in June quarter 2018. This follows a fall in the March quarter 2018 (-0.6%) and a rise in the December quarter 2017 (+2.6%). The index rose 2.3% through the year to the June quarter 2018.

Over the June quarter 2018 the HPI fell 1.0% following a fall of 0.5% in the March quarter 2018. The ADPI fell 0.2% following a fall of 0.5% in the March quarter 2018.

For established houses, falls were predominately driven by the middle to upper ($1,170,000 - $1,670,000) market segments. Through the year to the June quarter 2018, the HPI rose 2.6%.

For attached dwellings, falls were primarily driven by the middle to upper ($590,000 - $810,000) market segments. Through the year to the June quarter 2018, the ADPI rose 1.4%.

Perth (-0.1%)

The RPPI for Perth fell 0.1% in the June quarter 2018. This follows a fall in the March quarter 2018 (-0.9%) and a rise in the December quarter 2017 (1.1%). The index fell 0.9% through the year to the June quarter 2018.

Over the June quarter 2018 the HPI rose 0.2% and the ADPI fell 1.2%. Through the year to the June quarter 2018, the HPI fell 0.4% and the ADPI fell 2.9%.

Darwin (-0.9%)

The RPPI for Darwin fell 0.9% in the June quarter 2018. This follows falls in the March quarter 2018 (-1.1%) and December quarter 2017 (-1.5%). The index fell 6.1% through the year to the June quarter 2018.

Over the June quarter 2018 the HPI fell 0.7% and the ADPI fell 1.7%. Through the year to the June quarter 2018, the HPI fell 4.4% and the ADPI fell 10.3%.

Brisbane (+0.7%)

The RPPI for Brisbane rose 0.7% in the June quarter 2018. This follows a fall in the March quarter 2018 (-0.6%) and a rise in the December quarter 2017 (+0.9%). The index rose 1.7% through the year to the June quarter 2018.

Over the June quarter 2018 the HPI rose 0.9% and the ADPI rose 0.4%. Through the year to the June quarter 2018, the HPI rose 2.1% and the ADPI fell 0.2%.

Hobart (+3.0%)

The RPPI for Hobart rose 3.0% in the June quarter 2018. This follows rises in the March quarter 2018 (+4.3%) and December quarter 2017 (+3.9%). The index rose 15.5% through the year to the June quarter 2018.

Over the June quarter 2018 the HPI rose 2.8% and the ADPI rose 4.0%. Through the year to the June quarter 2018, the HPI rose 15.5% and the ADPI rose 15.1%.

Adelaide (+0.3%)

The RPPI for Adelaide rose 0.3% in the June quarter 2018. This follows rises in the March quarter 2018 (+0.5%) and December quarter 2017 (+0.6%). The index rose 2.1% through the year to the June quarter 2018.

Over the June quarter 2018 the HPI rose 0.2% and the ADPI rose 1.1%. Through the year to the June quarter 2018, the HPI rose 2.4% and the ADPI rose 1.2%.

Canberra (+0.6%)

The RPPI for Canberra rose 0.6% in the June quarter 2018. This follows rises in the March quarter 2018 (+0.9%) and the December quarter 2017 (+1.7%). The index rose 3.0% through the year to the June quarter 2018.

Over the June quarter 2018 the HPI rose 0.5% and the ADPI rose 0.9%. Through the year to the June quarter 2018, the HPI rose 3.8% and the ADPI rose 0.5%.

Total value of the dwelling stock

Graph Image for Total Value of Dwelling Stock


The preliminary estimate of the total value of residential dwellings in Australia in the June quarter 2018 was $6,926.5 billion (down from $6,939.9 billion in the March quarter 2018). Of this, $6,581.0 billion was owned by households.

Over the same period, the number of residential dwellings rose by 40,800 to 10,093,700 and the mean price of residential dwellings fell $4,100 to $686,200.

Graph Image for Mean Dwelling Price, States and Territories, June 2018 quarter


The mean price of residential dwellings in New South Wales ($889,200) remains the highest in the country, followed by Victoria ($742,700) and then the Australian Capital Territory ($698,000). The lowest mean price is in Tasmania ($403,400).