ANALYSIS


INDEX ANALYSIS

Residential Property Price Indexes
	RPPI	HPI	ADPI
	Jun Qtr 14 to Sep Qtr 14	Jun Qtr 14 to Sep Qtr 14	Jun Qtr 14 to Sep Qtr 14
	% change	% change	% change
Sydney	2.7	3.2	1.8
Melbourne	1.0	1.1	0.8
Brisbane	1.0	0.9	1.3
Adelaide	1.0	1.0	0.8
Perth	-0.1	-0.1	-0.2
Hobart	1.0	1.2	-0.6
Darwin	0.3	0.3	0.4
Canberra	0.3	0.4	-0.1
Eight capital cities	1.5	1.6	1.2

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 (+1.5% RPPI)

The preliminary RPPI for the weighted average of the eight capital cities rose 1.5% in the September quarter 2014. This follows a rise of 1.9% for the June quarter 2014 (revised from +1.8%) and a rise of 1.4% for the March quarter 2014 (revised from +1.5%).

The RPPI rose 9.1% through the year to the September quarter 2014.

In the September quarter 2014 the HPI rose 1.6% and the ADPI rose 1.2%. Through the year to the September quarter 2014, the HPI rose 9.2% and the ADPI rose 8.5%.

The quarterly HPI result follows rises in the June quarter 2014 of 1.8% (revised from +1.7%) and a rise of 1.2% for the March quarter 2014 (revised from +1.4%). The ADPI result follows rises of 2.0% (revised from +1.9%) in the June 2014 quarter and 1.8% (revised from +1.5%) in the March 2014 quarters respectively.


Sydney (+2.7% RPPI)

The RPPI for Sydney rose 2.7% in the September quarter 2014. This follows rises in the June 2014 (+3.5%) and March 2014 (+2.3%) quarters. The index rose 14.6% through the year to the September quarter 2014.

Over the September quarter 2014 the HPI rose 3.2% and the ADPI rose 1.8%.

For established houses, the rise in Sydney was broad based, with almost all segments of the market showing price rises. Strata with prices between $500,000 and $2.2m contributed most to the rise. Through the year to the September quarter 2014, the HPI rose 15.4%.

For attached dwellings, the rise in Sydney was due to rises in strata with prices between $550,000 and $650,000. Through the year to the September quarter 2014, the ADPI rose 13.2%.


Melbourne (+1.0% RPPI)

The RPPI for Melbourne rose 1.0% in the September quarter 2014. This follows rises in the June 2014 (+1.3%) and March 2014 (+0.9%) quarters. The index rose 6.9% through the year to the September quarter 2014.

Over the September quarter 2014 the HPI rose 1.1% and the ADPI rose 0.8%.

For established houses, the rise in Melbourne was due to rises in strata with prices between $550,000 and $1m. Through the year to the September quarter 2014, the HPI rose 7.5%.

For attached dwellings, results showed rises in strata in the $500,000 to $600,000 range. Through the year to the September quarter 2014, the ADPI rose 5.0%.


Brisbane (+1.0% RPPI)

The RPPI for Brisbane rose 1.0% in the September quarter 2014. This follows rises in the June 2014 (+1.8%) and March 2014 (+1.3%) quarters. The index rose 6.7% through the year to the September quarter 2014.

Over the September quarter 2014 the HPI rose 0.9% and the ADPI rose 1.3%. Through the year to the September quarter 2014, the HPI rose 6.6% and the ADPI rose 6.8%.


Adelaide (+1.0% RPPI)

The RPPI for Adelaide rose 1.0% in the September quarter 2014. This follows rises in the June 2014 (+0.5%) and March 2014 (+1.0%) quarters. The index rose 5.6% through the year to the September quarter 2014.

Over the September quarter 2014 the HPI rose 1.0% and the ADPI rose 0.8%. Through the year to the September quarter 2014, the HPI rose 6.7% and the ADPI rose 1.3%.


Hobart (+1.0% RPPI)

The RPPI for Hobart rose 1.0% in the September quarter 2014. This follows rises in the June 2014 (+0.6%) and March 2014 (+0.4%) quarters. The index rose 4.3% through the year to the September quarter 2014.

Over the September quarter 2014 the HPI rose 1.2% and the ADPI fell 0.6%. Through the year to the September quarter 2014, the HPI rose 4.8% and the ADPI rose 1.0%.


Canberra (+0.3% RPPI)

The RPPI for Canberra rose 0.3% in the September quarter 2014. This follows rises in the June 2014 (+0.9%) and March 2014 (+0.5%) quarters. The index rose 2.4% through the year to the September quarter 2014.

Over the September quarter 2014 the HPI rose 0.4% and the ADPI fell 0.1%. Through the year to the September quarter 2014, the HPI rose 2.9% and the ADPI rose 1.2%.


Darwin (+0.3% RPPI)

The RPPI for Darwin rose 0.3% in the September quarter 2014. This follows rises in the June 2014 (+0.6%) and March 2014 (+1.1%) quarters. The index rose 3.4% through the year to the September quarter 2014.

Over the September quarter 2014 the HPI rose 0.3% and the ADPI rose 0.4%. Through the year to the September quarter 2014, the HPI rose 4.2% and the ADPI rose 1.6%.


Perth (-0.1% RPPI)

The RPPI for Perth fell 0.1% in the September quarter 2014. Perth was the only city to show a fall in prices this quarter. The fall follows rises in the June 2014 (+0.1%) and March 2014 (+0.8%) quarters. The index rose 3.7% through the year to the September quarter 2014.

Over the September quarter 2014 the HPI fell 0.1% and the ADPI fell 0.2%. Through the year to the September quarter 2014, the HPI rose 3.8% and the ADPI rose 3.2%.


TOTAL VALUE OF THE DWELLING STOCK

Quarterly Analysis


The preliminary estimate of the total value of residential dwellings in Australia in the September quarter 2014 was $5,296.3b (up from $5,196.7b in the June quarter 2014). Of this, $5,020.4b was owned by households.

Over the same period, the number of residential dwellings rose by 37,700 to 9,405,100. The mean price of residential dwellings rose $8,300 to $563,100.

The mean price of residential dwellings in NSW ($681,900) remains the highest in the country followed by WA ($588,700). The mean price in ACT ($571,000) was the third highest mean price. The lowest mean price was in Tasmania ($312,000).