6416.0 - Residential Property Price Indexes: Eight Capital Cities, Dec 2017 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 20/03/2018   
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20 March 2018
Embargo: 11.30 am (Canberra time)
Annual property price growth slows in December quarter

Residential property prices rose 5.0 per cent through the year to December quarter 2017, with growth easing from the September (+8.3 per cent) and June (+10.2 per cent) quarters 2017, according to figures released today by the Australian Bureau of Statistics (ABS).

"The results are in line with market indicators like falling auction clearance rates, and point to a continued moderation in annual property price growth across a number of Australia's capital cities" Chief Economist for the ABS, Bruce Hockman said.

The through the year growth for Sydney (3.8 per cent) has slowed significantly, down from 9.4 per cent in the September quarter 2017.

"The property price result of 3.8 per cent in Sydney can be partly explained by tighter regulatory conditions and the resulting slowdown in investor credit growth." Mr Hockman said.

In the December quarter, rises in the Residential Property Price Index (RPPI) for Melbourne (+2.6 per cent) and Hobart (+3.9 per cent) were partially offset by falls in Sydney (-0.1 per cent) and Darwin (-1.5 per cent).

The total value of Australia's 10 million residential dwellings increased $92.9 billion to $6.9 trillion. The mean price of dwellings in Australia is now $686,700.

Further details can be found in Residential Property Price Indexes: Eight Capital Cities (cat. no. 6416.0), available for free download from the ABS website: https://www.abs.gov.au

Media notes:
  • Established houses are detached residential dwellings on their own block of land, regardless of age.
  • The term 'attached dwellings' includes flats, units and apartments plus semi-detached, row and terrace houses.
  • The value and mean price of residential dwellings includes any land.
  • When reporting ABS data, the Australian Bureau of Statistics (or ABS) must be attributed as the source.
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