6416.0 - Residential Property Price Indexes: Eight Capital Cities, Jun 2014 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 12/08/2014   
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12 August 2014
Embargo: 11.30 am (Canberra time)

East coast capitals lead residential property price increases

The Residential Property Price Index (RPPI) for the weighted average of the eight capital cities increased 1.8 per cent in the June quarter 2014 and 10.1 per cent in the previous year according to figures released today by the Australian Bureau of Statistics (ABS).

The increase in the RPPI was due largely to increases in Sydney (+3.1 per cent), Melbourne (+1.3 per cent) and Brisbane (+1.8 per cent).

Director of RPPI at the ABS, Ms Robin Ashburn said Sydney has shown strong growth in the June quarter, compared to other capital cities, with established house prices increasing 3.1 per cent and attached dwelling prices increasing 3.2 per cent.

"For the weighted average of the eight capital cities, attached dwelling prices increased 1.9 per cent in the June quarter 2014 compared to established house prices which increased 1.7 per cent."

"As well as the increases on the east coast, the RPPI increased in Adelaide (+1.0 per cent), Canberra (+0.8 per cent), Darwin (+0.7 per cent) and Hobart (+0.3 per cent). Perth was the only city to record a decrease in the RPPI (–0.2 per cent)."

"The increase in prices has contributed to the increase in the total value of residential dwellings to $5.2 trillion in the June quarter 2014, an increase of almost half a trillion dollars since June 2013. The mean price of dwellings in Australia is now $554,800, an increase of $45,000 over the year, this is more than twice the increase over the year to June 2013," said Ms Ashburn.

Media notes:
  • Established houses are detached residential dwellings on their own block of land regardless of age.
  • 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.
  • Media requests and interviews - contact the ABS Communications Section on 1300 175 070.