6416.0 - House Price Indexes: Eight Capital Cities, Sep 2013 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 04/11/2013   
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4 November 2013
Embargoed: 11:30 am (Canberra Time)

Sydney leads with strong house price growth

The established house price index for Sydney rose 3.6 per cent, the largest capital city rise in the September 2013 quarter according to figures released today by the Australian Bureau of Statistics (ABS).

The eight capital city weighted average increased 1.9 per cent in the quarter, for a total rise of 7.6 per cent over the last year.

Other increases were in Melbourne (+1.9%), Brisbane (+1.2%), Perth (+0.2%), Hobart (+1.4%) and Darwin (+0.4%), while Canberra (-1.2%) and Adelaide (-0.6%) fell.

"This is the first time since 2010 that the capital city average has shown four consecutive quarters of growth year on year," said Robin Ashburn from the ABS.

"Sydney's rises were broad based in the September quarter, with most areas going up, but prices were mixed in Melbourne, with some areas showing rises and others falls.

The ABS confirmed that this will be the last release of House Price Index: Eight Capital Cities (cat. no. 6416.0) in its current format.

It will be replaced with Residential Property Price Indexes: Eight Capital Cities (cat. no. 6416.0) on 11 February 2014, with an improved range of information.

Improvements include a new price index covering attached dwellings such as apartments and terrace houses, as well as information on the number and median price of residential sales outside of capital cities.

The ABS will also be publishing information on the total value and number of residential dwellings in Australia, which will provide a valuable insight into the net worth of Australia's households.

Media notes:
  • When reporting ABS data, the Australian Bureau of Statistics (or ABS) must be attributed as the source.
  • 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.
  • Further information on changes to the House Price Index publication are available from Forthcoming Changes to House Price Indexes: Eight Capital Cities, 2013 (cat. no. 6416.0.55.002).