6416.0 - Residential Property Price Indexes: Eight Capital Cities, Sep 2017 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 12/12/2017   
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12 December 2017
Embargo: 11.30 am (Canberra time)
Sydney drives property price fall in September quarter

The Residential Property Price Index (RPPI) for Sydney fell 1.4 per cent in the September quarter 2017 following positive growth over the last five quarters, according to figures released today by the Australian Bureau of Statistics (ABS).

Sydney established house prices fell 1.3 per cent and attached dwellings prices fell 1.4 per cent in the September quarter 2017.

"The fall in Sydney property prices this quarter was consistent with market indicators," Chief Economist for the ABS, Bruce Hockman said.

Falls in the RPPI were also seen in Perth (-1.0 per cent), Darwin (-2.6 per cent) and Canberra (-0.2 per cent). These were offset by rises in Melbourne (+1.1 per cent), Brisbane (+0.7 per cent), Adelaide (+0.7 per cent) and Hobart (+3.4 per cent).

For the weighted average of the eight capital cities, the RPPI fell 0.2 per cent in the September quarter 2017. This was the first fall in the RPPI since the March quarter 2016.

"Residential property prices have continued to moderate across most capital cities this quarter," Mr Hockman said.

The total value of Australia's 10.0 million residential dwellings increased $14.8 billion to $6.8 trillion. The mean price of dwellings in Australia fell by $1,200 over the quarter to $681,100.

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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