6416.0 - Residential Property Price Indexes: Eight Capital Cities, Dec 2015 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 22/03/2016   
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March 22 2016
Embargo: 11.30 am (Canberra time)

Sydney property prices fall in December quarter
The Residential Property Price Index (RPPI) for Sydney fell 1.6 per cent in the December quarter 2015 following positive quarterly growth over the last three years, according to figures released today by the Australian Bureau of Statistics (ABS).

Sydney established house prices fell 2.1 per cent and attached dwellings prices fell 0.8 per cent in the December quarter 2015.

Annually, Sydney residential property prices rose 13.9 per cent.

In other capital cities in the December quarter 2015, the RPPI rose in Melbourne (+1.6 per cent), Brisbane (+1.6 per cent), Adelaide (+0.9 per cent), Canberra (+2.8 per cent), Perth (+0.5 per cent) and Hobart (+2.5 per cent) and fell in Darwin (-1.8 per cent ).

For the weighted average of the eight capital cities, the RPPI rose 0.2 per cent in the December quarter 2015 and rose 8.7 per cent over the previous year.

The total value of Australia's 9.6 million residential dwellings increased $31.6 billion to $5.9 trillion. The mean price of dwellings in Australia is now $612,100.

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

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.