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MARCH QTR KEY FIGURES
CHANGES IN THIS ISSUE
There are no changes in this issue.
It is important to note that the established house price index is specifically designed to measure the medium term rate of change in the price of established houses. To ensure the index is based on a sufficiently representative sample of transactions prices, the prices used are for properties which were settled during the quarter rather than those for which contracts were exchanged. One of the effects of this approach is that the date of recording a price will lag the date at which the price was effectively determined. Because of this, there is likely to be a lag in identifying the turning points in the house price cycle.
In addition, as noted in paragraph 9 of the Explanatory Notes of this publication, in order to minimise the effects of compositional change on the measures of price change, the ABS stratifies the sales of established houses by geographic area. Compared with an approach which does not stratify by area, the difference in the measure of aggregate price change for a capital city will be most evident during periods when different geographical areas within a city experience different rates of price change. To varying extents across the capital cities, this is evident in the March quarter 2004 data where house prices in the inner city regions of many of the capital cities have grown less (or fallen) compared with those in some of the outer city regions.
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