6416.0 - Residential Property Price Indexes: Eight Capital Cities, Mar 2016 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 21/06/2016   
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MEDIA RELEASE
21 June 2016
Embargo: 11.30 am (Canberra time)
73/2016
Property prices fall in March quarter 2016

The Residential Property Price Index (RPPI) fell 0.2 per cent in the March quarter 2016, according to figures released today by the Australian Bureau of Statistics (ABS).

This was the first fall since the September quarter 2012.

Attached dwellings, such as apartments, largely drove price falls in the RPPI.

The attached dwellings price index fell 0.8 per cent in the March quarter 2016. Falls were recorded in Melbourne (-1.3 per cent), Sydney (-0.6 per cent), Perth (-1.1 per cent), Canberra (-1.1 per cent) and Adelaide (-0.4 per cent). Brisbane (+0.7 per cent), Hobart (+2.3 per cent) and Darwin (+0.1 per cent) recorded rises.

Established house prices for the eight capital cities was flat (0.0 per cent).

The total value of Australia's 9.7 million residential dwellings increased $15.4 billion to $5.9 trillion. The mean price of dwellings in Australia is now $613,900.

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 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.
  • Media requests and interviews - contact the ABS Communications Section on 1300 175 070.