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Residential Property Price Indexes: Eight Capital Cities

Provides estimates of changes in residential property prices in each of the eight capital cities of Australia and related statistics

Reference period
June 2019
Released
17/09/2019

Main features

June key statistics

 Mar Qtr 19 to Jun Qtr 19Jun Qtr 18 to Jun Qtr 19
RESIDENTIAL PROPERTY PRICES% change% change
Weighted average of eight capital cities
-0.7
-7.4
Sydney
-0.5
-9.6
Melbourne
-0.8
-9.3
Brisbane
-0.7
-2.7
Adelaide
-0.6
-0.1
Perth
-1.4
-3.9
Hobart
0.5
2.0
Darwin
-1.8
-5.0
Canberra
0.2
-0.4

 
Total value of the dwelling stockJun Qtr 19
Value of dwelling stock(a) ($m)6 610 590.1
Mean price of residential dwellings ($'000)638.9
Number of residential dwellings ('000)10 347.2
  1. all sectors
     
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June key points

The residential property price indexes

Weighted average of the eight capital cities Residential Property Price Index

  • fell 0.7% this quarter.
  • fell 7.4% over the last twelve months.
     

Capital city Residential Property Price Indexes

  • fell in Melbourne (-0.8%), Sydney (-0.5%), Perth (-1.4%), Brisbane (-0.7%), Adelaide (-0.6%) and Darwin (-1.8%), and rose in Hobart (+0.5%) and Canberra (+0.2%) this quarter.
  • fell in Sydney (-9.6%), Melbourne (-9.3%), Darwin (-5.0%), Perth (-3.9%), Brisbane (-2.7%), Canberra (-0.4%) and Adelaide (-0.1%), and rose in Hobart (+2.0%) over the last twelve months.
     

Total value of dwelling stock

  • The total value of residential dwellings in Australia fell $17,611.6m to $6,610,590.1m this quarter.
  • The mean price of residential dwellings fell $4,400 to $638,900.
  • The number of residential dwellings rose by 43,100 to 10,347,200.

Notes

Revisions

Revisions apply to estimates for the second and third most recent quarters of the total value of dwelling stock (see paragraph 41 of the Methodology) and to median prices and transfers (see paragraph 48 of the Methodology).

Use of price indexes in contracts

Price indexes published by the Australian Bureau of Statistics (ABS) provide summary measures of the movements in various categories of prices over time. They are published primarily for use in Government economic analysis. Price indexes are also often used in contracts by businesses and government to adjust payments and/or charges to take account of changes in categories of prices (Indexation Clauses).

Use of Price Indexes in Contracts sets out a range of issues that should be taken into account by parties considering including an Indexation Clause in a contract using an ABS published price index.

Analysis

Residential property price indexes

 RPPI (a)HPIADPI
 Mar Qtr 19 to Jun Qtr 19Mar Qtr 19 to Jun Qtr 19Mar Qtr 19 to Jun Qtr 19
 % change% change% change
Weighted average of eight capital cities
-0.7
-0.6
-0.8
Sydney
-0.5
-0.2
-1.0
Melbourne
-0.8
-1.0
-0.3
Brisbane
-0.7
-0.9
-0.1
Adelaide
-0.6
-0.7
0.0
Perth
-1.4
-1.1
-2.5
Hobart
0.5
0.3
0.9
Darwin
-1.8
-1.5
-2.6
Canberra
0.2
0.6
-1.2
a. See Methodology paragraph 54.
 

Notes

The discussion of individual cities is ordered in terms of their significance to the change in the Residential Property Price Index (RPPI) for the latest quarter.

The RPPI comprises the House Price Index (HPI) and the Attached Dwellings Price Index (ADPI).

Weighted average of the eight capital cities (-0.7%)

RPPI

  • fell 0.7% this quarter, following a fall of 3.0% in the March quarter 2019.
  • fell 7.4% over the last twelve months.


HPI

  • fell 0.6% this quarter, following a fall of 3.1% in the March quarter 2019.
  • fell 7.7% over the last twelve months.


ADPI

  • fell 0.8% this quarter, following a fall of 3.0% in the March quarter 2019.
  • fell 6.5% over the last twelve months.

Melbourne (-0.8%)

RPPI

  • fell 0.8% this quarter, following a fall of 3.8% in the March quarter 2019.
  • fell 9.3% over the last twelve months.
     

HPI

  • fell 1.0% this quarter, following a fall of 3.7% in the March quarter 2019.
  • falls were observed across most segments of the market, though more moderate than previous quarters. Weakness was most evident in the upper ($1.3 million+) market segments.
  • fell 10.5% over the last twelve months.
     

ADPI

  • fell 0.3% this quarter, following a fall of 4.2% in the March quarter 2019.
  • falls were observed across most segments of the market, though more moderate than previous quarters. Slight growth in the middle market segments partly offset the falls this quarter.
  • fell 5.8% over the last twelve months.

Sydney (-0.5%)

RPPI

  • fell 0.5% this quarter, following a fall of 3.9% in the March quarter 2019.
  • fell 9.6% over the last twelve months.
     

HPI

  • fell 0.2% this quarter, following a fall of 4.2% in the March quarter 2019.
  • results were mixed across the market segments. Weakness in the upper ($2.7 million+) segments of the market was partly offset by slight growth across the middle market segments.
  • fell 10.1% over the last twelve months.
     

ADPI

  • fell 1.0% this quarter, following a fall of 3.3% in the March quarter 2019.
  • falls were observed across most segments of the market, offset slightly by some growth in the upper ($1.1million+) market segments.
  • fell 8.6% over the last twelve months.

Perth (-1.4%)

RPPI

  • fell 1.4% this quarter, following a fall of 1.1% in the March quarter 2019.
  • fell 3.9% over the last twelve months.


HPI

  • fell 1.1% this quarter.
  • fell 3.7% over the last twelve months.


ADPI

  • fell 2.5% this quarter.
  • fell 5.2% over the last twelve months.

Brisbane (-0.7%)

RPPI

  • fell 0.7% this quarter, following a fall of 1.5% in the March quarter 2019.
  • fell 2.7% over the last twelve months.


HPI

  • fell 0.9% this quarter.
  • fell 2.6% over the last twelve months.


ADPI

  • fell 0.1% this quarter.
  • fell 3.2% over the last twelve months.

Adelaide (-0.6%)

RPPI

  • fell 0.6% this quarter, following a fall of 0.2% in the March quarter 2019.
  • fell 0.1% over the last twelve months.
     

HPI

  • fell 0.7% this quarter.
  • fell 0.4% over the last twelve months.
     

ADPI

  • was unchanged (0.0%) this quarter.
  • rose 0.9% over the last twelve months.

Darwin (-1.8%)

RPPI

  • fell 1.8% this quarter, following a fall of 1.8% in the March quarter 2019.
  • fell 5.0% over the last twelve months.


HPI

  • fell 1.5% this quarter.
  • fell 3.3% over the last twelve months.


ADPI

  • fell 2.6% this quarter.
  • fell 8.8% over the last twelve months.

Hobart (+0.5%)

RPPI

  • rose 0.5% this quarter, following a fall of 0.4% in the March quarter 2019.
  • rose 2.0% over the last twelve months.


HPI

  • rose 0.3% this quarter.
  • rose 1.3% over the last twelve months.


ADPI

  • rose 0.9% this quarter.
  • rose 6.1% over the last twelve months.

Canberra (+0.2%)

RPPI

  • rose 0.2% this quarter, following a fall of 0.9% in the March quarter 2019.
  • fell 0.4% over the last twelve months.


HPI

  • rose 0.6% this quarter.
  • fell 0.5% over the last twelve months.


ADPI

  • fell 1.2% this quarter.
  • fell 0.5% over the last twelve months.
     
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  • The preliminary estimate of the total value of residential dwellings in Australia this quarter was $6,610.6 billion, down from $6,628.2 billion in the March quarter 2019. Of this, $6,308.5 billion was owned by households.
  • The number of residential dwellings rose by 43,100 to 10,347,200 and the mean price of residential dwellings fell $4,400 to $638,900 this quarter.
     
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  • The mean price of residential dwellings in New South Wales ($819,800) remains the highest in the country, with the Australian Capital Territory ($671,200) now ranking second ahead of Victoria ($670,700). The lowest mean price is in Tasmania ($412,900).

Data downloads

Table 1. Residential property price index, index numbers and percentage changes

Table 2. Established house price index, index numbers and percentage changes

Table 3. Attached dwellings price index, index numbers and percentage changes

Tables 4 and 5. Median price (unstratified) and number of transfers (capital city and rest of state)

Table 6. Value of residential dwellings, all series

Table 7. All index numbers

Table 8. Established house price index, index numbers, pre-September quarter 2005 methodology