June key statistics
|Mar Qtr 19 to Jun Qtr 19||Jun Qtr 18 to Jun Qtr 19|
|RESIDENTIAL PROPERTY PRICES||% change||% change|
|Weighted average of eight capital cities||-0.7||-7.4|
|Total value of the dwelling stock||Jun 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|
- all sectors
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.
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.