June key statistics
|Residential property prices||Mar Qtr 20 to Jun Qtr 20||Jun Qtr 19 to Jun Qtr 20|
|% change||% change|
|Weighted average of eight capital cities||-1.8||6.2|
|Total value of the dwelling stock||Jun Qtr 20|
|Value of dwelling stock(a) ($b)||7 138.2|
|Mean price of residential dwellings ($'000)||678.5|
|Number of residential dwellings ('000)||10 520.3|
a. all sectors
June key points
The Residential Property Price Indexes
Weighted average of the eight capital cities
- fell 1.8% this quarter.
- rose 6.2% over the last twelve months.
Capital city Residential Property Price Indexes
- fell in Sydney (-2.2%), Melbourne (-2.3%), Brisbane (-0.9%), Perth (-0.7%), Adelaide (-0.8%), Darwin (-1.4%), and Hobart (-0.4%), and rose in Canberra (+0.8%), this quarter.
- rose in Melbourne (+8.8%), Sydney (+8.1%), Hobart (+6.1%), Canberra (+3.6%), Brisbane (+2.3%) and Adelaide (+0.7%), and fell in Darwin (-2.7%) and Perth (-0.2%), over the last twelve months.
Total value of the dwelling stock
- The total value of residential dwellings in Australia fell $98.2b to $7,138.2b this quarter.
- The mean price of residential dwellings fell $12,200 to $678,500.
- The number of residential dwellings rose by 43,800 to 10,520,300.
Revisions apply to estimates for the second and third most recent quarters of the total value of dwelling stock (see Revisions, under Total value of dwelling stock, in the Explanatory notes) and to median prices and transfers (see Revisions, under Dwelling transfer counts and median prices, in the Methodology page).
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.
Impact of Coronavirus (COVID-19) in June quarter 2020
The effects of COVID-19 saw residential property transactions fall substantially in the eight capital cities during the June 2020 quarter. To overcome this, the ABS introduced imputation methods. For the June 2020 quarter, imputation was used for Hobart and Darwin due to substantial falls in residential property transactions. The movement in each city's house price index was used to impute the movement in its attached dwellings price index.
For further information please see the Spotlight article included in this release: Spotlight - Measuring residential property prices during COVID-19.