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Residential Property Price Indexes: Eight Capital Cities

Estimates of changes in residential property prices and the total value of Australia's dwelling stock, and preliminary housing market activity data

Reference period
June 2021
Released
14/09/2021
Future Releases
  • Next Release 7/12/2021
    Residential Property Price Indexes: Eight Capital Cities, September 2021
  • Next Release 15/03/2022
    Residential Property Price Indexes: Eight Capital Cities, December 2021
  • Next Release 14/06/2022
    Residential Property Price Indexes: Eight Capital Cities, March 2022
  • View all releases

Key statistics

Weighted average of the eight capital cities Residential Property Price Index:

  • rose 6.7% this quarter.
  • rose 16.8% over the last twelve months.

The total value of residential dwellings in Australia rose $596.4b to $8,924.6b this quarter.

June key statistics

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Residential property pricesMar Qtr 21 to Jun Qtr 21Jun Qtr 20 to Jun Qtr 21
% change% change
Weighted average of eight capital cities6.716.8
Sydney8.119.3
Melbourne6.115.0
Brisbane5.714.6
Adelaide5.314.2
Perth4.815.0
Hobart6.317.7
Darwin4.612.8
Canberra8.219.1

 

 

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Total value of the dwelling stock in AustraliaJun Qtr 21
Value of dwelling stock(a) ($b)

8 924.6

Mean price of residential dwellings ($'000)

835.7

Number of residential dwellings ('000)

10 679.5

a. all sectors

 

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June key points

The Residential Property Price Indexes

Weighted average of the eight capital cities

  • rose 6.7% this quarter.
  • rose 16.8% over the last twelve months.

Capital city Residential Property Price Indexes

  • rose in Sydney (+8.1%), Melbourne (+6.1%), Brisbane (+5.7%), Perth (+4.8%), Adelaide (+5.3%), Canberra (+8.2%), Hobart (+6.3%), and Darwin (+4.6%), this quarter. 
  • rose in Sydney (+19.3%), Canberra (+19.1%), Hobart (+17.7%), Melbourne (+15.0%), Perth (+15.0%), Brisbane (+14.6%), Adelaide (+14.2%), and Darwin (+12.8%), over the last twelve months. 

 

Total value of the dwelling stock

  • the total value of residential dwellings in Australia rose $596.4b to $8,924.6b this quarter.
  • the mean price of residential dwellings rose $52,600 to $835,700.
  • the number of residential dwellings rose by 44,400 to 10,679,500.

 

Analysis

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Residential Property Price Indexes
 RPPI (a)HPIADPI
Mar Qtr 21 to Jun Qtr 21Mar Qtr 21 to Jun Qtr 21Mar Qtr 21 to Jun Qtr 21
% change% change% change
Weighted average of eight capital cities6.77.74.3
Sydney8.19.65.1
Melbourne6.17.22.9
Brisbane5.76.23.1
Adelaide5.36.12.5
Perth4.85.04.2
Hobart6.36.36.4
Darwin4.64.25.2
Canberra8.28.96.0

a. See reference to rounding in Methodology page.

The Residential Property Price Index comprises the House Price Index and the Attached Dwellings Price Index.
 

Weighted average of the eight capital cities (+6.7%)

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Residential Property Price Index

  • rose 6.7% this quarter, following a rise of 5.4% in the March quarter 2021. This is the largest quarterly rise since the commencement of the series, in the September quarter 2003.
  • rose 16.8% over the last twelve months.

Price rises were observed in all capital cities, with the result this quarter driven by rises in the Sydney (+8.1%) and Melbourne (+6.1%) property markets. In percentage terms, the strongest rise was in Canberra (+8.2%).

In most cities, price rises were observed in all segments of the market but particularly in the upper market segments. Growth in house prices continued to outpace price growth in attached dwellings in all cities except Hobart and Darwin.

Results reflect a strengthening of market conditions seen in recent quarters. Record low interest rates, strong demand fuelled by rising consumer confidence, and low levels of stock on market all continue to put upward pressure on residential property prices.

The most recent COVID-19 related shutdown in Sydney began on 26 June 2021 and therefore did not have a noticeable impact on residential property price statistics in the June quarter 2021. Similarly, restrictions imposed in other cities during the quarter have had no discernible effect on property price growth.

House Price Index

  • rose 7.7% this quarter, following a rise of 6.4% in the March quarter 2021. This is the largest quarterly rise in house prices since the commencement of the series, in the March quarter 2002.
  • rose 19.8% over the last twelve months.

Attached Dwellings Price Index

  • rose 4.3% this quarter, following a rise of 2.7% in the March quarter 2021. This is the largest quarterly rise in attached dwelling prices since the December quarter 2009.
  • rose 9.3% over the last twelve months.

Sydney (+8.1%)

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Residential Property Price Index

  • rose 8.1% this quarter, following a rise of 6.1% in the March quarter 2021. This is the largest quarterly rise in the index for Sydney since the June quarter 2015.
  • rose 19.3% over the last twelve months.

House Price Index

  • rose 9.6% this quarter, following a rise of 8.0% in the March quarter 2021. This is the largest quarterly rise in the index for Sydney since the June quarter 2015.  
  • rose 24.8% over the last twelve months.

Price rises were observed across all segments of the market, with price growth this quarter most evident in the upper ($1.95m and above) market segments. 

Attached Dwellings Price Index

  • rose 5.1% this quarter, following a rise of 2.6% in the March quarter 2021.
  • rose 9.6% over the last twelve months.

Price rises were observed across all segments of the market, with strength especially evident in the upper ($980,000 and above) market segments. 

Melbourne (+6.1%)

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Residential Property Price Index

  • rose 6.1% this quarter, following a rise of 5.1% in the March quarter 2021. This is the largest quarterly rise in the index for Melbourne since the December quarter 2009.
  •  rose 15.0% over the last twelve months.

House Price Index

  • rose 7.2% this quarter, following a rise of 6.0% in the March quarter 2021. This is the largest quarterly rise in the index for Melbourne since the December quarter 2007.
  • rose 17.6% over the last twelve months.

Price rises were observed across all segments of the market.

Attached Dwellings Price Index                                

  • rose 2.9% this quarter, following a rise of 2.5% in the March quarter 2021.
  • rose 7.9% over the last twelve months.

Price rises remain most evident in the upper ($610,000 and above) segments of the market.

Brisbane (+5.7%)

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Residential Property Price Index

  • rose 5.7% this quarter, following a rise of 4.0% in the March quarter 2021. This is the largest quarterly rise in the index for Brisbane since the June quarter 2007.
  • rose 14.6% over the last twelve months.

House Price Index

  • rose 6.2% this quarter. This is the largest quarterly rise in the index for Brisbane since the June quarter 2007.
  • rose 16.0% over the last twelve months.

Price rises were observed across all segments of the market.

Attached Dwellings Price Index

  • rose 3.1% this quarter. This is the largest quarterly rise in the index for Brisbane since the September quarter 2009.
  • rose 8.1% over the last twelve months.

Price rises were observed across all segments of the market, with price growth this quarter most evident in the upper ($380,000 and above) market segments.

Adelaide (+5.3%)

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Residential Property Price Index

  • rose 5.3% this quarter, following a rise of 4.0% in the March quarter 2021. This is the largest quarterly rise in the index for Adelaide since the December quarter 2007.
  • rose 14.2% over the last twelve months.

House Price Index

  • rose 6.1% this quarter. This is the largest quarterly rise in the index for Adelaide since the December quarter 2007.
  • rose 15.6% over the last twelve months.

Attached Dwellings Price Index

  • rose 2.5% this quarter.
  • rose 9.2% over the last twelve months.

Perth (+4.8%)

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    Residential Property Price Index

    • rose 4.8% this quarter, following a rise of 5.2% in the March quarter 2021. 
    • rose 15.0% over the last twelve months.

    House Price Index

    • rose 5.0% this quarter.
    • rose 15.7% over the last twelve months.

    Attached Dwellings Price Index

    • rose 4.2% this quarter. 
    • rose 12.1% over the last twelve months.

    Hobart (+6.3%)

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        Residential Property Price Index

        • rose 6.3% this quarter, following a rise of 6.1% in the March quarter 2021.
        • rose 17.7% over the last twelve months.

        House Price Index

        • rose 6.3% this quarter. 
        • rose 17.9% over the last twelve months.

        Attached Dwellings Price Index

        • rose 6.4% this quarter.  
        • rose 16.0% over the last twelve months.

        All three indexes have recorded the largest quarterly rise for Hobart since the December quarter 2003.

        Darwin (+4.6%)

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        Residential Property Price Index

        • rose 4.6% this quarter, following a rise of 4.7% in the March quarter 2021.
        • rose 12.8% over the last twelve months.

        House Price Index

        • rose 4.2% this quarter. 
        • rose 13.8% over the last twelve months.

        Attached Dwellings Price Index

        • rose 5.2% this quarter.
        • rose 10.0% over the last twelve months.

        Canberra (+8.2%)

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          Residential Property Price Index

          • rose 8.2% this quarter, following a rise of 5.6% in the March quarter 2021. This is the largest quarterly rise in the index for Canberra since the commencement of the series, in the September quarter 2003.
          • rose 19.1% over the last twelve months.

          House Price Index

          • rose 8.9% this quarter. This is the largest quarterly rise in the index for Canberra since the commencement of the series, in the March quarter 2002.
          • rose 21.0% over the last twelve months.

          Attached Dwellings Price Index

          • rose 6.0% this quarter. This is the largest quarterly rise in the index for Canberra since the commencement of the series, in the September quarter 2003.
          • rose 13.5% over the last twelve months.

               

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          The preliminary estimate of the total value of residential dwellings in Australia in the June quarter 2021 was $8,924.6 billion, up $596.4 billion from $8,328.1 billion in the March quarter 2021. This is the largest rise on record for the series.

          Of the total value of residential dwellings, $8,527.6 billion was owned by households.

          The number of residential dwellings rose by 44,400 to 10,679,500, and the mean price of residential dwellings rose $52,600 to $835,700, this quarter. 

          The value of residential dwellings in NSW this quarter was $3,612.2 billion, approximately 40 per cent of the total value of dwellings in Australia. 

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          The mean price of residential dwellings in NSW rose by $81,800 to $1,093,100 and was the highest in the country. The second highest mean price was in the Australian Capital Territory ($891,700), followed by Victoria ($891,500). This is the first quarter that the ACT’s mean price has exceeded that in Victoria since the March quarter 2015.

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          Notes

          Revisions

          Revisions apply to estimates for the second and third most recent quarters of the total value of dwelling stock and its components (see Revisions, under Total value of dwelling stock, in the Methodology page), and to median prices and transfers (see Revisions, under Dwelling transfer counts and median prices, in the Methodology page). Revisions to these estimates for previous quarters are standard practice in these series.

          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.

          Previous catalogue number

          This release previously used catalogue number 6416.0