Residential Property Price Indexes: Eight Capital Cities

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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

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

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

 

 

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

 

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

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%)

Sydney (+8.1%)

Melbourne (+6.1%)

Brisbane (+5.7%)

Adelaide (+5.3%)

Perth (+4.8%)

Hobart (+6.3%)

Darwin (+4.6%)

Canberra (+8.2%)

     

 

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. 

 

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.

Data downloads

Data downloads

Data files

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

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