September key statistics
|Residential property prices||Jun Qtr 20 to Sep Qtr 20||Sep Qtr 19 to Sep Qtr 20|
|% change||% change|
|Weighted average of eight capital cities||0.8||4.5|
|Total value of the dwelling stock||Sep Qtr 20|
|Value of dwelling stock(a) ($b)|
|Mean price of residential dwellings ($'000)|
|Number of residential dwellings ('000)|
a. all sectors
September key points
The Residential Property Price Indexes
Weighted average of the eight capital cities
- rose 0.8% this quarter.
- rose 4.5% over the last twelve months.
Capital city Residential Property Price Indexes
- rose in Sydney (+1.0%), Brisbane (+1.5%), Perth (+1.4%), Adelaide (+1.6%), Canberra (+0.9%), Hobart (+1.2%), and Darwin (+0.8%), and fell in Melbourne (-0.3%), this quarter.
- rose in Hobart (+6.0%), Sydney (+5.4%), Canberra (+5.0%), Melbourne (+4.7%), Brisbane (+3.1%), Adelaide (+2.6%), and Perth (+2.4%), and fell in Darwin (-0.7%), over the last twelve months.
Total value of the dwelling stock
- The total value of residential dwellings in Australia rose $87.8b to $7,283.3b this quarter.
- The mean price of residential dwellings rose $5,400 to $689,500.
- The number of residential dwellings rose by 44,000 to 10,562,800.
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 September quarter 2020
COVID-19 continues to impact residential property transactions in some capital cities. The impacts this quarter are less than those seen in the June 2020 quarter.
For the September 2020 quarter, imputation was used for Darwin due to substantial falls in residential property transactions. The quarterly movement in the house price index and the attached dwellings price index for the eight capital cities were used to impute the movement in Darwin’s house price index and attached dwellings price index.
Further information on imputation and the effects of COVID-19 can be found in the Methodology section of this publication (Residential Property Price Indexes: Eight Capital Cities methodology).