6416.0 - House Price Indexes: Eight Capital Cities, Dec 2008  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 02/02/2009   
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DECEMBER KEY FIGURES

Sep Qtr 08 to Dec Qtr 08
Dec Qtr 07 to Dec Qtr 08
Established house prices
% change
% change
Weighted average of eight capital cities
-0.8
-3.3
Sydney
-0.3
-4.1
Melbourne
-1.7
-3.2
Brisbane
-1.2
-1.4
Adelaide
0.3
2.0
Perth
-0.9
-6.7
Hobart
-1.0
-3.1
Darwin
1.6
3.8
Canberra
0.7
-4.1

Established house prices, Weighted average of eight capital cities - Quarterly % change
Graph: Established house prices, Weighted average of eight capital cities—Quarterly % change

Established house prices, Quarterly % change - December quarter 2008
Graph: Established house prices, Quarterly % change—December quarter 2008




DECEMBER KEY POINTS


ESTABLISHED HOUSE PRICES

Quarterly Changes
  • Preliminary estimates show the price index for established houses for the weighted average of the eight capital cities decreased 0.8% in the December quarter 2008.
  • The main contributors to the decrease were Melbourne (-1.7%), Brisbane (-1.2%), Perth (-0.9%), Sydney (-0.3%) and Hobart (-1.0%). These decreases were offset by increases in Adelaide (+0.3%), Canberra (+0.7%) and Darwin (+1.6%).
  • The movement in the preliminary established house price index between June and September quarters 2008 has been revised from an estimated decrease of 1.8% to a decrease of 2.4%.


ANNUAL CHANGES (DECEMBER QUARTER 2007 TO DECEMBER QUARTER 2008)
  • Over the year to December quarter 2008, preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities decreased 3.3%.
  • Annually, house prices rose in Darwin (+3.8%) and Adelaide (+2.0%), and fell in Perth (-6.7%), Sydney (-4.1%), Canberra (-4.1%), Melbourne (-3.2%), Hobart (-3.1%), and Brisbane (-1.4%).
  • The movement in the preliminary established house price index between September quarters 2007 and 2008 has been revised from an estimated increase of 2.8% to an increase of 1.6%.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
March 2009 4 May 2009
June 2009 4 August 2009
September 2009 2 November 2009
December 2009 1 February 2010



CHANGES IN THIS ISSUE

This issue introduces an updated weighting pattern and changes to the stratification method used in the calculation of the established house price index. More details of these changes can be found in the Appendix on page 18 of this issue.


REVISIONS

Estimates for the two most recent quarters of the established house price index series are preliminary and are subject to revision (see paragraphs 12 and 13 of the Explanatory Notes). This issue, revisions to June and September quarters 2008 also reflect updates to the weighting pattern and stratification method.

The series for median price of established house transfers (unstratified) and number of established house transfers are subject to revision. In addition to the usual reason for revisions outlined in paragraph 27 of the Explanatory Notes, this issue there are revisions resulting from implementation of the updated stratification method.


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Mark Dubner on Sydney (02) 9268 4448.