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6416.0 - House Price Indexes: Eight Capital Cities, Jun 2012 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/08/2012   
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MEDIA RELEASE
01 August 2012
Embargo: 11.30 am (Canberra time)
115/2012
Apartment prices perform better than house prices

Apartments, units and semi-detached townhouses had a smaller drop in price in 2011 than established houses, according to the Australian Bureau of Statistics.

In the year to December 2011, the new Experimental Other Dwellings Price Index fell in all capital cities with an average fall of 3.0%. In comparison, the price of established houses for the eight capitals fell by 4.4% over the same period .

In Canberra, apartment, unit and townhouse prices fell 0.6% - the lowest annual fall out of all the capital cities. In comparison, established houses fell in price by 1.8%.

Brisbane and Adelaide showed falls of 1.2% and 1.7% for apartments, units and townhouses, compared to falls of 5.4% and 4.5% for houses. This trend also continued in Sydney (–2.1% for apartments, units and townhouses; –3.2% for houses) and Melbourne (–4.6% for apartments, units and townhouses; –5.6% for houses).

Perth and Darwin were the only capital cities where house prices fared better in 2011.

Today the ABS also released the June quarter 2012 House Price Index. This quarter has seen houses rise in price for the first time since December quarter 2010.

The preliminary House Price Index for the eight capital cities rose 0.5% in the June quarter, largely due to price increases in Sydney (+1.4%), Perth (+0.6%) and Adelaide (+0.5%).

Whilst house prices are up in the June quarter 2012, through the year house prices have fallen in all the capital cities except for Darwin and Perth.

Further information is available in House Price Indexes: Eight Capital Cities (cat. no 6416.0).

Media notes:
  • When reporting ABS data, the Australian Bureau of Statistics (or ABS) must be attributed as the source.
  • Established houses are detached residential dwellings on their own block of land regardless of age.

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