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6416.0 - Residential Property Price Indexes: Eight Capital Cities, Dec 2014 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 10/02/2015   
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DECEMBER KEY FIGURES

Sep Qtr 14 to Dec Qtr 14
Dec Qtr 13 to Dec Qtr 14
RESIDENTIAL PROPERTY PRICES
% change
% change

Weighted average of eight capital cities
1.9
6.8
Sydney
3.4
12.2
Melbourne
1.3
4.5
Brisbane
1.4
5.3
Adelaide
0.8
2.5
Perth
0.3
1.2
Hobart
1.0
2.2
Darwin
-0.6
0.8
Canberra
0.2
1.7


Total value of the dwelling stock
Dec Qtr 14

Value of dwelling stock(a) ($m)
5 399 951.8
Mean price of residential dwellings ($'000)
571.5
Number of residential dwellings ('000)
9 448.3

(a) all sectors

Residential Property Prices, Weighted average of eight capital cities - Quarterly % change
Graph: Residential Property Prices, Weighted average of eight capital cities—Quarterly % change

Residential Property Prices, Quarterly % Change - December quarter 2014
Graph: Residential Property Prices, Quarterly % Change—December quarter 2014




DECEMBER KEY POINTS


CHANGES TO RESIDENTIAL PROPERTY PRICE INDEX
  • Preliminary estimates show that the price index for residential properties for the weighted average of the eight capital cities rose 1.9% in the December quarter 2014. The index rose 6.8% through the year to the December quarter 2014.
  • The capital city residential property price indexes rose in Sydney (+3.4%), Melbourne (+1.3%), Brisbane (+1.4%), Adelaide (+0.8%), Perth (+0.3%), Hobart (+1.0%) and Canberra (+0.2%) and fell in Darwin (-0.6%).
  • Annually, residential property prices rose in Sydney (+12.2%), Brisbane (+5.3%), Melbourne (+4.5%), Adelaide (+2.5%), Hobart (+2.2%), Canberra (+1.7%), Perth (+1.2%) and Darwin (+0.8%).


TOTAL VALUE OF THE DWELLING STOCK
  • The total value of residential dwellings in Australia was $5,399,951.8m at the end of December quarter 2014, rising $124,445m over the quarter.
  • The mean price of residential dwellings rose $10,900 to $571,500 and the number of residential dwellings rose by 38,000 to 9,448,300 in the December quarter 2014.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
March 2015 23 June 2015
June 2015 22 September 2015
September 2015 15 December 2015
December 2015 22 March 2016



REVISIONS

Estimates for the two most recent quarters of the indexes are preliminary and subject to revision (see paragraph 26 of the Explanatory Notes).


CHANGES IN FUTURE ISSUES

On the 5th June 2014, the Acting Australian Statistician announced planned reductions to the Australian Bureau of Statistics (ABS) work program. This announcement included a Review of the Residential Property Price Indexes, with the view to discontinuing it pending identification of alternative sources to meet the Australian National Accounts and other requirements.

The Review has been completed and the outcomes were released on the ABS website in Residential Property Price Indexes: Eight Capital Cities (cat. no. 6416.0) on 11 November 2014. Please see, Feature Article: Outcomes of the ABS Residential Property Price Index Review.

In summary, the Review outcomes are:
  • The ABS will publish a core set of residential property price indexes (RPPIs). These indexes will be released approximately six weeks later than the current timetable resulting in the indexes no longer being revised. The outputs will continue to include the House Price Index, the Attached Dwellings Price Index and the Residential Property Price Index.
  • The ABS will publish an unstratified median price and the number of dwelling transfers by capital city and rest of state.
  • The ABS will produce the total value of dwelling stock estimates and each of the required inputs to satisfy National Accounts requirements.
  • The ABS will align the timing of the calculation and release of the total value of dwelling stock estimates and the residential property price indexes with the Australian Financial Accounts (cat. no. 5232.0).

The ABS will implement the Review outcomes from the next issue, March quarter 2015 which is scheduled for release on 23 June 2015.


INQUIRIES

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Commonwealth of Australia 2015

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