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6416.0 - Residential Property Price Indexes: Eight Capital Cities, Sep 2014 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 11/11/2014   
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MEDIA RELEASE
11 November 2014
Embargo: 11.30 am (Canberra time)
156/2014

Sydney continues to drive residential property price increases

Sydney continues to drive residential property price increases with the Residential Property Price Index (RPPI) for Sydney rising 2.7 per cent in the September quarter 2014 and 14.6 per cent in the previous year according to figures released today by the Australian Bureau of Statistics (ABS). Established house prices for Sydney rose 3.2 per cent and attached dwelling prices rose 1.8 per cent.

The RPPI for the weighted average of the eight capital cities rose 1.5 per cent in the September quarter 2014 and 9.1 per cent in the previous year.

As well as the rise in Sydney, the RPPI rose in Melbourne (+1.0 per cent), Brisbane (+1.0 per cent), Adelaide (+1.0 per cent), Hobart (+1.0 per cent), Darwin (+0.3 per cent) and Canberra (+0.3 per cent). Perth was the only city to show a decrease in prices with the RPPI decreasing 0.1 per cent.

The total value of Australia's 9.4 million residential dwellings increased to $5.3 trillion. The mean price of dwellings in Australia is now $563,100, an increase of $8,300 over the quarter.

The ABS today released the outcomes of the Residential Property Price Index Review. Detailed information relating to the Review is available in Residential Property Price Indexes: Eight Capital Cities (cat. no. 6416.0), available for free download from the ABS website - www.abs.gov.au

Media notes:
  • Established houses are detached residential dwellings on their own block of land regardless of age.
  • Attached dwellings includes flats, units and apartments plus semi-detached, row and terrace houses.
  • The value and mean price of residential dwellings includes any land.
  • When reporting ABS data the Australian Bureau of Statistics (or ABS) must be attributed as the source.
  • Media requests and interviews - contact the ABS Communications Section on 1300 175 070.


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Commonwealth of Australia 2014

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