House price indexes enable the comparison of price changes between cities, though not the price levels themselves.
From 2001-02 to 2002-03, the price index of established houses increased in all capital cities (table 8.15).
Brisbane recorded the greatest rise in established house prices, increasing by 24.7% in 2002-03. Other capital city price rises were in Adelaide (21.7%), Sydney (21.2%), Canberra (19.7%), Perth (13.0%), Hobart (12.1%), Melbourne (11.7%), and Darwin (6.9%). The weighted average of eight capitals index rose by 17.9%. This was the highest percentage increase over a financial year since 1988-89.
In 2002-03, project home prices (cost of new dwellings excluding land) rose in all capital cities (table 8.16). Hobart recorded the largest increase (9.2%), followed by Brisbane (7.0%), Canberra (6.3%), Darwin (5.5%), Adelaide (5.2%), Melbourne (3.6%), Perth (3.2%), and Sydney (2.8%). The index for the weighted average of eight capitals rose by 4.3%.
The price index of materials used in house building is discussed in Construction.
8.15 PRICE INDEXES FOR ESTABLISHED HOUSES(a)
|
| Sydney | Melbourne | Brisbane | Adelaide | Perth | Hobart | Darwin | Canberra | Weighted average of eight capital cities |
|
INDEX NUMBER |
|
2000-01 | 163.8 | 159.1 | 149.4 | 131.1 | 133.9 | 134.2 | 198.7 | 149.1 | 152.8 |
2001-02 | 192.2 | 193.7 | 169.8 | 150.1 | 145.5 | 140.1 | 204.2 | 173.1 | 178.0 |
2002-03 | 233.0 | 216.4 | 211.8 | 182.6 | 164.4 | 157.1 | 218.2 | 207.2 | 209.9 |
|
CHANGE FROM PREVIOUS YEAR (%) |
|
2000-01 | 7.0 | 10.0 | 5.1 | 6.4 | 6.4 | 4.0 | -0.3 | 8.8 | 7.4 |
2001-02 | 17.3 | 21.7 | 13.7 | 14.5 | 8.7 | 4.4 | 2.8 | 16.1 | 16.5 |
2002-03 | 21.2 | 11.7 | 24.7 | 21.7 | 13.0 | 12.1 | 6.9 | 19.7 | 17.9 |
|
(a) Reference base year is 1989-90 = 100.0. |
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Source: House Price Indexes: Eight Capital Cities (6416.0). |
8.16 PRICE INDEXES FOR PROJECT HOMES(a)
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| Sydney | Melbourne | Brisbane | Adelaide | Perth | Hobart | Darwin | Canberra | Weighted average of eight capital cities |
|
INDEX NUMBER |
|
2000-01(b) | 138.4 | 136.9 | 132.0 | 141.9 | 126.2 | 140.7 | 156.8 | 153.5 | 134.9 |
2001-02 | 141.3 | 142.1 | 133.5 | 148.2 | 128.8 | 145.1 | 158.5 | 161.3 | 138.1 |
2002-03 | 145.2 | 147.2 | 142.9 | 155.9 | 132.9 | 158.5 | 167.2 | 171.4 | 144.1 |
|
CHANGE FROM PREVIOUS YEAR (%) |
|
2000-01(b) | 12.4 | 12.2 | 11.7 | 11.6 | 9.9 | 11.5 | 9.5 | 16.4 | 11.8 |
2001-02 | 2.1 | 3.8 | 1.1 | 4.4 | 2.1 | 3.1 | 1.1 | 5.1 | 2.4 |
2002-03 | 2.8 | 3.6 | 7.0 | 5.2 | 3.2 | 9.2 | 5.5 | 6.3 | 4.3 |
|
(a) Reference base year is 1989-90 = 100.0.
(b) The 2000-01 data were affected by the introduction of The New Tax System, in particular, the introduction of the Goods and Services Tax (GST) from 1 July 2000. |
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Source: House Price Indexes: Eight Capital Cities (6416.0). |