ANALYSIS

Residential Property Price Indexes
	RPPI (a)	HPI	ADPI
	Dec Qtr 17 to Mar Qtr 18	Dec Qtr 17 to Mar Qtr 18	Dec Qtr 17 to Mar Qtr 18
	% change	% change	% change
Sydney	-1.2	-1.4	-0.7
Melbourne	-0.6	-0.5	-0.5
Brisbane	-0.6	-0.8	0.3
Adelaide	0.5	1.0	-1.5
Perth	-0.9	-1.0	-0.2
Hobart	4.3	4.9	0.6
Darwin	-1.1	-0.2	-3.4
Canberra	0.9	1.5	-1.2
Eight capital cities	-0.7	-0.8	-0.7

(a) See Explanatory Notes paragraph 50.


NOTES

The discussion of individual cities is ordered in terms of their significance to the change in the RPPI for the latest quarter.


Weighted average of the eight capital cities (-0.7%)

The RPPI for the weighted average of the eight capital cities fell 0.7% in the March quarter 2018. This follows a rise in the December quarter 2017 (+1.0%) and a fall in the September quarter 2017 (-0.2%).

The RPPI rose 2.0% through the year to the March quarter 2018.

In the March quarter 2018 the HPI fell 0.8% and the ADPI fell 0.7%. Through the year to the March quarter 2018, the HPI rose 2.2% and the ADPI rose 1.0%.

The quarterly HPI result follows a rise in the December quarter 2017 (+1.1%) and a flat result in the September quarter 2017 (0.0%). The ADPI result follows a rise in the December quarter 2017 (+0.6%) and a fall in the September quarter 2017 (-0.8%).

Sydney (-1.2%)

The RPPI for Sydney fell 1.2% in the March quarter 2018. This follows falls in the December (-0.1%) and September (-1.4%) quarters 2017. The index fell 0.5% through the year to the March quarter 2018.

Over the March quarter 2018 the HPI fell 1.4% following a fall of 0.2% in the December quarter 2017. The ADPI fell 0.7% following a flat (0.0%) result in the December quarter 2017.

For established houses, falls were observed in the lower to middle ($500,000 - $1,540,000) market segments. Through the year to the March quarter 2018, the HPI fell 0.8%.

For attached dwellings, falls were seen across most segments of the market, particularly in the lower to middle ($610,000 - $760,000) segments. Through the year to the March quarter 2018, the ADPI rose 0.4%.

Melbourne (-0.6%)

The RPPI for Melbourne fell 0.6% in March quarter 2018. This follows rises in the December (+2.6%) and September (+1.1%) quarters 2017. The index rose 6.2% through the year to the March quarter 2018.

Over the March quarter 2018 the HPI fell 0.5% following a rise of 2.6% in the December quarter 2017. The ADPI fell 0.5% following a rise of 2.6% in the December quarter 2017.

For established houses, falls were predominately driven by the upper ($1,385,000 - $2,330,000) segments of the market. Through the year to the March quarter 2018, the HPI rose 6.7%.

For attached dwellings, falls were driven by the middle ($510,000 - $570,000) market segments. Through the year to the March quarter 2018, the ADPI rose 4.4%.

Perth (-0.9%)

The RPPI for Perth fell 0.9% in the March quarter 2018. This follows a rise in the December quarter 2017 (+1.1%) and a fall in the September quarter 2017 (-1.0%). The index fell 1.5% through the year to the March quarter 2018.

Over the March quarter 2018 the HPI fell 1.0% and the ADPI fell 0.2%. Through the year to the March quarter 2018, the HPI fell 1.1% and the ADPI fell 3.2%.

Brisbane (-0.6%)

The RPPI for Brisbane fell 0.6% in the March quarter 2018. This follows rises in the December (+0.9%) and September (+0.7%) quarters 2017. The index rose 1.6% through the year to the March quarter 2018.

Over the March quarter 2018 the HPI fell 0.8% and the ADPI rose 0.3%. Through the year to the March quarter 2018, the HPI rose 2.0% and the ADPI fell 0.5%.

Darwin (-1.1%)

The RPPI for Darwin fell 1.1% in the March quarter 2018. This follows falls in the December (-1.5%) and September (-2.6%) quarters 2017. The index fell 6.5% through the year to the March quarter 2018.

Over the March quarter 2018 the HPI fell 0.2% and the ADPI fell 3.4%. Through the year to the March quarter 2018, the HPI fell 4.7% and the ADPI fell 10.4%.

Hobart (+4.3%)

The RPPI for Hobart rose 4.3% in the March quarter 2018. This follows rises in the December (+3.9%) and September (+3.4%) quarters 2017. The index rose 14.1% through the year to the March quarter 2018.

Over the March quarter 2018 the HPI rose 4.9% and the ADPI rose 0.6%. Through the year to the March quarter 2018, the HPI rose 14.6% and the ADPI rose 11.3%.

Adelaide (+0.5%)

The RPPI for Adelaide rose 0.5% in the March quarter 2018. This follows rises in the December (+0.6%) and September (+0.7%) quarters 2017. The index rose 2.6% through the year to the March quarter 2018.

Over the March quarter 2018 the HPI rose 1.0% and the ADPI fell 1.5%. Through the year to the March quarter 2018, the HPI rose 2.7% and the ADPI rose 2.0%.

Canberra (+0.9%)

The RPPI for Canberra rose 0.9% in the March quarter 2018. This follows a rise in the December quarter 2017 (+1.7%) and a fall in the September quarter 2017 (-0.2%). The index rose 3.8% through the year to the March quarter 2018.

Over the March quarter 2018 the HPI rose 1.5% and the ADPI fell 1.2%. Through the year to the March quarter 2018, the HPI rose 4.7% and the ADPI rose 0.4%.

Total value of the dwelling stock



The preliminary estimate of the total value of residential dwellings in Australia in the March quarter 2018 was $6,913.6 billion (down from $6,936.1 billion in the December quarter 2017). Of this, $6,570.2 billion was owned by households.

Over the same period, the number of residential dwellings rose by 40,600 to 10,052,600 and the mean price of residential dwellings fell $5,100 to $687,700.



The mean price of residential dwellings in New South Wales ($895,400) remains the highest in the country, followed by Victoria ($749,600) and then the Australian Capital Territory ($698,200). The lowest mean price is in Tasmania ($399,600).