6416.0 - House Price Indexes: Eight Capital Cities, Sep 2008  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 03/11/2008   
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SEPTEMBER KEY FIGURES

Jun Qtr 08 to Sep Qtr 08
Sep Qtr 07 to Sep Qtr 08
Established house prices
% change
% change
Weighted average of eight capital cities
-1.8
2.8
Sydney
-1.8
-0.4
Melbourne
-1.9
8.1
Brisbane
-3.3
5.6
Adelaide
-0.1
9.7
Perth
-1.1
-4.1
Hobart
0.7
2.4
Darwin
0.1
6.4
Canberra
-2.5
0.0

Established house prices, Weighted average of eight capital cities - Quarterly % change
Graph: Established house prices, Weighted average of eight capital cities—Quarterly % change

Established house prices, Quarterly % change - September quarter 2008
Graph: Established house prices, Quarterly % change—September quarter 2008—June Qtr 2008




SEPTEMBER KEY POINTS


ESTABLISHED HOUSE PRICES

Quarterly Changes
  • Preliminary estimates show the price index for established houses for the weighted average of the eight capital cities decreased 1.8% in the September quarter 2008.
  • The capital city indexes fell this quarter in Brisbane (-3.3%), Canberra (-2.5%), Melbourne (-1.9%), Sydney (-1.8%), Perth (-1.1%), and Adelaide (-0.1%), and rose in Hobart (+0.7%), and Darwin (+0.1%).
  • The movement in the preliminary established house price index between March and June quarters 2008 has been revised from an estimated decrease of 0.3% to a decrease of 0.2%.


ANNUAL CHANGES (SEPTEMBER QUARTER 2007 TO SEPTEMBER QUARTER 2008)
  • Over the year to September quarter 2008, preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities rose 2.8%.
  • Annually, house prices rose in Adelaide (+9.7%), Melbourne (+8.1%), Darwin (+6.4%), Brisbane (+5.6%), and Hobart (+2.4%), showed no change in Canberra (0.0%), and fell in Perth (-4.1%), and Sydney (-0.4%).
  • The movement in the preliminary established house price index between June quarters 2007 and 2008 has been revised from an estimated increase of 8.2% to an increase of 8.6%.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
December 2008 2 February 2009
March 2009 4 May 2009
June 2009 4 August 2009
September 2009 2 November 2009



CHANGES IN THIS ISSUE

There are no changes in this issue.


FORTHCOMING CHANGES

The established house price index will be calculated with an updated weighting pattern and stratification commencing in the December quarter 2008 issue of this publication. The new weights will be derived with data from the 2006 population census. The new stratification method will be based on the long term median price and the neighbourhood characteristics of a suburb. The link period for these changes will be March quarter 2008. Therefore, only the index numbers for subsequent periods will reflect the new weights and stratification. The December quarter 2008 issue will include an appendix which will provide information on the changes.


REVISIONS

Estimates for the two most recent quarters of the Established House Price Index Series are preliminary and subject to revision (see paragraphs 12 and 13 of the Explanatory Notes).


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Mark Dubner on Sydney (02) 9268 4448.