HOUSE PRICE INDEXES
The price index for established houses covers transactions in detached residential dwellings on their own block of land regardless of age (i.e. includes new houses sold as a house/land package as well as second-hand houses). Price changes therefore relate to changes in the total price of dwellings and land.
A detailed description of the concepts, sources and methods behind the established house price index can be found in House Price Indexes: Concepts, Sources and Methods, Australia (cat. no. 6464.0). This publication was re-released in December 2009, and covers the changes made in the stratification method and weights as a result of a review of the established house price index in 2007 and 2008, as well as more information on how the index is calculated and on price index concepts in general.
Project homes are dwellings available for construction on an existing block of land. Price changes relate only to the cost of constructing the dwelling (excluding land).
In December quarter 2010, the price index of project homes in Melbourne increased by 0.7% from the previous quarter. Based on preliminary estimates, the price index of established houses increased by 1.3% over the same period. Preliminary estimates of the weighted average of the eight capital cities showed an increase of 0.7% in established house prices and an increase of 0.8% in project home prices from the previous quarter.
From December quarter 2009 to December quarter 2010, established house prices in Melbourne increased by 10.8% based on preliminary estimates, and project home prices increased by 2.8%.
House price indexes, Melbourne
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