House price indexes enable the comparison of price changes between cities, though not the price levels themselves.
From 2000-01 to 2001-02, the price index of established houses increased in all capital cities (table 8.17).
For the fifth year in a row, Melbourne recorded the greatest rise in established house prices, increasing by 21.7% in 2001-02. Other capital city price rises were in Sydney (17.3%), Canberra (16.1%), Adelaide (14.5%), Brisbane (13.7%), Perth (8.7%), Hobart (4.4%), and Darwin (2.8%). The weighted average of eight capitals index rose by 16.5%. This was the highest percentage increase over a financial year since 1988-89.
In 2000-01, project home prices (cost of new dwellings excluding land) rose in all capital cities (table 8.18). Canberra recorded the largest increase (5.1%), followed by Adelaide (4.4%), Melbourne (3.8%), Hobart (3.1%), Sydney (2.1%), Perth (2.1%) Brisbane (1.1%),and Darwin (1.1%). The index for the weighted average of eight capitals rose by 2.4%.
The price index of materials used in house building is discussed in the section Construction.
8.17 PRICE INDEXES FOR ESTABLISHED HOUSES(a)
|
| Sydney | Melbourne | Brisbane | Adelaide | Perth | Hobart | Darwin | Canberra | Weighted average of eight capital cities |
|
INDEX NUMBER |
|
1999-2000 | 153.1 | 144.6 | 142.2 | 123.2 | 125.9 | 129.0 | 199.2 | 137.0 | 142.3 |
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 |
|
CHANGE FROM PREVIOUS YEAR (%) |
|
1999-2000 | 11.0 | 14.0 | 0.9 | 8.0 | 5.9 | 4.7 | 2.9 | 6.9 | 9.1 |
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 |
|
(a) Reference base year 1989-90 = 100.0. |
Source: House Price Indexes: Eight Capital Cities (6416.0). |
8.18 PRICE INDEXES FOR PROJECT HOMES(a)
|
| Sydney | Melbourne | Brisbane | Adelaide | Perth | Hobart | Darwin | Canberra | Weighted average of eight capital cities |
|
INDEX NUMBER |
|
1999-2000 | 123.1 | 122.0 | 118.2 | 127.2 | 114.8 | 126.2 | 143.2 | 131.9 | 120.7 |
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 |
|
CHANGE FROM PREVIOUS YEAR (%) |
|
1999-2000 | 6.9 | 8.4 | 4.2 | 8.7 | 8.2 | 2.4 | 3.0 | 6.0 | 6.7 |
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 |
|
(a) Reference base year 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. |
Source: House Price Indexes: Eight Capital Cities (6416.0). |