March key statistics
| Residential property prices | Dec Qtr 19 to Mar Qtr 20 | Mar Qtr 19 to Mar Qtr 20 |
|---|---|---|
| % change | % change | |
| Weighted average of eight capital cities | 1.6 | 7.4 |
| Sydney | 1.9 | 10.0 |
| Melbourne | 2.1 | 10.4 |
| Brisbane | 0.6 | 2.5 |
| Adelaide | 0.4 | 0.9 |
| Perth | 0.6 | -0.9 |
| Hobart | 2.4 | 7.0 |
| Darwin | 0.7 | -3.1 |
| Canberra | 0.2 | 3.0 |
| Total value of the dwelling stock | Mar Qtr 20 |
|---|---|
| Value of dwelling stock(a) ($b) | 7 237.1 |
| Mean price of residential dwellings ($'000) | 690.2 |
| Number of residential dwellings ('000) | 10 485.7 |
a. all sectors
March key points
The Residential Property Price Indexes
Weighted average of the eight capital cities
- rose 1.6% this quarter.
- rose 7.4% over the last twelve months.
Capital city Residential Property Price Indexes
- rose in Sydney (+1.9%), Melbourne (+2.1%), Brisbane (+0.6%), Perth (+0.6%), Hobart (+2.4%), Adelaide (+0.4%), Canberra (+0.2%) and Darwin (+0.7%) this quarter.
- rose in Melbourne (+10.4%), Sydney (+10.0%), Hobart (+7.0%), Canberra (+3.0%), Brisbane (+2.5%) and Adelaide (+0.9%), and fell in Darwin (-3.1%) and Perth (-0.9%), over the last twelve months.
Total value of the dwelling stock
- The total value of residential dwellings in Australia rose $141.6b to $7,237.1b this quarter.
- The mean price of residential dwellings rose $10,700 to $690,200.
- The number of residential dwellings rose by 43,700 to 10,485,700.
Notes
Revisions
Revisions apply to estimates for the second and third most recent quarters of the total value of dwelling stock (see Revisions, under Total value of dwelling stock, in the Methodology page) and to median prices and transfers (see Revisions, under Dwelling transfer counts and median prices, in the Methodology page).
Use of price indexes in contracts
Price indexes published by the Australian Bureau of Statistics (ABS) provide summary measures of the movements in various categories of prices over time. They are published primarily for use in Government economic analysis. Price indexes are also often used in contracts by businesses and government to adjust payments and/or charges to take account of changes in categories of prices (Indexation Clauses).
Use of Price Indexes in Contracts sets out a range of issues that should be taken into account by parties considering including an Indexation Clause in a contract using an ABS published price index.
Bushfires in January 2020
Quality assurance undertaken by the ABS has confirmed that the bushfires did not result in quality impacts to residential property price statistics for the March quarter 2020.
Coronavirus (COVID-19) in March quarter 2020
The majority of restrictions relating to COVID-19 which affected the residential property market came into effect in late March, and therefore did not have a noticeable impact on residential property price statistics in the March quarter 2020.