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Residential Property Price Indexes: Eight Capital Cities

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Estimates of changes in residential property prices and the total value of Australia's dwelling stock, and preliminary housing market activity data

Reference period
September 2021
Released
7/12/2021

Key statistics

The weighted average of the eight capital cities Residential Property Price Index:

  • rose 5.0% this quarter.
  • rose 21.7% over the last twelve months.

The total value of residential dwellings in Australia rose $487.0b to $9,259.2b this quarter, and the mean price of residential dwellings rose $42,000 to $863,700.

Residential property pricesJun Qtr 21 to Sep Qtr 21Sep Qtr 20 to Sep Qtr 21
% change% change
Weighted average of eight capital cities5.021.7
Sydney6.225.4
Melbourne3.619.5
Brisbane6.119.7
Adelaide5.919.0
Perth2.015.7
Hobart8.225.7
Darwin1.613.7
Canberra6.025.2

 

 

Total value of the dwelling stock in AustraliaSep Qtr 21
Value of dwelling stock(a) ($b)9,259.2
Mean price of residential dwellings ($'000)863.7
Number of residential dwellings ('000)10,720.5

a. all sectors

 

Residential property price indexes

Residential property price indexes
 RPPI (a)HPIADPI
Jun Qtr 21 to Sep Qtr 21Jun Qtr 21 to Sep Qtr 21Jun Qtr 21 to Sep Qtr 21
% change% change% change
Weighted average of eight capital cities5.05.73.1
Sydney6.27.43.6
Melbourne3.63.82.9
Brisbane6.16.92.3
Adelaide5.96.82.2
Perth2.02.21.2
Hobart8.28.37.4
Darwin1.61.52.1
Canberra6.07.12.5

a. See reference to rounding in Methodology page.

The Residential Property Price Index comprises the House Price Index and the Attached Dwellings Price Index.
 

The Residential Property Price Indexes

Weighted average of the eight capital cities

  • rose 5.0% this quarter.
  • rose 21.7% over the last twelve months.

Capital city Residential Property Price Indexes

  • rose in Sydney (+6.2%), Melbourne (+3.6%), Brisbane (+6.1%), Adelaide (+5.9%), Perth (+2.0%), Canberra (+6.0%), Hobart (+8.2%), and Darwin (+1.6%), this quarter. (The cities are listed in order of their contribution to the quarterly result for the eight capital cities.)
  • rose in Hobart (+25.7%), Sydney (+25.4%), Canberra (+25.2%), Brisbane (+19.7%), Melbourne (+19.5%), Adelaide (+19.0%), Perth (+15.7%), and Darwin (+13.7%), over the last twelve months. 

 

The graph below shows the growth in capital city Residential Property Price Indexes over the past ten years.

2011-12 = 100.0

Weighted average of the eight capital cities (+5.0%)

Sydney (+6.2%)

Melbourne (+3.6%)

Brisbane (+6.1%)

Adelaide (+5.9%)

Perth (+2.0%)

Hobart (+8.2%)

Darwin (+1.6%)

Canberra (+6.0%)

     

Total value of dwelling stock

The preliminary estimate of the total value of residential dwellings in Australia in the September quarter 2021 was $9,259.2 billion, up $487.0 billion from $8,772.2 billion in the June quarter 2021. 

This was the first time that the total value of residential dwellings has exceeded $9 trillion. Of the total value of residential dwellings, $8,849.7 billion was owned by households.

The number of residential dwellings rose by 44,600 to 10,720,500, and the mean price of residential dwellings rose $42,000 to $863,700, this quarter. 

The value of residential dwellings in NSW this quarter was $3,707.7 billion, approximately 40 per cent of the total value of dwellings in Australia. 

The mean price of residential dwellings in NSW rose by $65,100 to $1,118,200 and was the highest in the country. The second highest mean price was in the Australian Capital Territory ($949,700), followed by Victoria ($920,800).  The lowest mean price ($476,900) was in the Northern Territory.

Notes

Revisions

Revisions apply to estimates for the second and third most recent quarters of the total value of dwelling stock and its components (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). Revisions to these estimates for previous quarters are standard practice in these series.

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.

Previous catalogue number

This release previously used catalogue number 6416.0

Data downloads

Changes to Excel file format

We will transition to releasing Excel files in .XLSX format from the December quarter 2021 release.

Data downloads

Data files
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