By Anita Joshi, Melbourne : The Residential Property Price Index (RPPI) for Sydney rose 3.1 per cent in the September quarter 2015 and 19.9 per cent in the previous year according to figures released today by the Australian Bureau of Statistics (ABS). Established house prices for Sydney rose 3.3 per cent and attached dwelling prices rose 2.5 per cent.
“Whilst the quarterly growth in Sydney has slowed from the June quarter, through the year house prices in Sydney have risen 21.9 per cent and attached dwelling prices have risen 15.8 per cent, both the largest annual rises of all cities,” said Robin Ashburn from the ABS.
As well as the rise in Sydney, the RPPI rose in Melbourne (+2.9 per cent), Brisbane (+1.3 per cent), Adelaide (+1.2 per cent), Canberra (+1.3 per cent) and Hobart (+0.5 per cent) and fell in Perth (-2.4 per cent ) and Darwin (-0.4 per cent).
For the weighted average of the eight capital cities, the RPPI rose 2.0 per cent in the September quarter 2015. The index rose 10.7 per cent over the previous year.
The total value of Australia’s 9.6 million residential dwellings increased $137.1 billion to $5.9 trillion. The mean price of dwellings in Australia is now $612,200, an increase of $11,900 over the previous quarter.
Today’s publication of the Residential Property Price Indexes: Eight Capital Cities (cat. no. 6416.0) also contains a feature article on the residential property market. The article provides a framework and set of indicators to assist in the assessment of the residential property market.
Established houses are detached residential dwellings on their own block of land, regardless of age.
Attached dwellings includes flats, units and apartments, plus semi-detached, row and terrace houses.
The value and mean price of residential dwellings includes any land.
When reporting ABS data the Australian Bureau of Statistics (or ABS) must be attributed as the source.
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