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ABS 6416.0 - Residential Property Price Indexes: Eight Capital Cities, June 2015; House prices rise 10% nationally, 19% in Sydney, over the year to June
Topic Started: 22 Sep 2015, 12:32 PM (1,169 Views)
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ABS data: http://www.abs.gov.au/ausstats/abs@.nsf/mf/6416.0

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JUNE KEY POINTS

CHANGES TO RESIDENTIAL PROPERTY PRICE INDEX

The price index for residential properties for the weighted average of the eight capital cities rose 4.7% in the June quarter 2015. The index rose 9.8% through the year to the June quarter 2015.
The capital city residential property price indexes rose in Sydney (+8.9%), Melbourne (+4.2%), Brisbane (+0.9%), Adelaide (+0.5%) and Canberra (+0.8%), was flat in Hobart (0.0%) and fell in Perth (-0.9%) and Darwin (-0.8%).
Annually, residential property prices rose in Sydney (+18.9%), Melbourne (+7.8%), Brisbane (+2.9%), Canberra (+2.8%), Adelaide (+2.7%) and Hobart (+1.5%) and fell in Darwin (-1.8%) and Perth (-1.2%).

TOTAL VALUE OF THE DWELLING STOCK

The total value of residential dwellings in Australia was $5,761,607.2m at the end of June quarter 2015, rising $271,939.1m over the quarter.
The mean price of residential dwellings rose $26,200 to $604,700 and the number of residential dwellings rose by 38,400 to 9,528,300 in the June quarter 2015.
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Shadow
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That's the ABS, Residex and APM indices all now showing Sydney prices pretty much doubling over the past 6-7 years.

ABS Sydney Median Unstratified House Price March 2009 = $448K, and June 2015 = $871K. An increase of 94% in just over six years.

Bears like Wulfgar/Count du Monet and Goldbug's various socks have all claimed that the ABS Unstratified Raw Median is the only index we can trust.
Edited by Shadow, 22 Sep 2015, 12:58 PM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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House price growth in Sydney and Melbourne continues apace

September 22, 2015, Mark Mulligan

The Australian Bureau of Statistics said on Tuesday that national price growth was 4.7 per cent between the March and June quarters, and 9.8 per cent year-on-year. These rates compared with the 2.3 per cent and 8 per cent, respectively, expected by economists in a Bloomberg survey, and 1.6 per cent and 6.9 per cent between the December 2014 and March 2015 quarters.

Within the figures, however, there was a marked difference between price growth in Australia's two biggest cities and the rest.

Prices in Sydney grew at 8.9 per cent in the quarter, to give 18.9 per cent over the year. According to the ABS, the quarterly growth rate was the largest since the current series started in 2002.

Melbourne was second with quarterly growth of 4.2 per cent and a year-on-year rate of 7.8 per cent.

The rest of the capital cities lagged far behind, with Perth and Darwin both posting price contractions for both the quarter and the year.

Brisbane managed quarterly growth of 0.9 per cent and 2.9 per cent for the year, while Hobart was flat in the quarter and ahead just 1.5 per cent for the year. Adelaide house prices rose 0.5 per cent for the three months to end-June, and 2.7 per cent year-on-year.

Despite robust price growth inflation in Sydney and Melbourne, Tuesday's figures come amid growing alarm that softening demand for residential property in Australia's two biggest cities could lead to a supply overhang, particularly of apartments.

Auction clearance rates in Sydney dropped to 75 per cent for the week ending September 13 from a peak of more than 90 per cent in April, as buyers' tolerance for some of the most expensive property in the world and a median price that touched a record $773,000 cooled, according to property researcher CoreLogic.

Morgan Stanley said in a note this week that housing activity in the country had "peaked", which hin turn had intensified the risks of recession. The slowdown in immigration to Australia was also undermining the property boom, the bank argued.

"Despite common belief that lower for longer RBA rates will see strong housing conditions persist, we think macroprudential is effectively tightening policy settings," it said.

"Fundamentals are also deteriorating, with slower net migration taking our underlying demand estimate down by 30,000 to 155,00.

"We are now calling the peak in the housing cycle, and expect further falls in auction clearance rates and house price momentum, with a negative impact on construction occurring over 2016."

Read more: http://www.smh.com.au/business/markets/house-price-growth-in-sydney-and-melbourne-continues-apace-20150922-gjrzpq.html
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ThePauk
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ThePauk
22 Sep 2015, 04:31 PM
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Very good, now divide that by potato!
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