economic brief
Property Price Index March quarter 2018 The Australian Bureau of Statistics' (ABS) Property Price Index (PPI) monitors changes to residential property prices for established houses and attached dwellings (such as flats, units, apartments and terrace houses).
Darwin
8 Capitals
Change in the quarter
1.1%
0.7%
Annual change
6.5%
2.0%
Darwin's PPI decreased by 1.1 per cent in the March quarter 2018, which was the second largest decline of all capital cities. Nationally, the eight capitals' weighted PPI decreased by 0.7 per cent in the same quarter. In annual terms, Darwin's PPI declined by 6.5 per cent (Chart 1). This was the largest decline of all capital cities. Nationally, the eight capitals' weighted PPI increased by 2.0 per cent. Established House Price Index
20
8 capitals weighted average
10
5
0
-5
Darwin
-10 08
09
10
11
12
13
14
15
16
17
18
Year ended June Source: DTF; ABS Cat. No. 6416.0
Chart 2: Established House Price Index (Annual percentage change)
Darwin
8 Capitals
Change in the quarter
0.2%
0.8%
Annual change
4.7%
2.2%
The Established House Price Index (EHPI) for Darwin decreased by 0.2 per cent in the March quarter 2018. The quarterly EHPI ranged from a decrease of 1.4 per cent in Sydney to an increase of 4.9 per cent in Hobart. Nationally, the eight capitals’ weighted EHPI decreased by 0.8 per cent. In annual terms, Darwin's EHPI decreased by 4.7 per cent. This was the largest decline of all the capital cities (Chart 2). Nationally, the eight capitals' weighted growth in the EHPI was 2.2 per cent. In the March quarter 2018, the median established house price in Darwin was $518 000, an increase of 3.6 per cent compared to the previous quarter but 4.1 per cent lower than the March quarter 2017. Attached Dwelling Price Index
% 18
14
10
6
2
-2
-6 Dar
Per
Syd
Bris Adel Can Melb Hob
8 Caps
Source: DTF; ABS Cat. No. 6416.0
Chart 3: Attached Dwelling Price Index (Annual percentage change) % 13
Darwin
Annual change
(Annual percentage change) %
15
Property Price Index
Change in the quarter
Chart 1: Property Price Index
8 Capitals
3.4%
0.7%
10.4%
1.0%
Darwin's Attached Dwelling Price Index (ADPI) decreased by 3.4 per cent in the March quarter 2018. Nationally, the eight capitals’ weighted ADPI decreased by 0.7 per cent. In annual terms, Darwin's ADPI decreased by 10.4 per cent in the March quarter 2018. This was the largest decline of all capital cities (Chart 3). The eight capitals' weighted ADPI increased by 1.0 per cent. In the March quarter 2018, the median attached dwelling price in Darwin was $347 500, which was a decrease of 0.7 per cent from the previous quarter and 6.1 per cent lower in annual terms.
10 7 4 1 -2 -5 -8 -11 Dar
Per
Bris
Syd Can Adel Melb Hob
Source: DTF; ABS Cat. No. 6416.0
8 Caps
Economic Group │ Department of Treasury and Finance │ (08) 8999 6801 │ www.treasury.nt.gov.au │
[email protected]
economic brief
Property Price Index March quarter 2018 Table 1: Property Price Index March Quarter 2018 quarter
year average
Change quarterly
1
annual2
year on year3
Darwin
94.9
97.1
-1.1%
-6.5%
-6.0%
Sydney
171.9
174.2
-1.2%
-0.5%
6.4%
Melbourne
153.4
151.7
-0.6%
6.2%
10.7%
Brisbane
123.3
123.1
-0.6%
1.6%
2.5%
Perth
103.9
104.3
-0.9%
-1.5%
-2.2%
Adelaide
120.0
119.0
0.5%
2.6%
4.0%
Hobart
139.8
131.9
4.3%
14.1%
13.4%
Canberra
124.5
122.7
0.9%
3.8%
6.0%
8 Capitals
146.6
146.7
-0.7%
2.0%
6.3%
1
compares the latest quarter w ith the previous quarter.
2
compares the latest quarter w ith the same quarter last year.
3
compares the 4 quarters up to and including the latest quarter w ith the previous 4 quarter period.
Source: Department of Treasury and Finance; ABS Cat. No. 6416.0
Table 2: Darwin Property Prices and Sales Change quarterly 1
annual2
Mar 17
Dec 17
Mar 18
Established dwellings Median price No. transfers
$540 000 231
$500 000 230
$518 000 217
3.6% -5.7%
-4.1% -6.1%
Attached dwellings Median price No. transfers
$370 000 253
$350 000 191
$347 500 113
-0.7% -40.8%
-6.1% -55.3%
1
compares the latest quarter w ith the previous quarter.
2
compares the latest quarter w ith the same quarter last year.
Source: Department of Treasury and Finance; ABS Cat. No. 6416.0
Although all due care has been exercised in the preparation of this material, no responsibility is accepted for any errors or omission.
Released: 19 June 2018│ Next Release: 18 September 2018
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