Australia - House Price Index

Australia: House Price Index

Mnemonic	HPI.IAUS
Unit	Index FY 2012=100, SA
Adjustments	Seasonally Adjusted
	Quarterly	6.09 %
Data	2021 Q3	187.05
	2021 Q2	176.31

Series Information

Source	Australian Bureau of Statistics (ABS)
Release	Residential Property Price Indexes: Eight Capital Cities (RPPI) [HPI]
Frequency	Quarterly
Start Date	3/31/1986
End Date	9/30/2021

Australia: Real Estate

	Reference	Last	Previous	Units	Frequency
Residential Building Permits	Oct 2021	15,911	18,266	#, SA	Monthly
Building Completions	2021 Q3	30,438,760	30,704,911	Ths. Ch. AUD, SA	Quarterly
House Price Index	2021 Q3	187.05	176.31	Index FY 2012=100, SA	Quarterly
Non-residential Building Completions	2021 Q3	11,669,979	11,927,203	Ths. Ch. AUD, SA	Quarterly
Residential Building Completions	2021 Q3	15,860,231	16,022,475	Ths. Ch. AUD, SA	Quarterly
House Price Value	2021 Q2	619,804	590,891	AUD, NSA	Quarterly
Housing Starts	2021 Q2	40,820	35,912	#, SA	Quarterly
Residential Housing Starts	2021 Q2	22,974	15,734	#, SA	Quarterly

Release Information

Description

In Australia, House Price Indices statistics are compiled by the Australian Bureau of Statistics. The suite includes:

Residential Property Price Index (RPPI)
Established House Price Index (HPI)
Attached Dwelling Price Index (ADPI)

The RPPI is calculated on the reference base 2011-12=100.0 for each of the eight capital cities as well as a weighted average of them. The capital city indexes measure price movements over time within the eight Greater Capital City Statistical Areas (GCCSAs).

The HPI measures the price change in all established detached houses on their own block of land.

The ADPI measures the price change of attached dwellings within the eight GCCSAs. Dwellings in scope of the index are flats, units and apartments; semi-detached, row and terrace houses.

Properties

Active:

Measurement: Fixed-base index relative to FY 2012 (Index FY 2012=100)
Adjustment: Not seasonally adjusted (NSA)
Native frequency: Quarterly
Start dates:
- 1986Q1 - HPI
- 2003Q3 - RPPI and ADPI
Geo coverage:
- Aggregate of all 8 capital cities/national proxy (IAUS_CAP)
- Capital city (all 8 IAUS_M^^^)

Predecessors:

HPI, FY 2004 - 1986 to 2013
HPI, FY 1990 - 1986 to 2005

Methodology

The ABS employs a stratification approach to compile the RPPIs. The stratification approach separates the total sample of residential properties into a number of sub-samples or strata. Dwelling transactions are stratified by dwelling type, long term median price and Socio-economic Index for Areas score. Each quarter, the strata are re-valued by applying a price relative (i.e. the current period median price of the stratum compared to the previous period median price of the same stratum) to the value of the dwelling stock for that stratum to produce a current period stratum value. The current period values of each stratum are then summed to derive the current value of the total dwelling stock in the capital city. Index numbers are subsequently derived from the total values.

Until 2013Q3, ABS produced a "Project House Price Index" (not "projected"). In Australia, a "project home" is a standard design which is replicated in quantity by a large-scale residential builder, as opposed to a custom design by a small-scale local builder.

Indexes are weighted averages.

Index numbers are based on reference periods which are financial years (July to June): in ABS symbology, "2003-04" and "2011-12".

Moody's Analytics supplements

Back-extended: HPI, by 16 years, for all nine geos.

Constructed seasonally adjusted counterpart using the U.S. Census Bureau's X-13ARIMA-SEATS program: RPPI, HPI, ADPI; for all nine geos

Revisions

Estimates for the two most recent quarters of the established house price index series are preliminary and are subject to revision

The price indexes, and therefore the percentage changes, for the two most recent quarters are subject to revision as more complete data sets are obtained.