Australia - House Price Index

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.

Price

• Measurement: Thousands of Australian dollars (Ths. AUD)
• Native frequency: Quarterly
• Start date: As early as 2002Q1
• Geo coverage:
• Country (IAUS)
• States (all 8 IAUS_^^)
• Capital cities of each state (all 8 IAUS_M^^^)

Price index

• Measurement: Fixed-base index relative to FY 2012 (Index FY 2012=100)
• Adjustment: Not seasonally adjusted (NSA)
• Native frequency: Quarterly
• Date ranges
  • 1986Q1 to 2021Q4 - HPI
  • 2003Q3 to 2021Q4 - 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=100 - 1986Q1 to 2013 ("04")
• HPI, FY 1990=100 - 1986Q1 to 2005 ("90")

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

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.

Further reading

At the source:

• Residential property price indexes: Eight capital cities methodology (Sep 2021)
• Residential property price indexes: Concepts, sources and methods, 2018 (Mar 2019)
• Outcomes of the ABS Residential Property Price Index review (Nov 2014)
• Explanatory notes (Dec 2013)
• Explanatory notes (Dec 2008)

At third parties:

• Characteristics, disadvantages & advantages of project homes (Mark Lawler Architects)
• Dashboard: Housing affordability: Residential property price index - capital cities (Australian Institute of Health and Welfare)