Australia’s four main housing data providers – the Australian Bureau of Statistics (ABS), Australian Property Monitors (APM), RP Data-Rismark, and Residex – have provided their capital city house price indices results for the June quarter of 2013.
The ABS, APM and Residex reported that national capital city house prices rose by 2.4%, 2.8% and 2.1% respectively over the quarter, whereas RP Data-Rismark recorded house price growth of only 0.1% over the same period, although it did record strong subsequent growth in July.
Looking at unit prices at the national capital city level, again APM and Residex reported growth of 2.0% and 1.9% respectively, whereas RP Data-Rismark recorded growth of only 0.5%, again with solid growth recorded subsequently in July.
The variations between the reported results largely reflect differences in how the indices are constructed, as well as volatility inherent in all short-term economic data…
This is a short extract from this week’s MacroBusiness Members special report. It goes on to describe the current price momentum across Australian property markets as well as what the future holds in store for prices and yields.
To gain access to the full report become an MB member for just $99. Once signed up and logged in, click through to the Members Pavilion to gain access to this and all other reports, including the recent Perth property outlook special. Forthcoming reports include Sydney, Melbourne, Brisbane and the small capitals.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
The most accurate data on house price movements is that provided by the State’s land titles offices that collect all property sales for the purpose of collecting stamp duty.
It’s unfortunate that this data is ignored due to the delay in time it takes to be made public.
Yes, only unemployment will stop Aussies from paying more for property.
V
I’m sure even then there will be some sort of future employment lien created to ensure the unemployed can buy property and pay it off by reserving a portion of future earnings, anything less would be Unaustralian. LOL
willy_nilly
As the agequake rolls on, the participation rate continues to drop and the UE numbers will be artificially held down.
Not sure UE will be a factor in house price deflation.
willy_nilly
The increasing people per households will have a deflation effect as well.
I don’t agree, I’m not too sure how to articulate this, but the UE rate itself is just a measurement, its the effect of UE that matters. The participation rate may lower the UE number, but it won’t hide the effect.
Dystopian
Unemployment doesn’t matter if we got foreigners lining up to buy a safe haven property.
willy_nilly
Dumb
Agree with your points. Just stating that the actual reporting is off.
Janet
Perhaps when you too get “One Day Auctions!” in Australia, you’ll realise that things have got away from you on your property front!
“at 4 Seacombe Rd, Pt Chevalier, was listed only on Wednesday yet it was auctioned at 4pm on Thursday. (The) house was auctioned for more than $1 million just a day after being listed for sale” (And what a cracker of a bargain you get for $1,000,000 in an Auckland middle-class suburb!) http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10910766
Pfh007MEMBER
Wow ! $1M for that…..
Must be a Star Trek fan looking for a bargain outside California.
Star Trek were always name dropping NZ.
csfnMEMBER
Well we had a choice as a nation: either cop a haircut on property values and the subsequent recession that would inevitably follow and perhaps then see things back on track, or keep pumping asset values and kill off our competitiveness and watch it all slowly turn to custard.
Seems pretty obvious from that chart which way we’ve gone. I wonder who history will point the finger at when it becomes obvious we stuffed it. Rudd for the 2008 juicing of the market? Howard with the capital gains tax fiddle for his BB constituents?
The most accurate data on house price movements is that provided by the State’s land titles offices that collect all property sales for the purpose of collecting stamp duty.
It’s unfortunate that this data is ignored due to the delay in time it takes to be made public.
Off to the races we go.
Yes, only unemployment will stop Aussies from paying more for property.
I’m sure even then there will be some sort of future employment lien created to ensure the unemployed can buy property and pay it off by reserving a portion of future earnings, anything less would be Unaustralian. LOL
As the agequake rolls on, the participation rate continues to drop and the UE numbers will be artificially held down.
Not sure UE will be a factor in house price deflation.
The increasing people per households will have a deflation effect as well.
http://youtu.be/ibV6rDJXLtM
Willy_Nilly,
I don’t agree, I’m not too sure how to articulate this, but the UE rate itself is just a measurement, its the effect of UE that matters. The participation rate may lower the UE number, but it won’t hide the effect.
Unemployment doesn’t matter if we got foreigners lining up to buy a safe haven property.
Dumb
Agree with your points. Just stating that the actual reporting is off.
Perhaps when you too get “One Day Auctions!” in Australia, you’ll realise that things have got away from you on your property front!
“at 4 Seacombe Rd, Pt Chevalier, was listed only on Wednesday yet it was auctioned at 4pm on Thursday. (The) house was auctioned for more than $1 million just a day after being listed for sale” (And what a cracker of a bargain you get for $1,000,000 in an Auckland middle-class suburb!)
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10910766
Wow ! $1M for that…..
Must be a Star Trek fan looking for a bargain outside California.
Star Trek were always name dropping NZ.
Well we had a choice as a nation: either cop a haircut on property values and the subsequent recession that would inevitably follow and perhaps then see things back on track, or keep pumping asset values and kill off our competitiveness and watch it all slowly turn to custard.
Seems pretty obvious from that chart which way we’ve gone. I wonder who history will point the finger at when it becomes obvious we stuffed it. Rudd for the 2008 juicing of the market? Howard with the capital gains tax fiddle for his BB constituents?
+1
UK — Home ownership: how the property dream turned into a nightmare
http://www.theguardian.com/books/2013/aug/18/default-line-extract-faisal-islam-housing