The Australian Bureau of Statistics (ABS) today released its property price indices for the June quarter, which registered explosive 6.7% growth across the combined capitals over the quarter and 16.8% growth year-on-year:
The gains were broad-based with all capitals recording strong price growth over the quarter and year.
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The next table tracks price growth over the June quarter across capitals, broken down by detached houses (HPI) and units (ADPI):
As expected, detached house price growth was much stronger than for units.
Finally, the next table shows CoreLogic’s dwelling value growth for June, which shows some variance from the ABS:
Most notably, CoreLogic reported much softer price growth for Melbourne.
Differences between the indices are explained by a number of factors.
While both index providers utilise the same source data (CoreLogic supplies the record level data that powers the ABS residential property price index), the methodologies for cleaning and filtering the underlying transaction data are likely to be very different, and there are also likely to be differences in how property types are derived (i.e. houses v units). Moreover, there are methodological differences with the ABS utilising a stratified median while CoreLogic prefers a hedonic regression series.
Regardless of these differences, both series reported very strong price growth over the June quarter.