Ensure you never miss an issue of the
real estate business bulletin
ABS contradicts house price data

ABS contradicts house price data

by Reporter 0 comments

By: Belinda Luc

In contrast to recent data revealing a decline in house price growth, the Australian Bureau of Statistics (ABS) has found the weighted average of Australia's house prices grew over the June quarter, based on preliminary estimates.

According to the ABS, the price index for established houses for the weighted average of the eight capital cities increased 3.1 per cent over the quarter and 18.4 per cent over the year.

Growth was strongest in Melbourne and Sydney over the quarter with house price growth of 4.9 per cent and 3.6 per cent recorded respectively.

The figures are in contrast to the RP Data/Rismark figures released on Monday which showed no growth over the same quarter.

Westpac senior economist Matthew Hassan said the ABS figures needed to be taken with some "caution".

"As well as being a preliminary estimate that will be revised as more data becomes available, the Index also covers only part of the market (detached homes excluding apartments, townhouses and terraces etc.), and is prone to biases when there are significant compositional shifts in activity (the surge in first home buyer activity would have biased price estimates lower in 2009 and higher in 2010)," Mr Hassan said.

"These issues are particularly problematic when trying to gauge turning points in the market - as we are right now," he said.

le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
ABS contradicts house price data
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?