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REA Group’s data arm, PropTrack, has launched a new monthly report measuring residential home price fluctuations across Australia.
The PropTrack Home Price Index will be released on the first of every month and takes a revisionary approach to its regular reports with the aim of providing a continually updated reflection of historical housing data.
PropTrack’s chief executive Melina Cruickshank emphasised that the new report was underpinned by the company’s proprietary figures and called it “a major milestone in the acceleration of our ambitious data strategy”.
“This is an exciting step forward in PropTrack’s evolution and demonstrates our ongoing commitment to providing customers and consumers with access to the most complete view of the market through unparalleled property data and insights,” she said.
Paul Ryan, a PropTrack economist and author of the inaugural report, explained that they had designed the index to reflect changes in home prices in a way that will not be swayed by the unique factors of the individual properties transacted over a given period of time.
The hybrid methodology combines data on repeat sales with hedonic regression and is a common approach used to track prices internationally and across Australia, he said.
The first edition showed a considerable slowing of residential property price growth over the past month, at 0.34 per cent.
“This is around half of the decade-average monthly pace of growth and substantially below the rate of growth this time last year,” Mr Ryan explained.
Adelaide, he noted, had come out on top of the capital cities, reporting a rise of 0.84 per cent.
Mr Ryan predicted the continuation of subdued growth over the coming months, as future editions of the index are rolled out.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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