House prices article of research as at Monday 30th July 2012

Hello Clients, friends and associates of LJ Gilland Real Estate,

The following is for your perusal and information only with kind regards:-

House prices: The latest June quarter data may not lie, but it’s rarely in agreement

By Larry Schlesinger
Monday, 30 July 2012

Trying to work out whether the Sydney, Melbourne or Brisbane housing market is going up or down?

Or just trying to work out whether you’re buying something at or below the median price?

It all depends on which housing data provider you choose to reference – they all use different methodologies to calculate their indexes and hence will never be in agreement.

RP Data-Rismark, Residex and Australian Property Monitors (APM) have all released their June quarter data, so direct comparisons can now be made.

(The ABS will put out its June eight capital city indexes on August 1.)

In just two markets – Brisbane houses and Melbourne units – do all three providers agree on the direction they are heading…in both cases down.

The REIV released June quarter data for Melbourne showing house prices up 2.9% to a median of $535,000 – the strongest quarterly gain recorded by all data providers.

Rarely are the national data providers within $10,000 of each other on the median house or unit price.

For example, RP Data-Rismark has the Sydney house price at a median of $616,000.

Residex says the median is $50,000 higher at $666,500, while APM’s Sydney median house price is in between the two at $642,425.

Some of the differences are startling.

  • Residex says Darwin house prices rose over 7% over the June quarter to a median of $511,500, while APM and RP Data both have Darwin house prices falling.
  • Residex says Perth house prices fell by more than 4% of the June quarter, while APM and RP Data have the market treading water.
  • RP Data says Hobart unit prices fell almost 10% over the June quarter, while Residex has them as unchanged, and APM records a smaller 3.9% decline.

Here’s a breakdown of how the three commercial data providers have assessed the June quarter performance of the main capital city markets:

For markets where the price has moved by less than 0.2% either way, they have been judged for the purposes of comparison as "unchanged”:

Sydney houses

RP Data Residex APM
Median price: $616,000 Median price: $666,500 Median price: $642,425
DOWN over quarter: -1.4% UNCHANGED UNCHANGED

Melbourne houses

RP Data Residex APM
Median price: $517,500 Median price: $555,500 Median price: $531,167
DOWN over quarter: -3.1% DOWN over quarter: -1.31% UP over quarter: +1.6%

Brisbane houses

RP Data Residex APM
Median price: $415,000 Median price: $412,500 Median price: $427,963
DOWN over quarter: -0.6% DOWN over quarter: -3.75% DOWN over quarter: -1.3%

Perth houses

RP Data Residex APM
Median price: $475,000 Median price: $467,000 Median price: $536,151
UNCHANGED DOWN over quarter: -4.26% UNCHANGED

Adelaide houses

RP Data Residex APM
Median price: $383,250 Median price: $385,500 Median price: $436,285
UP over quarter: +1.7% DOWN over quarter :-0.34% UNCHANGED

Canberra houses

RP Data Residex* APM
Median price: $520,000 Median price: $529,000 Median price: $575,825
UP over quarter: +0.8% DOWN over quarter: -1.41% UP over quarter: +1.1%

Darwin houses

RP Data Residex APM
Median price: $510,000 Median price: $511,500 Median price: $608,843
DOWN over quarter: – 1.9% UP over quarter: +7.13% DOWN over quarter: -1.2%

Hobart houses

RP Data Residex APM
Median price: $356,500 Median price: $357,000 Median price: $322,584
DOWN over quarter: -0.6% DOWN over quarter: -4.15% UP over quarter: +0.5%

Sydney units

RP Data Residex APM
Median price: $477,000 Median price: $490,500 Median price: $464,124
UP over quarter: +3.3% UNCHANGED UNCHANGED

Melbourne units

RP Data Residex APM
Median price: $430,000 Median price: $428,000 Median price: $392,862
DOWN over quarter: -5% DOWN over quarter: -0.91% DOWN over quarter: -1.2%

Brisbane units

RP Data Residex APM
Median price: $365,000 Median price: $349,500 Median price: $356,744
DOWN over quarter: -0.7% UNCHANGED DOWN over quarter: -1.7%

Perth units

RP Data Residex APM
Median price: $405,000 Median price: $421,000 Median price: $348,960
UP over quarter: +1.4% UP over quarter: +7.45% DOWN over quarter: -4.5%

Adelaide units

RP Data Residex APM
Median price: $318,750 Median price: $305,000 Median price: $296,802
DOWN over quarter: -2.3% UNCHANGED UP over quarter: +1%

Canberra units

RP Data Residex* APM
Median price: $408,000 Median price: $436,000 Median price: $421,339
DOWN over quarter: -1.7% UP over quarter: +5.38% UP over quarter: +2.5%

Darwin units

RP Data Residex APM
Median price: $419,250 Median price: $407,000 Median price: $384,384
DOWN over quarter: -0.6% UNCHANGED DOWN over quarter: -2.9%

Hobart units

RP Data Residex APM
Median price: $279,000 Median price: $265,000 Median price: $260,393
DOWN over quarter: -9.8% UNCHANGED DOWN over quarter: -3.9%

*Residex Canberra figures for the ACT

For a break down of the RP Data-Rismark Daily Home Value Indexclick here.

Best regards,

Linda J. Debello Licensee, LJ Gilland Real Estate Pty Ltd

Tel: (07) 3263 6085 | Mobile: 0409 995 578

www.ljgrealestate.com.au


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