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RP Data Rismark Home Value Index 2 January 2014MediaRelease

RP Data Rismark Home Value Index 2 January 2014MediaRelease

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Published by economicdelusion
RP Data Rismark Home Value Index 2 January 2014MediaRelease
RP Data Rismark Home Value Index 2 January 2014MediaRelease

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Published by: economicdelusion on Jan 01, 2014
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01/02/2014

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!"#$%&!'$'& !($(&!#$)& !%$*& !%$'&+$(&"%$,&+$-&!"-$%&!"%$%&!-$%&%$%&-$%&"%$%&"-$%&./0123 412567 8269017: ;<:=16<: >170:221 ?:=0/@27: A:23B CD<7:D >/E067:<F1G631=9#$#& #$*& +$+& +$-&-$"&*$-&,$,&")$-&,$*&%$%&#$%&)$%&($%&*$%&"%$%&"#$%&")$%&"($%&./0123 ;<:=16<: 412567 >170:221 8269017: ?:=0/@27: A:23B CD<7:D >/E067:<F1G631=9!-$%&%$%&-$%&"%$%&"-$%&#%$%&#-$%&",,( ",,' ",,* ",,, #%%% #%%" #%%# #%%+ #%%) #%%- #%%( #%%' #%%* #%%, #%"% #%"" #%"# #%"+
RegionMonthQtrYOY
Sydney 0.7% 4.1% 14.5% 19.5% $655,250Melbourne 2.2% 1.3% 8.5% 12.6% $563,000Brisbane 2.0% 3.4% 5.1% 10.3% $445,250 Adelaide 0.3% 1.8% 2.8% 7.5% $386,000Perth 1.3% 3.9% 9.9% 15.0% $520,000Hobart 4.3% 1.4% 2.2% 7.7% $330,000Darwin -0.8% 3.6% 3.3% 9.9% $540,000Canberra 1.6% -1.3% 3.5% 8.4% $530,0008 capital city aggregate 1.4% 2.8% 9.8% 14.5% $540,000Rest of state* 0.2% 0.8% 1.4% $349,000
Total gross returnsMedian dwelling priceChange in dwelling values
 
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;=3B/@MB B/E: J1=@:9 67F2:19:< 0D ,$* G:2 F:73 67 #%"+ 3B: M2/53B I/==/59 1 !+$* G:2 F:73 177@1= I1== 67 J1=@:9 67 #%"" 17< 1 I@23B:2 !%$) G:2 F:73 177@1= I1== 67 #%"#$ >@E@=136J:=DK I2/E G:1O 3/ 32/@MBK F1G631= F63D <5:==67M J1=@:9 5:2: </57 '$'& G26/2 3/ 3B69 F@22:73 M2/53B
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F1=:7<12 D:12 213: /I F1G631= M167 519 M2:13:2 3B17 J1=@: M2/53B /J:2 3B: G193 "# E/73B9$ ;FF/2<67M 3/ ?2 U@9B:2K 3B69 67<6F13:9 3B13 1=3B/@MB J1=@: M2/53B B19 0::7 932/7M F/EG12:< 3/ 2:F:73 D:129K 3B: F@22:73 M2/53B FDF=: B19 0::7 9/E:5B13 E@3:<$ W1FB F1G631= F63D B/@967M E12O:3 2:F/2<:< G/9636J: B/E: J1=@: M2/53B 67 #%"+K B/5:J:2K 3B: F636:9 <26J67M 3B: F1G631= M2/53B B1J: 0::7 CD<7:D X")$-&YK A:23B X,$,&Y 17< ?:=0/@27: X*$-&Y$ 8269017: 519 3B: /7=D /3B:2 F63D 3/ 2:F/2< J1=@: M2/53B 67 :RF:99 /I - G:2 F:73 X-$"&Y 563B :1FB /I 3B: 2:E16767M F1G631= F636:9 2:F/2<67M 177@1= J1=@: M2/53B /I +$- G:2 F:73 /2 =:99$
555$2G<131$F/EZ67<6F:9
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Highlights over the three months to December 2013
Best performing capital city: Sydney
+4.1 per cent
Weakest performing capital city
:
Canberra,
-1.3 per cent
Highest rental yields
:
Darwin houses
with gross rental yield of 6.0 per cent and
Darwin Units
 at 6.2 per cent
Lowest rental yields: Melbourne houses
with gross rental yield of 3.4 per cent and
Melbourne units
at 4.2 per cent
Most expensive city: Sydney
 with a median dwelling price of $655,250
Most affordable city: Hobart
with a median dwelling price of $330,000
 
H "#&6 98 &6%6# ;*%0A# 70 I%$+#& %0' :#'7%0 >,7;#& %,# 89, *9+&#& 90$- 69 #0' 98 J9I#:K#,
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Annual change in dwelling values, 1996 to 2013 combined capital cities Change in home values throughout 2013, combined capital cities Change in capital city home values from their previous peak to December 2013
 
;7 67F2:19: 67 <5:==67M J1=@:9 1F2/99 :1FB F63D /J:2 3B: G193 D:12 B19 9::7 J1=@:9 E/J: F=/9:2 3/ 3B:62 G2:J6/@9 G:1O9 5B:2:
CD<7:D 17< A:23B 2:E167 3B: /7=D F636:9 5B:2: B/E: J1=@:9 12: F@22:73=D 13 2:F/2< B6MB9K @G "%$, G:2 F:73 17< +$( G:2 F:73 /J:2
G26/2 FDF=: G:1O9K 2:9G:F36J:=D$ ;F2/99 3B: 2:E16767M F1G631= F636:9 J1=@:9 12: 1== =/5:2 3B17 3B:62 2:F/2< B6MB9[ ?:=0/@27: X!%$'&YK >170:221 X!%$*&YK ;<:=16<: X!#$)&YK 8269017: X!($(&YK 412567 X!'$'&Y 17< ./0123 X!"#$%&Y$ ?2 U@9B:2 916< 3B13 63 69 F=:12 3B13 19 3B: E12O:3 :73:29 #%") 17< 19 J1=@:9 269: 1F2/99 :1FB F1G631= F63DK 3B: 213: /I M2/53B 56== J12D M2:13=D$ .: 916< 3B13 3B: E167 FB1==:7M:9 67 #%") 12: =6O:=D 3/ 0: 3B: 6EG1F3 /I 1 I/2:F193:< B6MB:2 @7:EG=/DE:73 213:K 1II/2<106=63D F/793216739 I/2 3B: E/2: G26F: 9:79636J: 9:F3/29 /I 3B: E12O:3 XG1236F@=12=D 67 CD<7:DK ?:=0/@27: 17< A:23BY 17< 5B:3B:2 17D 2:M@=13/2D FB17M:9 56== 0: 6EG=:E:73:< 0D ;AN; 17< 3B: N8; 3/ F//= 3B: 7:12!2:F/2< B6MB =:J:=9 /I 67J:93E:73 1F36J63D$
RegionYOY5 yr10 yr20122013
Sydney 11.6% 5.8% 3.2% 5.0% 4.7% $557,000Melbourne 8.7% 5.9% 5.0% 4.4% 4.2% $481,000Brisbane 3.5% 0.9% 4.4% 5.6% 5.5% $383,000 Adelaide 0.6% -0.5% 3.8% 4.8% 4.9% $325,000Perth 6.3% 2.1% 7.1% 5.0% 4.8% $439,000Hobart -5.1% -3.1% 2.6% 5.2% 5.6% $255,000Darwin -3.9% 4.1% 9.2% 5.9% 6.2% $449,500Canberra 1.5% 2.3% 2.6% 5.6% 5.2% $432,0008 capital city aggregate 9.0% 4.7% 4.0% 4.9% 4.7% $480,000
Change in dwelling valuesGross rental yieldMedian price
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RegionYOY5 yr10 yr20122013
Sydney 15.2% 6.8% 2.9% 4.3% 3.9% $775,000Melbourne 8.5% 6.4% 5.8% 3.6% 3.4% $625,000Brisbane 5.3% 0.6% 3.6% 4.7% 4.6% $470,000 Adelaide 3.0% 1.5% 4.3% 4.3% 4.3% $405,000Perth 10.2% 3.0% 8.0% 4.5% 4.2% $537,250Hobart 2.9% -0.7% 2.7% 5.4% 5.3% $350,000Darwin 5.1% 4.4% 9.0% 6.1% 6.0% $595,000Canberra 3.7% 3.3% 3.6% 4.8% 4.4% $570,0008 capital city aggregate 9.9% 4.8% 4.5% 4.2% 3.9% $575,000
Change in dwelling valuesMedian priceGross rental yield
Key statistics, capital city houses* Key statistics, capital city units*
H /+(-: )6**%+@ 2: &;- D-+:2+*%3.- 2: -%.; .%D(&%5 .(&@ () D+29(1-1 /-52I
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 177@1= J1=@: M2/53B I/2 @7639 X*$'&Y B19 9=6MB3=D /@39326GG:< 3B13 /I B/@9:9 X*$-&Y /J:2 3B: G193 D:12$ LB: M2/53B 67 2:731= 213:9 B19 E:1767MI@==D @7<:2G:2I/2E:< J1=@: M2/53B 5B6FB B19 2:9@=3:< 67 D6:=< :2/96/7$ \2/99 2:731= D6:=<9 2:E167 3B: =/5:93 /I 17D F1G631= F63D 17< 12: F@22:73=D 2:F/2<:< 13 +$) G:2 F:73 I/2 B/@9:9 17< )$# G:2 F:73 I/2 @7639$ ;3 3B: 91E: 36E: 1 D:12 1M/K D6:=<9 5:2: 2:F/2<:< 13 +$( G:2 F:73 I/2 B/@9:9 17< )$) G:2 F:73 I/2 @7639$ 8269017:
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Rolling annual change, combined capital city home values
HL -, %0' 32 -, ;*%0A# 70 'M#$$70A I%$+#& %,# ;9:>9+0' %00+%$ ;*%0A#&
A:23B
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1M/K M2/99 2:731= D6:=<9 I/2 B/@9:9 5:2: 2:F/2<:< 13 ($" G:2 F:73 17< I/2 @7639 13 -$, G:2 F:73$ >@22:73=DK M2/99 2:731= D6:=<9 963 13
($% G:2 F:73 I/2 B/@9:9 17< ($# G:2 F:73 I/2 @7639$ >170:221
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!"#$% '( )* +","-)./0"12 +".$3 450% 6"$7% 89:%; )%/7$,/ <=>,7"$ )%/7$,/?
Capital Growth to 31 December 2013
@3:9%3 A%$#5719% B1./#"9% - C5$: D5"/, =:%$".:% *%1,E  =7/,1"$." F D"G.,"$/ <=@H? 45#"1, +"1I.9 D"9#%11" B1./#"9% =7/,1"$." J D"G.,"$/
!"#$% '=( =$$ +I%$$.9K/
Month 0.7% 2.2% 2.0% 0.3% 1.3% 1.4% 4.3% -0.8% 1.6% 2.0% 1.4%Quarter 4.1% 1.3% 3.0% 1.8% 3.9% 2.9% 1.4% 3.6% -1.3% 3.4% 2.8%Year-to-Date 14.5% 8.5% 4.6% 2.8% 9.9% 9.9% 2.2% 3.3% 3.5% 5.1% 9.8%Year-on-Year 14.5% 8.5% 4.6% 2.8% 9.9% 9.9% 2.2% 3.3% 3.5% 5.1% 9.8%Total Return Year-on-Year 19.5% 12.6% 9.7% 7.5% 15.0% 14.6% 7.7% 9.9% 8.4% 10.3% 14.5%
Median price* based on settled sales over quarter 
$655,250$563,000$440,000$386,000$520,000$535,000$330,000$540,000$530,000$445,250$540,00
!"#$% 'B( 457/%/
Month 0.8% 2.3% 2.1% 0.4% 1.4% 1.5% 5.2% 0.5% 1.6% 2.1% 1.5%Quarter 4.1% 1.1% 3.3% 2.4% 4.2% 3.0% 2.5% 3.8% -1.3% 3.5% 2.8%Year-to-Date 15.2% 8.5% 4.9% 3.0% 10.2% 10.0% 2.9% 5.1% 3.7% 5.3% 9.9%Year-on-Year 15.2% 8.5% 4.9% 3.0% 10.2% 10.0% 2.9% 5.1% 3.7% 5.3% 9.9%Total Return Year-on-Year 20.0% 12.4% 9.9% 7.6% 15.2% 14.6% 8.5% 11.8% 8.5% 10.4% 14.6%
Median price* based on settled sales over quarter 
$775,000 $625,000$49,000$405,000$537,250$572,000$350,000$595,000$570,000$470,000$575,00
!"#$% 'D( L9.,/
Month 0.4% 1.5% 1.4% -0.9% -0.9% 0.7% -4.3% -6.3% 1.0% 0.4% 0.5%Quarter 3.9% 2.5% 0.5% -3.6% 0.1% 2.6% -9.3% 2.9% -0.2% 2.4% 2.7%Year-to-Date 11.6% 8.7% 2.0% 0.6% 6.3% 8.9% -5.1% -3.9% 1.5% 3.5% 9.0%Year-on-Year 11.6% 8.7% 2.0% 0.6% 6.3% 8.9% -5.1% -3.9% 1.5% 3.5% 9.0%Total Return Year-on-Year 17.2% 13.6% 7.7% 5.6% 11.7% 14.3% -0.1% 2.3% 7.2% 9.4% 14.4%
Median price* based on settled sales over quarter 
$557,000$481,000$361,950$325,000$439,000$472,500$255,000$449,500$432,000$383,000$480,00
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Houses 3.9% 3.4% 4.6% 4.3% 4.2% 3.9% 5.3% 6.0% 4.4% 4.6% 3.9%Units 4.7% 4.2% 5.4% 4.9% 4.8% 4.6% 5.6% 6.2% 5.2% 5.5% 4.7%
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The indices in grey shading have been designed for trading environments in partnership with the Australian Securities Exchange (www.asx.com.au). Indices under blue shading (Hobart, Darwin, Canberra, Brisbane and the 8 capital city aggregate) are calculated under the same methodology however are not currently planned to be part of the trading environment. *The median price is the middle price of all settled sales over the three months to the end of the final month. Median prices are provided as an indicator of what price a typical home sold for over the most recent quarter. The median price has no direct relationship with the RP Data-Rismark Hedonic Index value. The change in the Index value over time reflects the underlying capital growth rates generated by residential property in the relevant region. The RP Data-Rismark Hedonic Index growth rates are not ordinarily influenced by capital expenditure on homes, compositional changes in the types of properties being transacted, or variations in the type and quality of new homes manufactured over time. The RP Data-Rismark
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 sold during a given period. See the methodology below for further details.
Methodology:
The RP Data-Rismark Hedonic Home Value Index is calculated using a hedonic regression methodology that addresses the issue of compositional bias associated with median price and other measures. In simple terms, the index is calculated using recent sales data combined with information about the attributes of individual properties such as the number of bedrooms and bathrooms, land area and geographical context of the dwelling. By separating each property comprising the index into its various formational and locational attributes, differing observed sales values for each property can be separated into those associated with varying attributes and those resulting from changes in the underlying residential property market. Also, by understanding the value associated with each attribute of a given property, this methodology can be used to estimate the value of dwellings with known characteristics for which there is no recent sales price by observing the characteristics and sales prices of other dwellings which have recently transacted. It then follows that changes in the market value of the stock of residential property comprising an index can be accurately tracked through time. RP Data owns and maintains Australia's largest property related database in Australia which includes transaction data for every home sale within every state and territory. RP Data augments this data with recent sales advice from real estate industry professionals, listings information and attribute data collected from a variety of sources. For detailed methodological information please visit www.rpdata.com 
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Introduction to the RP Data-Rismark Daily Hedonic Home Value Index methodology:
The RP Data-Rismark Hedonic Home Value Index is calculated using a hedonic regression methodology that addresses the issue of compositional bias associated with median price and other measures. In simple terms, the index is calculated using recent sales data combined with information about the attributes of individual properties such as the number of bedrooms and bathrooms, land area and geographical context of the dwelling. By separating each property comprising the index into its various formational and locational attributes, differing observed sales values for each property can be separated into those associated with varying attributes and those resulting from changes in the underlying residential property market. Also, by understanding the value associated with each attribute of a given property, this methodology can be used to estimate the value of dwellings with known characteristics for which there is no recent sales price by observing the characteristics and sales prices of other dwellings which have recently transacted. It then follows that changes in the market value of the stock of residential property comprising an index can be accurately tracked through time. RP Data owns and maintains Australia's largest property related database in Australia which includes transaction data for every home sale within every state and territory. RP Data augments this data with recent sales advice from real estate industry professionals, listings information and attributes data collected from a variety of sources. For detailed methodological information please visit www.rpdata.com
Media enquiries contact:
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