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

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 Index click here.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

Comments

Be the first one to comment on this article
What would you like to say about this project?