|Q/Q percent change||2.0%||1.9%||1.5%|
|Yr/Yr. percent change||6.8%||9.1%|
December quarter residential property price index was up 1.9 percent on the quarter about as expected. On the year, the index added 6.8 percent. On the quarter, the residential property price was up in Sydney (3.4 percent), Melbourne (1.3 percent), Brisbane (1.4 percent), Adelaide (0.8 percent), Perth (0.3 percent), Hobart (1.0 percent) and Canberra (0.2 percent). However the index was down 0.6 percent in Darwin.
From a year ago, the index advanced in Sydney (12.2 percent), Brisbane (5.3 percent), Melbourne (4.5 percent), Adelaide (2.5 percent), Hobart (2.2 percent), Canberra (1.7 percent), Perth (1.2 percent) and Darwin (0.8 percent).
The data provide estimates of changes in housing prices in each of the eight capital cities of Australia along with a weighted average of the eight.
Home values affect much in the economy, especially the housing and consumer sectors. Periods of rising home values encourage new construction while periods of soft home prices can damp housing starts. Changes in home values play key roles in consumer spending and in consumer financial health. Rising prices increase consumers' ability to spend, based on wealth effects and from being able to draw upon expanding home equity lines of credit.
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