|Q/Q percent change||2.2%||1.6%||1.9%|
|Yr/Yr. percent change||6.9%||6.8%|
March quarter residential property price index disappointed, increasing only 1.6 percent on the quarter after increasing 2.0 percent in the December quarter.. Expectations were for an increase of 2.2 percent. On the year, the index was up 6.9 percent.
The capital city residential property price indexes rose in Sydney (3.1 percent), Melbourne (0.6 percent), Brisbane (0.4 percent), Adelaide (0.7 percent), Canberra (1.1 percent) and Hobart (0.5 percent) and fell in Darwin (down 0.2 percent) and Perth (down 0.1 percent).
However, from a year ago, residential property prices rose in Sydney (13.1 percent), Melbourne (4.7 percent), Brisbane (3.9 percent), Adelaide (2.5 percent), Canberra (3.0 percent) and Hobart (1.9 percent) and fell in Darwin (down 0.4 percent) and Perth (down 0.3 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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