|Q/Q percent change||2.4%||4.7%||1.6%|
|Yr/Yr. percent change||9.8%||6.9%|
The June quarter price index for residential properties for the weighted average of the eight capital cities was up a greater than expected 4.7 percent in the June quarter 2015. Analysts expected a 2.4 percent quarterly increase. On the year, the index was up 9.8 percent.
The capital city residential property price indexes rose in Sydney (8.9 percent), Melbourne (4.2 percent), Brisbane (0.9 percent), Adelaide (0.5 percent) and Canberra (0.8 percent). It was flat in Hobart (0.0 percent) and was down in Perth (-0.9 percent) and Darwin (-0.8 percent).
On the year, residential property prices rose in Sydney (18.9 percent), Melbourne (7.8 percent), Brisbane (2.9 percent), Canberra (2.8 percent), Adelaide (2.7 percent) and Hobart (1.5 percent) but declined in Darwin (-1.8 percent) and Perth (-1.2 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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