|Q/Q percent change||2.0%||2.0%||4.7%|
|Yr/Yr. percent change||10.7%||9.8%|
The price index for residential properties for the weighted average of the eight capital cities rose 2.0 percent in the September quarter 2015 as expected. The index was up 10.7 percent from the same quarter a year ago. Residential property prices indexes were up in Sydney (3.1 percent), Melbourne (2.9 percent), Brisbane (1.3 percent), Adelaide (1.2 percent), Canberra (1.3 percent) and Hobart (0.5 percent). However prices were down in Perth (down 2.4 percent) and Darwin (down 0.4 percent).
From a year ago, residential property prices rose in Sydney (19.9 percent), Melbourne (9.9 percent), Canberra (4.0 percent), Brisbane (3.8 percent), Adelaide (3.5 percent) and Hobart (1.7 percent). They declined in Perth (down 3.3 percent) and Darwin (down 2.0 percent).
The total value of residential dwellings in Australia was A$5,859,824.6 million at the end of September quarter 2015, rising A$137,125.0 million over the quarter. The mean price of residential dwellings rose A$11,900 to A$612,200 and the number of residential dwellings rose by 38,600 to 9,572,400 in the September quarter 2015.
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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