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Australian house prices unexpectedly fell in Q3

Tuesday, Dec 12 2017
Australian house prices unexpectedly fell in Q3

The Residential Property Price Index (RPPI) for Sydney fell 1.4 per cent in the September quarter 2017 following positive growth over the last five quarters, according to figures released today by the Australian Bureau of Statistics (ABS). "The fall in Sydney property prices this quarter was consistent with market indicators," Chief Economist for the ABS, Bruce Hockman said. For the weighted average of the eight capital cities, the RPPI fell 0.2 per cent in the September quarter 2017. This was the first fall in the RPPI since the March quarter 2016. "Residential property prices have continued to moderate across most capital cities this quarter," Mr Hockman said. The total value of Australia's 10.0 million residential dwellings increased $14.8 billion to $6.8 trillion.

Separate report on NAB Business Confidence showed that the National Australia Bank's (NAB) business confidence index fell 9 points to +12 index points in November but is still well above the long-run average of +5. Meanwhile, business confidence is retreated from +9 (last month) to +6 in November. There has been a notable downward trend in the series since around the middle of the year. According to Alan Oster, NAB Group Chief Economist, “we expected to see last month’s spike in business conditions unwound fairly quickly as it both came as a bit of a surprise, and was also out of sorts with what we were seeing in some of the other leading indicators from the survey, such as forward orders.''

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