The house price index in Australia rebounded 2.4 percent quarter-on-quarter in the three months to September 2019 after declining 0.7 percent in the previous period, easily beating market expectations of a 0.2 percent climb. It was the biggest jump in prices since the last quarter of 2016, as prices of properties increased in Sydney (3.6 percent vs -0.5 percent), Melbourne (3.6 percent vs -0.8 percent), Brisbane (0.7 percent vs -0.7 percent), and Hobart (1.3 percent vs 0.5 percent). In contrast, prices fell in Canberra (-0.5 percent vs 0.2 percent), Adelaide (-0.3 percent vs -0.6 percent), Darwin (-1.2 percent vs -1.8 percent) and Perth (-1.2 percent vs -1.4 percent). On an annual basis, prices dropped 3.7 percent after a 7.4 percent decline in the previous quarter. Housing Index in Australia averaged 1.43 percent from 2002 until 2019, reaching an all time high of 6.10 percent in the second quarter of 2002 and a record low of -3 percent in the first quarter of 2019. source: Australian Bureau of Statistics
Housing Index in Australia is expected to be -0.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Housing Index in Australia to stand at 1.30 in 12 months time. In the long-term, the Australia House Price Index QoQ is projected to trend around 2.10 percent in 2020, according to our econometric models.