Department of Housing and Public WorksHousing Services
Queensland housing market reportMarch quarter 2012
Disclaimer for release of this information to external partiesThe materials presented in this Queensland Housing Market Report are distributed by the Department of Hous-ing and Public Works as an information source only. The information is provided solely on the basis that readers will be responsible for making their own assessment of the matters discussed herein and are advised to verify all relevant representations, statements and information.
While information contained in this document is regarded as unclassified by the Department of Housing and Public Works, external parties using this information nevertheless agree hereby to abide by the following terms and conditions for its use:
This document and its contents are copyright to Queensland Department of Housing and Public Works. No part of this publication is to be reproduced or transmitted in any form or by any means, electronic or manual, includ-ing photocopying, without the written permission of the Department of Housing and Public Works.
Where material from this document is cited elsewhere, the reference should be sourced appropriately; citing the Department of Housing and Public Works as author, and including the cited date of publication.
Information and data contained in this document are not to be cited out of the context in which they are present-ed, or using terminology other than that used within this document.
While all care has been taken in the preparation of information and material in this publication, including the ac-curacy of data, the Department of Housing and Public Works gives no warranty that the information is free from errors, is complete, has any particular quality, or is suitable for any particular purpose.
The Department of Housing and Public Works accepts no responsibility for commercial decisions or changes in the personal circumstances of individuals acting on the information contained in this document.
External parties who use information contained in this document thereby agree to indemnify the Queensland Government (and its servants and agents) in respect of all liability for loss (including all legal costs) or liability from any claim, suit, action, demand or proceeding brought by any third party in connection with the use of this information.
INTRODUCTION
The Department of Housing and Public Works (Housing Services) produces the Queensland Housing Market Report to provide a snapshot of key housing market indicators in Queensland for the relevant quarter.
The Queensland Housing Market Report provides a quarterly update on private rental and home ownership markets for the state’s 15 most populated Local Government Areas (LGAs). Also included in the Report are a series of Housing and Economic Statistics Tables that offer a range of easily referenced tables relating to gen-eral economic and Queensland housing market indicators.
The Report relies on data provided by government agencies such as the Residential Tenancies Authority, Queensland Treasury, Department of Environment and Heritage Protection and the Australian Bureau of Statis-tics.
ContactsAll inquires should be addressed to Private Housing Programs, Department of Housing and Public Works (Housing Services) on 07 3406 7588.
ContentsMarch Quarter Highlights 1
Private Rental Market 2 Rental price update 2 3 Bedroom detached houses 2 2 Bedroom flats/units 3 Rent across dwelling types and sizes 4 Residential vacancy rates 5 Rental market size 5
Home Ownership 6 Home purchase prices 6 Detached house prices 7 Flat/unit prices 7 Vacant land prices 8 Housing finance and planned residential construction 9 New loans by dwelling type 9 New loans by buyer type 9 Dwelling approvals 10
Economic Update 10 Economic growth 10 Population growth 11 Interest rates 11 Wages & prices 12 Unemployment 13
Housing and Economic Statistics Tables 14 Private rental tables 14 Table 6 - 3 Bedroom detached houses 14 Table 7 - 2 Bedroom flats/units 15 Table 8 - Rent Assistance Rates 15 Home ownership tables 16 Table 9 - Detached house prices 16 Table 10 - Flat/unit prices 16 Table 11 - Vacant land prices 17 Table 12 - Average home loan sizes in Australia 17 Table 13 - Average home loan sizes in Queensland 17 Table 14 - Queensland residential dwelling approvals 18 Economic tables 18 Table 15 - Interest rates 18 Table 16 - Australian Consumer Price Index components 18 Table 17 - Consumer Price Index for Australian capital cities 19 Table 18 - Rates of unemployment 19
Explanatory NotesRent and Sales Statistics• The geographic areas for reporting rent and sales data
are based on the Australian Standard Geographical Classification (ASGC) of the Australian Bureau of Statistics (ABS).
• Rent statistics in this Report are sourced from information provided on the bond lodgement form lodged with the Residential Tenancies Authority (RTA).
• Sales statistics in this Report are sourced from information provided on the ‘Property information (transfer)’ form that is lodged with Queensland Valuation and Sales (QVAS) maintained by the Department of Environment and Heritage Protection.
• Unless otherwise specified, the rent and sales statistics in this Report are derived from total records available for the relevant quarter. No exclusions or limits have been applied.
• Median rent and sales values are used in this Report. The median is the value that divides a set of ordered data equally into a bottom half and a top half (i.e. the middle value or 50th percentile). The median value is not significantly affected by unusually high or low values (outliers) and therefore provides a better measure of central tendency.
• Local Government Areas (LGAs) with less than 10 rental bonds or sales records are deemed to have too small a sample size for the reporting of median rent and sales statistics.
• Total bonds held refers to those live bonds held at the last date of the quarter by the RTA. The total number of bonds held by the RTA does not equal the total number of rental properties due to a proportion of rental properties remaining vacant at any given time and the occurrence of cases where bonds are not required by the landlord (i.e. informal lettings).
• The sales data for the most recent quarter is preliminary and is reported two months after the end of quarter by which time the number of sales processed through QVAS represent approximately 70% of the total sales for that quarter. This arises because of the lapse in time between the contract date and when the sale is notified. The proportion of total sales available at the time of reporting is considered sufficient for the analysis of sales data in this Report.
• Preliminary sales data reported for previous quarters is not revised and as such comparison of data between quarters provides a guide only.
• Sales data reported for each quarter is based on the contract date recorded rather than the settlement date,
which can occur up to three months later. Analysis based on the contract date provides a more accurate reflection of market activity in the specified quarter.
• It should be noted in interpreting quarterly changes in sales values that the sample of properties transacted in one quarter may be quite different compositionally to the sample of properties transacted in previous quarters.
Housing Finance Data• The method for estimating the number of new loans
taken out in Queensland by investors was sourced from BIS Shrapnel. This involves taking the total value of loans in Queensland for the purchase of residential property for rent or resale, and dividing this by the average purchase price of non-first home buyers (investors are known to spend more than the average first home buyer). Both values are sourced from the ABS. This estimate only covers loans taken out in Queensland for property investment and may include loans taken out in Queensland for property outside of the state (properties interstate or overseas). This estimate does not include investor purchases in Queensland where loans are sourced outside of the state (i.e. interstate or overseas buyers).
Data Series Type• Original series data from the ABS is used within the
Report except where Seasonally Adjusted series data is deemed more appropriate. Seasonal adjustment is the process of estimating and then removing from a time series influences that are systematic and calendar related. Seasonal effects can conceal both the true underlying movement in the series, as well as certain non-seasonal characteristics.
• Economic performance is depicted using trend series data for Chain Volume Measure. Trend data is defined as the ‘long term’ movement in a time series without calendar related and irregular effects, and is a reflection of the underlying level. It is the result of influences such as population growth, price inflation and general economic changes.
• All data provided in the Report is the most recent available at the time of extraction for this reporting period, including revised estimates of previous data released by the ABS.
• Data is reported in terms of both absolute change and percentage change. Absolute change represents the numerical change in the value reported (eg an increase of $140) while percentage change represents the absolute change in the value reported as a percentage of the base value (eg an increase of 40%).
Housing Services www.hpw.qld.gov.au
1Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
March Quarter 2012 HighlightsPrivate rental market Rents for Queensland have increased in the March Quarter 2012:
• 1.4% increase in the median weekly rent for three bedroom detached houses (from $345 to $350).
• 6.5% increase in the median weekly rent for two bedroom flats/units (from $310 to $330).
Of Queensland’s 15 most populated LGAs, Cairns, Gladstone and Mackay recorded the largest increases in median rent for three bedroom houses (up by $20, $20 and $10, respectively). Gold Coast was the only LGA to record a decline (down $10).
Townsville, Redland, Mackay and Gladstone recorded the largest absolute increase in median rent for 2 bedroom flats/units out of the 15 most populated LGAs (increases of $25, $25, $20 and $15 respectively). Logan was the only LGA to record a decline in median rent (down $5).
The overall Queensland rental vacancy rate was 2.9% in the March quarter 2012, falling from 3.8% in the December quarter 2011 to sit below the healthy level of 3%.
Total rental bonds in Queensland for detached houses, flats/units and townhouses increased by 1.5% over the March quarter 2012. The number of new bonds lodged in the March quarter 2012 was 11.9% more than the previous quarter.
Home ownershipQueensland’s property purchase prices decreased over the March quarter 2012:
• Median house prices fell by 1.2% to $400,000, from $405,000 in the previous quarter.
• Median flat/unit prices fell by 2.9% to $340,000, from $350,000 in the previous quarter.
Of Queensland’s 15 most populated LGAs, six recorded an increase in the median house price in the March quarter 2012, with the largest increase occurring in Mackay ($10,000). Eight LGAs recorded a decline in the median house price, with the largest decline occurring in Gladstone (-$17,500).
Of Queensland’s 15 most populated LGAs, only one recorded an increase in the median flat/unit price in the March quarter 2012 (Gold Coast with a $10,000 increase). Thirteen LGAs recorded declines the median flat/unit price, with the largest declines occurring in Logan (-$68,500), Redland (-$60,000) and Mackay (-$45,200).
The number of new loans for dwelling purchase by owner occupiers in Queensland decreased by 0.2% in the March quarter 2012, following an increase of 4.3% in the December quarter 2011. The investor sector of the market also showed a decrease in activity with the estimated number of new loans falling by 1.9% in the March quarter 2012, after an increase of 0.4% in the December quarter 2011.
Queensland seasonally adjusted residential dwelling approvals for new houses in the month of March 2012 numbered 1,583, which was 7 approvals lower than the previous month, but 186 approvals or 13.3% higher than March 2011.
Economic updateQueensland’s economy grew by 0.8% in the September quarter 2011 compared with the previous quarter, with an annual growth rate of 1.4%.
In the month of March 2012, the Reserve Bank of Australia’s (RBA) target cash rate stood at 4.25%, having been lowered by 25 basis points in each of November 2011 and December 2011. The variable bank home loan rate was recorded at 7.4% in March 2012.
The Queensland seasonally adjusted unemployment rate was 5.5% for the month of March 2012, which was 0.2 percentage points lower than the previous month.
March Quarter 2012 Highlights
2Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Private Rental MarketRental Price Update3 Bedroom detached houses
Chart 1 shows that the median rent in Queensland for a three bedroom detached house was $350 per week in the March quarter 2012. Also shown in Chart 1 are median weekly rents for Queensland’s 15 most populated Local Government Areas (LGAs), listed in descending order of population.
The most expensive of these LGAs to rent a three bedroom house were Gladstone ($480 per week), Mackay ($450), Brisbane ($400), Gold Coast ($400), Sunshine Coast ($365) and Redland ($365). These medians were above that recorded for Queensland over the quarter.
The most affordable of the LGAs shown for renting a three bedroom house were Fraser Coast ($260 per week), Bundaberg ($270), Toowoomba ($280) and Ipswich ($285).
Table 1 outlines the percentage change in median weekly rents for three bedroom detached houses, for Queensland and its 15 most populated LGAs, over the quarter and over the year to the March quarter 2012.
The median rent for three bedroom detached houses in Queensland increased by $5 or 1.4% in the March quarter 2012 compared with the previous quarter.
Of the LGAs shown, Cairns and Gladstone recorded the largest absolute increase in median rent for three bedroom houses over the quarter ($20 increase), followed by Townsville ($10 increase). Median rents in the remaining LGAs shown either increased by $5 or remained stable, except for Gold Coast which recorded a $10 decline.
Over the year to the March quarter 2012, the median rent for three bedroom detached houses in Queensland increased by $10 or 2.9%.
Of the LGAs shown, Gladstone recorded the highest absolute growth in median rent for a three bedroom house over the year ($120 increase). Mackay and Rockhampton recorded the next highest median rent increases ($65 and $30 respectively), while nine other LGAs recorded smaller increases. Of the 15 LGAs, two recorded no change over the year, and just one recorded a decline in median rent (Sunshine Coast with a $5 decline).
Private Rental Market
Mar Qtr 2011
Dec Qtr 2011
Median $rent
Median $rent
Median $rent
% Change
over year
% Change over qtr
New bonds
Brisbane (C) $390 $395 $400 2.6% 1.3% 3,368
Gold Coast (C) $400 $410 $400 0.0% -2.4% 1,047
Moreton Bay (R) $320 $320 $325 1.6% 1.6% 1,145
Sunshine Coast (R) $370 $360 $365 -1.4% 1.4% 1,054
Logan (C) $320 $320 $325 1.6% 1.6% 845
Townsville (C) $340 $340 $350 2.9% 2.9% 770
Ipswich (C) $285 $285 $285 0.0% 0.0% 807
Cairns (R) $310 $300 $320 3.2% 6.7% 510
Toowoomba (R) $270 $275 $280 3.7% 1.8% 689
Redland (C) $360 $360 $365 1.4% 1.4% 337
Mackay (R) $385 $450 $450 16.9% 0.0% 345
Rockhampton (R) $300 $325 $330 10.0% 1.5% 396
Fraser Coast (R) $255 $260 $260 2.0% 0.0% 405
Bundaberg (R) $260 $265 $270 3.8% 1.9% 315
Gladstone (R) $360 $460 $480 33.3% 4.3% 260
Queensland $340 $345 $350 2.9% 1.4% 14,468Source: Residential Tenancies Authority
March Quarter 2012
Table 1 - 3 BEDROOM DETACHED HOUSES
15 LARGEST LGAs in descending order of population
Percentage change in median weekly rentsMedian weekly rents for 3 bedroom detached houses
(as at March quarter 2012)
$270
$260
$330
$280
$320
$285
$325
$350
$400
$365
$365
$480
$450
$325
$400
$350
$0 $100 $200 $300 $400 $500 $600
Gladstone (R)
Bundaberg (R)
Fraser Coast (R)
Rockhampton (R)
Mackay (R)
Redland (C)
Toowoomba (R)
Cairns (R)
Ipswich (C)
Townsville (C)
Logan (C)
Sunshine Coast (R)
Moreton Bay (R)
Gold Coast (C)
Brisbane (C)
Queensland
LGAs
Median rent rate ($) weekly
Chart 1
Source: Residential Tenancies Authority
3Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
2 Bedroom Flats/UnitsChart 2 shows that the median rent in Queensland for a two bedroom flat/unit was $330 per week in the March quarter 2012, which was $20 less than the median rent for a three bedroom detached house. Also shown in Chart 2 are median weekly rents for Queensland’s 15 most populated LGAs, listed in descending order of population.
Brisbane remained the most expensive location to rent a two bedroom flat/unit, with the median rent of $390 significantly above that recorded for Queensland over the quarter. The next highest median rent was $365 in Gladstone, followed by $350 in Gold Coast and Mackay.
The most affordable of the LGAs shown for renting a two bedroom flat/unit were Toowoomba, Fraser Coast and Bundaberg (all with a median rent of $220), followed by Ipswich ($238).
In comparing the rental market for two bedroom flats/units with that of three bedroom houses, there was a narrow price differential between the median weekly rent for these dwelling types in Brisbane. In comparison, two bedroom flats/units were positioned as a considerably more affordable rental alternative in the LGAs of Gladstone, Mackay, Rockhampton, Logan and Cairns.
Table 2 includes the percentage change in median rents for two bedroom flats/units, for Queensland and its 15 most populated LGAs, over the quarter and over the year to March quarter 2012.
The median rent for two bedroom flats/units in Queensland increased by $20 or 6.5% in the March quarter 2012 compared with the previous quarter.
Of the LGAs shown,Townsville ($25), Redland ($25), Mackay ($20) and Gladstone ($15) recorded the largest absolute increases in median rents for two bedroom flats/units over the quarter. Of the 15 LGAs, Logan, Cairns and Ipswich recorded decreases in the median rent (down $5, $5 and $2, respectively).
Compared to a year ago, the median rent for two bedroom flats/units in Queensland increased by $20 in the March quarter 2012. Gladstone ($90), Mackay ($50), Fraser Coast ($20) and Bundaberg ($20) recorded the largest absolute increases in median rents over the year for this dwelling type out of the LGAs shown.
Gold Coast, Sunshine Coast and Cairns recorded unchanged median rents for this dwelling type over the year to the March quarter 2012, while Moreton Bay and Ipswich experienced slight declines in the median rent over the year.
Private Rental Market
Mar Qtr 2011
Dec Qtr 2011
Median $rent
Median $rent
Median $rent
% Change
over year
% Change over qtr
New bonds
Brisbane (C) $375 $380 $390 4.0% 2.6% 5,132
Gold Coast (C) $350 $340 $350 0.0% 2.9% 2,762
Moreton Bay (R) $268 $265 $265 -0.9% 0.0% 464
Sunshine Coast (R) $300 $295 $300 0.0% 1.7% 1,035
Logan (C) $250 $260 $255 2.0% -1.9% 223
Townsville (C) $290 $275 $300 3.4% 9.1% 868
Ipswich (C) $240 $240 $238 -1.0% -1.0% 148
Cairns (R) $250 $255 $250 0.0% -2.0% 940
Toowoomba (R) $210 $210 $220 4.8% 4.8% 430
Redland (C) $298 $285 $310 4.2% 8.8% 84
Mackay (R) $300 $330 $350 16.7% 6.1% 232
Rockhampton (R) $235 $250 $250 6.4% 0.0% 267
Fraser Coast (R) $200 $210 $220 10.0% 4.8% 193
Bundaberg (R) $200 $220 $220 10.0% 0.0% 130
Gladstone (R) $275 $350 $365 32.7% 4.3% 136
Queensland $320 $310 $330 3.1% 6.5% 14,032
Source: Residential Tenancies Authority
Table 2 - 2 BEDROOM FLATS/UNITS
15 LARGEST LGAs in descending order of population
March Quarter 2012
Percentage change in median weekly rentsMedian weekly rents for 2 bedroom flats/units
(as at March quarter 2012)
$220
$220
$250
$220
$250
$238
$300
$265
$330
$390
$310
$300
$365
$350
$255
$350
$0 $50 $100 $150 $200 $250 $300 $350 $400 $450
Gladstone (R)
Bundaberg (R)
Fraser Coast (R)
Rockhampton (R)
Mackay (R)
Redland (C)
Toowoomba (R)
Cairns (R)
Ipswich (C)
Townsville (C)
Logan (C)
Sunshine Coast (R)
Moreton Bay (R)
Gold Coast (C)
Brisbane (C)
Queensland
LGAs
Median rent rate ($) weekly
Chart 2
Source: Residential Tenancies Authority
4Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Rent across dwelling types and sizesChart 3 illustrates Queensland median weekly rents by dwelling type and number of bedrooms for the March quarter 2012. Table 3 shows this breakdown for Queensland’s 15 most populated LGAs, listed in descending order of population.
For most bedroom sizes, median rents for detached houses in Queensland were lower than for flats/units and townhouses. One reason for this is that flats/units and townhouses are predominantly located in markets with higher property values, such as inner city locations and coastal regions.
The highest median rents for the March quarter 2012 in Queensland were for four bedroom townhouses ($450 per week), four bedroom flats/units ($410 per week) and four bedroom houses ($410 per week).
The most notable difference in median weekly rents for dwellings categorised by the number of bedrooms was the increase from one bedroom townhouses to two bedroom townhouses (median rent increase of $115), and the increase from one bedroom houses to two bedroom houses (median rent increase of $105). In nearly every region, rental prices become higher as the number of bedrooms for that dwelling type increases.
The most notable disparity in median rents across dwelling types occurred for one bedroom dwellings, where the median rent for a one bedroom flat/unit was $85 higher than that for a one bedroom house and $75 higher than that for a one bedroom townhouse.
Private Rental Market
1 bed 2 bed 3 bed 4 bed 1 bed 2 bed 3 bed 4 bed 1 bed 2 bed 3 bed 4 bed
Brisbane (C) $305 $390 $480 $520 $170 $370 $400 $490 $240 $370 $405 $533Gold Coast (C) $290 $350 $375 $395 $215 $325 $400 $450 $170 $320 $360 $450Moreton Bay (R) $200 $265 $310 $350 $220 $270 $325 $370 $220 $275 $320 $420Sunshine Coast (R) $238 $300 $360 $460 $185 $310 $365 $440 $160 $300 $350 $420Logan (C) $235 $255 $310 $370 $189 $280 $325 $385 $200 $270 $325 $380Townsville (C) $240 $300 $410 $360 $140 $300 $350 $410 . $295 $360 $525Ipswich (C) $163 $238 $280 $330 $210 $250 $285 $340 . $260 $295 $368Cairns (R) $180 $250 $330 $360 $250 $273 $320 $380 $185 $230 $300 $390Toowoomba (R) $165 $220 $290 $315 $150 $240 $280 $360 $137 $260 $300 $340Redland (C) $200 $310 $390 $445 $250 $240 $365 $465 $190 $335 $368 $450Mackay (R) $280 $350 $463 $775 $350 $355 $450 $550 $490 $435 $470 $470Rockhampton (R) $150 $250 $325 $430 $200 $275 $330 $400 . $325 $350 .Fraser Coast (R) $140 $220 $260 $353 $178 $230 $260 $310 $150 $255 $300 $403Bundaberg (R) $183 $220 $295 $400 $260 $240 $270 $320 . $240 $300 .Gladstone (R) $250 $365 $450 $525 $350 $420 $480 $650 . $350 $560 $800Queensland $270 $330 $380 $410 $185 $290 $350 $410 $195 $310 $365 $450Source: Residential Tenancies Authority
Table 3 - MEDIAN WEEKLY RENTS ACROSS DWELLING TYPE AND NUMBER OF BEDROOMSMarch quarter 201215 LARGEST LGAs in descending order of population
Flat/unit House Townhouse
Queensland weekly median rents by number of bedrooms and dwelling type
(March quarter 2012)
$270
$330
$380$410
$185
$290
$350
$410
$310
$365
$450
$195
$0
$100
$200
$300
$400
$500
1 bedroom 2 bedroom 3 bedroom 4 bedroom
Flat/unit House Townhouse
Chart 3
Source: Residential Tenancies Authority
5Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Residential vacancy ratesA healthy residential rental market vacancy rate is considered to be around 3.0%, with slight variations at the regional level.
Chart 4 illustrates the residential vacancy rates for Inner Brisbane (suburbs wholly or mainly within 5km of Brisbane GPO), Brisbane Remainder, Brisbane Surrounds (the Moreton Bay, Logan, Redland and Ipswich LGAs), Gold Coast and Rest of Queensland (i.e. areas outside of southeast Queensland), over the quarter and over the year to the March quarter 2012.
The Queensland vacancy rate was recorded at 2.9% in the March quarter 2012, just below the healthy level. This was down 0.8 percentage points from the previous quarter and 0.7 percentage points from a year ago.
All regions recorded a decline in the vacancy rate in the March quarter 2012. The vacancy rates in Inner Brisbane (1.9%) and Remainder of Brisbane (2.5%) fell below the healthy level, while Brisbane Surrounds (3.2%), Gold Coast (3.2%) and Rest of Queensland (3.3%) recorded vacancy rates only just above the healthy level.
In the March quarter 2012, the largest decline in the vacancy rate occurred in Gold Coast (-1.9 percentage points), followed by Inner Brisbane and Remainder of Brisbane (both -0.8 percentage points). Meanwhile, Brisbane Surrounds and Rest of Queensland recorded declines of -0.6 and -0.4 percentage points, respectively.
The current tight vacancy rates are likely a result of slower property sales activity over the past year, as Queensland’s natural disasters in early 2011 and the uncertain global economic environment caused an increased demand for rental properties and less appetite for purchasing property.
Rental market size Chart 5 shows total rental bonds held in Queensland for detached houses, townhouses and flats/units over the year to the March quarter 2012.
Total rental bonds for Queensland numbered 467,248 at the end of the March quarter 2012. This represents an increase of 1.5% or 7,105 bonds since the previous quarter. Over the year to the March quarter 2012 total rental bonds increased by 6.7% or 29,470 bonds.
Queensland’s quarterly growth in total rental bonds ranged between 1.4% and 1.9% over the four quarters to March quarter 2012. Over the three quarters to September quarter 2011 (the latest quarter for which data is available), Queensland’s population increased between 0.3% and 0.4%.
The number of new bonds lodged within each quarter is also shown in Chart 5 as an indicator of market churn. This is influenced by a number of factors, including new dwellings constructed in an area, shifts between owner occupied versus rental dwellings, and length of tenancy. New bonds numbered 61,518 in the March quarter 2012, which was 11.9% more than the number of new bonds in the previous quarter. On average, over the last year new bonds have accounted for 12.5% of total bonds within each quarter.
Private Rental Market
Queensland rental bonds: houses, flats/units and townhouses (March quarter 2011 to March quarter 2012)
377,080390,256 394,103 405,145 405,730
60,27053,151
58,33854,998 61,518
240,000
280,000
320,000
360,000
400,000
440,000
480,000
Mar qtr 2011 Jun qtr 2011 Sep qtr 2011 Dec qtr 2011 Mar qtr 2012
Num
ber
of r
enta
l bon
ds
Existing bonds New bonds for the quarter
Chart 5
Source: Residential Tenancies Authority
467,248460,143452,429
443,937437,778
Rental vacancy rates(March and December quarters 2011, March quarter 2012)
1.9%
2.6% 2.7%2.5%
3.1%3.3% 3.2%
3.8%
3.3%
5.1%
4.2%
3.2%
3.7%
3.3%
4.0%
2.9%
3.7%3.6%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Mar qtr 2011 Dec qtr 2011 Mar qtr 2012
Inner Brisbane Remainder of BrisbaneBrisbane Surrounds Gold CoastRest of Queensland Queensland
Healthy vacancy rate around 3.0%
Chart 4
Source: Office of Economic and Statistical Research, Queensland Treasury
6Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Home purchase pricesDetached house prices
Chart 6 shows that the median detached house price in Queensland was $400,000 in the March quarter 2012. Also shown in Chart 6 are median house prices for Queensland’s 15 most populated LGAs, listed in descending order of population.
In the March quarter 2012, Brisbane recorded the highest median house price out of the 15 LGAs at $515,000. Gladstone, Gold Coast, Sunshine Coast, Mackay and Redland were also above the Queensland median, at $469,500, $455,000, $440,000, $435,000 and $427,800 respectively.
Over the quarter, Fraser Coast and Bundaberg were the least expensive of the state’s 15 most populated LGAs to purchase a house (both with a median house price of $290,000), followed by Toowoomba ($303,300) and Ipswich ($304,500).
Table 4 includes the percentage change in median detached house prices for Queensland and its 15 most populated LGAs, over the quarter and over the year to the March quarter 2012.
Queensland’s median house price fell by 1.2% or $5,000 over the March quarter 2012, and was 4.8% or $20,000 lower than a year ago.
Over the March quarter 2012, only six out of the state’s 15 most populated LGAs recorded an increase in the median detached house price. Mackay recorded the largest increase ($10,000), followed by Logan and Townsville (both $5,000).
Eight of the remaining LGAs recorded a decline in the median house price in the March quarter 2012, while Cairns recorded no change. The largest declines occurred in Gladstone (-$17,500), Sunshine Coast (-$15,000), Rockhampton (-$13,000), Redland (-$11,700) and Gold Coast (-$10,000).
Over the year, 11 of the 15 LGAs shown recorded a decline in median house prices with the following recording the most significant declines: Gold Coast (down $55,000 or 10.8%), Sunshine Coast (down $30,000 or 6.4%), Redland (down $25,700 or 5.7%), Cairns (down $25,000 or 6.8%) Fraser Coast (down $20,000 or 6.5%) and Ipswich (down $19,500 or 6%).
The two LGAs to record an increase in median house prices over the year to the March quarter 2012 were Gladstone (up $49,500 or 11.8%) and Mackay (up $21,000 or 5.1%), while Townsville and Bundaberg experienced no change.
Home Ownership
HOME OWNERSHIP
Median detached house price (as at March quarter 2012)
$290,000
$326,000
$303,300
$345,000
$304,500
$375,000
$367,000
$384,500
$400,000
$515,000
$435,000
$455,000
$469,500
$290,000
$440,000
$427,800
$0 $200,000 $400,000 $600,000
Gladstone (R)
Bundaberg (R)
Fraser Coast (R)
Rockhampton (R)
Mackay (R)
Redland (C)
Toowoomba (R)
Cairns (R)
Ipswich (C)
Townsville (C)
Logan (C)
Sunshine Coast (R)
Moreton Bay (R)
Gold Coast (C)
Brisbane (C)
Queensland
LGA
s
Median house price ($)
Source: Department of Environment and Heritage Protection
Chart 6
Mar Qtr 2011
Dec Qtr 2011
Median $sales
Median $sales
Median $sales
% Change over year
% Change over qtr
No. of sales
Brisbane (C) $525,000 $512,000 $515,000 -1.9% 0.6% 1,709Gold Coast (C) $510,000 $465,000 $455,000 -10.8% -2.2% 693Moreton Bay (R) $400,000 $387,500 $384,500 -3.9% -0.8% 696Sunshine Coast (R) $470,000 $455,000 $440,000 -6.4% -3.3% 636Logan (C) $375,000 $362,000 $367,000 -2.1% 1.4% 458Townsville (C) $375,000 $370,000 $375,000 0.0% 1.4% 443Ipswich (C) $324,000 $310,000 $304,500 -6.0% -1.8% 300Cairns (R) $370,000 $345,000 $345,000 -6.8% 0.0% 277Toowoomba (R) $305,000 $300,000 $303,300 -0.6% 1.1% 388Redland (C) $453,500 $439,500 $427,800 -5.7% -2.7% 268Mackay (R) $414,000 $425,000 $435,000 5.1% 2.4% 323Rockhampton (R) $340,000 $339,000 $326,000 -4.1% -3.8% 334Fraser Coast (R) $310,000 $289,000 $290,000 -6.5% 0.3% 199Bundaberg (R) $290,000 $294,000 $290,000 0.0% -1.4% 216Gladstone (R) $420,000 $487,000 $469,500 11.8% -3.6% 196Queensland $420,000 $405,000 $400,000 -4.8% -1.2% 8,208
Source: Department of Environment and Heritage Protection
Table 4 - DETACHED HOUSES
Note that the number of sales for the March quarter 2012 represents approximately 70% of total sales, as not all sales records have been processed.
Percentage change in median sales prices
15 LARGEST LGAs in order of population
March Quarter 2012
Records with insufficient geographic detail have been excluded.
7Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Flat/unit pricesChart 7 shows that the median flat/unit price in Queensland in the March quarter 2012 was $340,000. Also shown in Chart 7 are median flat/unit prices for Queensland’s 15 most populated LGAs, listed in descending order of population.
Of the 15 LGAs, only two recorded a median flat/unit price above that of Queensland; Brisbane with a median price of $390,000 and Gold Coast with a median price of $360,000. The next highest median flat/unit prices were recorded in Gladstone ($335,000), Moreton Bay ($330,000), Sunshine Coast ($330,000) and Redland ($315,000).
Of the LGAs shown, Cairns, Toowoomba and Logan recorded the most affordable median flat/unit prices for the March quarter 2012 at $205,000, $225,800 and $229,000 respectively.
Table 5 includes the percentage change in median flat/unit prices for Queensland and its 15 most populated LGAs, over the quarter and over the year to the March quarter 2012. Given the relatively small sales volumes for some of these LGAs, percentage change over time may reflect variances in the type of flats/units sold in each quarter.
Queensland’s median flat/unit price fell by $10,000 or 2.9% over the March quarter 2012, and was $12,500 or 3.5% lower than a year ago.
Over the March quarter 2012, only two out of the state’s 15 most populated LGAs recorded an increase in the median detached flat/unit price; Gold Coast recorded a $10,000 increase and Ipswich a $2,500 increase.
The remaining 13 LGAs all recorded declines in the median flat/unit price in the March quarter 2012, with the largest declines occurring in Logan (-$68,500), Redland (-$60,000), Mackay (-$45,200), Gladstone (-$27,500) and Bundaberg (-$26,000).
Over the year to the March quarter 2012, 13 out of the state’s 15 most populated LGAs recorded a decrease in median flat/unit prices. The most significant of the decreases were recorded for Gladstone (-$60,000 or -15.2%), Logan (-$46,000 or -16.7%), Townsville (-$41,000 or -12.6%) and Redland (-$35,000 or -10%).
Moreton Bay was the only LGA out of the 15 LGAs shown to record an increase in the median flat/unit price over the year to the March quarter 2012 (increase of $8,500), while Brisbane experienced no change over the year.
Home Ownership
Median flat/unit/townhouses price (as at March quarter 2012)
$242,000
$269,500
$287,300
$225,800
$205,000
$277,500
$284,000
$229,000
$330,000
$340,000
$315,000
$330,000
$265,500
$335,000
$360,000
$390,000
$0 $200,000 $400,000 $600,000
Gladstone (R)
Bundaberg (R)
Fraser Coast (R)
Rockhampton (R)
Mackay (R)
Redland (C)
Toowoomba (R)
Cairns (R)
Ipswich (C)
Townsville (C)
Logan (C)
Sunshine Coast (R)
Moreton Bay (R)
Gold Coast (C)
Brisbane (C)
Queensland
LGAs
Median flat/unit price ($)
Source: Department of Environment and Heritage Protection
Chart 7
Mar Qtr 2011
Dec Qtr 2011
Median $sales
Median $sales
Median $sales
% Change over year
% Change over qtr
No. of sales
Brisbane (C) $390,000 $398,000 $390,000 0.0% -2.0% 980Gold Coast (C) $366,300 $350,000 $360,000 -1.7% 2.9% 768Moreton Bay (R) $321,500 $331,900 $330,000 2.6% -0.6% 157Sunshine Coast (R) $355,000 $350,000 $330,000 -7.0% -5.7% 297Logan (C) $275,000 $297,500 $229,000 -16.7% -23.0% 95Townsville (C) $325,000 $293,500 $284,000 -12.6% -3.2% 88Ipswich (C) $293,800 $275,000 $277,500 -5.5% 0.9% 26Cairns (R) $230,000 $213,000 $205,000 -10.9% -3.8% 122Toowoomba (R) $255,000 $248,300 $225,800 -11.5% -9.1% 52Redland (C) $350,000 $375,000 $315,000 -10.0% -16.0% 39Mackay (R) $310,000 $332,500 $287,300 -7.3% -13.6% 52Rockhampton (R) $292,000 $289,500 $269,500 -7.7% -6.9% 52Fraser Coast (R) $270,000 $276,900 $265,500 -1.7% -4.1% 26Bundaberg (R) $250,000 $268,000 $242,000 -3.2% -9.7% 29Gladstone (R) $395,000 $362,500 $335,000 -15.2% -7.6% 50Queensland $352,500 $350,000 $340,000 -3.5% -2.9% 2,929
Source: Department of Environment and Heritage Protection
Table 5 - FLATS/UNITS/TOWNHOUSESPercentage change in median sales prices
15 LARGEST LGAs in order of population
March Quarter 2012
Note that the number of sales for the March quarter 2012 represents approximately 70% of total sales, as not all sales records have been processed.Records with insufficient geographic detail have been excluded.
8Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Vacant land pricesChart 8 shows that the median vacant land price in Queensland was $182,500 in the March quarter 2012. Also shown in Chart 8 are median vacant land prices for Queensland’s 15 most populated LGAs, listed in descending order of population.
Brisbane recorded the highest median vacant land price at $305,000, significantly higher than the Queensland median. Sunshine Coast ($271,500), Gladstone ($248,000), Gold Coast ($236,000), Logan ($222,500), Moreton Bay ($210,500) and Mackay ($195,000) all recorded median prices above the state median.
Of the LGAs shown, those with the most affordable median vacant land price were Redland ($102,400), Fraser Coast ($120,000), Toowoomba ($136,000), Bundaberg ($139,000) and Rockhampton ($146,000).
Table 6 includes the percentage change in median vacant land prices for Queensland and its 15 most populated LGAs, over the quarter and over the year to the March quarter 2012.
Over the March quarter 2012, Queensland’s median vacant land price fell by $4,500 or 2.4%. Over the year, Queensland’s median vacant land price declined by $7,000 or 3.7%, which was in line with recorded declines for detached houses and flats/units over the year.
Over the quarter, Sunshine Coast recorded the largest increase in the median vacant land price (up $36,500), followed by Brisbane (up $22,000) and Moreton Bay (up $10,500). Six of the 15 LGAs recorded declines in median vacant land price over the March quarter 2012, with the largest decline recorded in Redland (down $148,100).
Over the year to the March quarter 2012, the strongest increase in median vacant land prices occurred in Gladstone (up $45,000 or 22.2%). This was followed by Mackay (up $10,000 or 5.4%), Brisbane (up $9,500 or 3.2%) and Rockhampton (up $9,000 or 6.6%).
Declines over the year in median vacant land prices occurred in eight LGAs, with Fraser Coast experiencing the largest decline (-$25,000 or -17.2%), followed by Cairns (-$24,200 or -12.7%) and Toowoomba (-$24,000 or -15%).
Home Ownership
Median vacant land price (as at March quarter 2012)
$139,000
$146,000
$136,000
$165,800
$166,000
$182,500
$305,000
$236,000
$248,000
$120,000
$271,500
$102,400
$195,000
$210,500
$222,500
$180,500
$0 $200,000 $400,000
Gladstone (R)
Bundaberg (R)
Fraser Coast (R)
Rockhampton (R)
Mackay (R)
Redland (C)
Toowoomba (R)
Cairns (R)
Ipswich (C)
Townsville (C)
Logan (C)
Sunshine Coast (R)
Moreton Bay (R)
Gold Coast (C)
Brisbane (C)
Queensland
LGA
s
Median land price ($)
Chart 8
Source: Department of Environment and Heritage Protection
Mar Qtr 2011
Dec Qtr 2011
Median $sales
Median $sales
Median $sales
% Change over year
% Change over qtr
No. of sales
Brisbane (C) $295,500 $283,000 $305,000 3.2% 7.8% 154Gold Coast (C) $244,000 $242,500 $236,000 -3.3% -2.7% 76Moreton Bay (R) $211,000 $200,000 $210,500 -0.2% 5.3% 169Sunshine Coast (R) $282,000 $235,000 $271,500 -3.7% 15.5% 106Logan (C) $221,300 $225,000 $222,500 0.5% -1.1% 70Townsville (C) $164,500 $161,100 $166,000 0.9% 3.0% 109Ipswich (C) $185,000 $190,000 $180,500 -2.4% -5.0% 72Cairns (R) $190,000 $165,000 $165,800 -12.7% 0.5% 56Toowoomba (R) $160,000 $149,300 $136,000 -15.0% -8.9% 89Redland (C) $100,000 $250,500 $102,400 2.4% -59.1% 70Mackay (R) $185,000 $187,800 $195,000 5.4% 3.8% 130Rockhampton (R) $137,000 $145,000 $146,000 6.6% 0.7% 122Fraser Coast (R) $145,000 $140,000 $120,000 -17.2% -14.3% 58Bundaberg (R) $145,500 $139,000 $139,000 -4.5% 0.0% 75Gladstone (R) $203,000 $242,000 $248,000 22.2% 2.5% 59Queensland $189,500 $187,000 $182,500 -3.7% -2.4% 1,781
Source: Department of Environment and Heritage Protection
Table 6 - VACANT LANDPercentage change in median sales prices
15 LARGEST LGAs in order of population
March Quarter 2012
Note that the number of sales for the March quarter 2012 represents approximately 70% of total sales, as not all sales records have been processed.Records with insufficient geographic detail have been excluded.
9Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Housing finance and planned residential constructionNew loans by buyer typeNew loans (excluding refinancing) taken out in Queensland for home purchase by buyer type are shown in Chart 9 for the year to the March quarter 2012.
An estimated 38,392 new loans were taken out for home purchase in Queensland in the March quarter 2012. Of these loans, 25,808 loans were taken out by owner occupiers, incorporating 5,092 loans from first home buyers and 20,716 loans from non-first home buyers. An estimated 12,584 inves-tors also took out home loans.
The number of property loans taken out by first home buy-ers decreased by 42 loans or 0.8% in the March quarter 2012, but was 1,579 loans or 44.9% higher over the year. On average, over the year to the March quarter 2012 there were 4,548 first homebuyers per quarter, which is higher than the average of 3,765 per quarter for the previous year.
The number of loans taken out by non-first home buyers de-creased by 7 loans since the previous quarter, but increased by 2,316 loans or 12.6% since the March quarter 2011.
The estimated number of new loans taken out by investors fell by 1.9% over the March quarter 2012 but was 10.2% higher than the March quarter 2011 figure.
The number of loans taken out by first home buyers, non-first home buyers and investors was significantly higher in the March quarter 2012 compared with a year ago, as the March quarter 2011 experienced a number of natural disasters.
New loans by dwelling type New loans for dwelling purchase by owner-occupiers in Queensland by dwelling type are shown in Chart 10 for the year to the March quarter 2012.
The 25,808 loans taken out by owner occupiers in the March quarter 2012 represent a decrease of 49 loans or 0.2% on the December quarter 2011 figure.
Over the year, new loans taken out in the March quarter 2012 were up 3,895 loans or 17.8% compared with the March quar-ter 2011, in which statewide flooding occurred.
Loans for the construction of dwellings were up by 748 loans or 32.6% over the year, while loans for the purchase of new dwellings rose by 278 loans or 44.7% and loans for the pur-chase of established dwellings rose by 2,868 or 15.1%.
Home Ownership
Queensland new loans for home purchase by buyer type
(Quarterly, March 2011 to March 2012)
11,415 12,810 12,774 12,825 12,584
18,40019,694 20,603 20,723 20,716
3,5133,774 4,193 5,134 5,092
0
10,000
20,000
30,000
40,000
50,000
Mar qtr 2011 Jun qtr 2011 Sep qtr 2011 Dec qtr 2011 Mar qtr 2012
Num
ber
of lo
ans
Investors (I)* Non-first home buyers (NFHB) First home buyers (FHB)
FHB+NFHB = 21,913
FHB+NFHB+I = 33,328
Chart 9
Source: Australian Bureau of Statistics
FHB+NFHB = 23,468
FHB+NFHB+I = 36,278
FHB+NFHB = 24,796
FHB+NFHB+I = 37,570
FHB+NFHB = 25,857
FHB+NFHB+I =38,682
FHB+NFHB = 25,808
FHB+NFHB+I = 38,392
* The estimated number of investors is calculated by multiplying the total loan value of investment housing by the proportion of Queensland's NFHB. This calculation is based on BIS Shrapnel methodology. Note that investor estimates have been revised from those shown in previous reports.
Breakdown of new loans in Queensland for home purchase by owner occupiers*
(Quarterly, March 2011 to March 2012)
18,998 20,072 21,207 21,756 21,867
2,2932,619
2,689 2,922 3,041
9001,179900
777622
0
5,000
10,000
15,000
20,000
25,000
30,000
Mar qtr 2011 Jun qtr 2011 Sep qtr 2011 Dec qtr 2011 Mar qtr 2012
Num
ber
of lo
ans
Purchase of new dwellingsConstruction of dwellingsPurchase of established dwellings
23,46821,913
25,85724,796
Chart 10
Source: Australian Bureau of Statistics
* Excluding refinancing loans
25,808
10Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Economic Update
Dwelling approvalsSeasonally adjusted residential dwelling approvals for the private sector in Queensland are shown in Chart 11. Monthly figures from March 2010 through to March 2012 are outlined for new houses and other new dwellings.
In the month of March 2012, dwelling approvals for the construction of new houses numbered 1,583, which was 7 approvals lower than the previous month, but 186 approvals or 13.3% higher than March 2011. However, approvals were still 274 or 14.8% below March 2010 levels.
Residential dwelling approvals for other dwellings were more volatile than those for houses, with numerous large swings over the past year. In the month of March 2012, approvals for the construction of other dwellings numbered 472, which was 235 approvals or 33.2% lower than approvals in the previous month, 87 approvals or 22.6% higher than approvals in March 2011, and 295 approvals or 38.5% below March 2010 levels.
This update provides an overview of how the Queensland economy is performing in terms of economic growth, unemployment and interest rates.
Economic growthQueensland’s economic performance, measured by percentage growth in Gross State Product (GSP), is shown in Chart 12, over the September quarter and over the year to the September quarter, for 2010 and 2011. Note that the September quarter 2011 data represents the most recent quarterly statistics available from OESR.
Queensland GSP grew by 0.8% over the September quarter 2011, compared to growth of 0.6% for the June quarter 2011 and 0.2% for the March quarter 2011. Queensland’s economic performance improved by 1.4% over the year to the September quarter 2011 compared with 1.1% growth for the year to the September quarter 2010.
ECONOMIC UPDATE
Queensland residential dwelling approvals (Seasonally adjusted, private sector, monthly, March 2010 to March 2012)
1,857
1,597 1,661
1,397 1,368 1,331
1,508 1,5831,524
788767 786
644
988
385
745
1,070
472
0
500
1,000
1,500
2,000
Mar
201
0
Jun
2010
Sep
201
0
Dec
201
0
Mar
201
1
Jun
2011
Sep
201
1
Dec
201
1
Mar
201
2
Num
ber
of d
wel
lings
Houses Other (non residential plus other residential)
Chart 11
Source: Australian Bureau of Statistics
Queensland's economic performance (Gross State Product)
(% change, CVM*, trend**, September 2010 and September 2011)
0.8%
1.4%
1.1%
-0.2%
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
% change over qtr % change overyear
% change over qtr % change overyear
September quarter 2010 September quarter 2011
Chart 12
* CVM refers to Chain Volume Measure, which removes the impacts of price changes over time. The CMV reference year is 2008-09. ** Trend figures are also used, as opposed to original or seasonally adjusted.
Source: Office of Economic and Statistical Research, Queensland Treasury
11Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Economic Update
Population growth 3 bedroom Chart 13 illustrates the total quarterly population change in Queensland over the year to the September quarter 2011, which is the most recent quarterly data available from the ABS. Also shown in the chart are the components driving population change in Queensland; natural increase, net overseas migration (NOM) and net interstate migration.
Queensland’s estimated population at the end of September 2011 was 4,599,362 persons, accounting for 20.3% of the Australian population. Queensland’s population increased by 75,510 persons over the year to the September quarter 2011. This represented a growth rate of 1.7%, which was the third-highest rate of population growth of all states and territories, and higher than that of Australia (1.4%).
The absolute increase in Queensland’s population for the September quarter 2011 was 19,080 persons, which is just slightly higher than that recorded for the previous quarter (19,014).
Net overseas migration contributed to a gain of 8,230 persons in Queensland in the September quarter 2011, up 735 persons or 9.8% since the previous quarter. Net overseas migration accounted for 43.1% of Queensland’s total population change for the September quarter 2011, overtaking natural increase as the largest contributor.
Natural increase contributed to a gain of 8,185 persons in the September quarter 2011, down 1,258 persons or 13.3% since the June quarter 2011. Natural increase represented 42.9% of Queensland’s population change for the September quarter 2011.
Persons migrating to Queensland from interstate numbered 2,665 persons in the September quarter 2011, up 589 persons or 28.4% from the previous quarter. Interstate migration contributed to 14% of total population change in Queensland over the September quarter 2011.
Interest ratesThe Reserve Bank of Australia’s (RBA) cash rate along with variable and 3 year fixed home loan interest rates for banks and non-banking financial institutions are shown in Chart 14, for March 2010 to March 2012.
The RBA’s latest cash rate changes up until the March quarter 2012 occurred in November and December 2011, with the cash rate lowered by 25 basis points to 4.5% in November, and again to 4.25% in December.
The banks and non-bank lenders followed suit, with the variable bank home loan rate falling from 7.8% in October 2011 to 7.3% in December 2011. In March 2012 the variable bank home loan rate stood at 7.4%.
Components of Queensland population change (Quarterly, September 2010 - September 2011)
9,243 8,2969,451 9,443
8,185
7,488
6,288
9,9957,495
8,230
1,688
1,808
1,578
2,076 2,665
0
5,000
10,000
15,000
20,000
25,000
Sep Qtr 2010 Dec Qtr 2010 Mar Qtr 2010 Jun Qtr 2011 Sep Qtr 2011
Num
ber
of p
erso
ns
Natural increase Net overseas migration Net interstate migration
18,41919,014
21,024
Chart 13
Source: Australian Bureau of Statistics
16,392
19,080
Recent changes in home loan rates and the RBA target cash rate
(Monthly, March 2010 - March 2012)
4.75%
4.00%4.25%
7.80%
6.90%
7.40%
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
8.50%
Mar
-201
0
Jun-
2010
Sep
-201
0
Dec
-201
0
Mar
-201
1
Jun-
2011
Sep
-201
1
Dec
-201
1
Mar
-201
2
3 year fixed home loan rate Variable non-bank home loan rateRBA target cash rate Variable bank home loan rate
Chart 14
Source: Reserve Bank of Australia
12Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Wages & PricesBy examining trends in wages growth and consumer prices over time, a perspective can be formed on how changes in these indicators impact on the ability of Queensland households to afford costs associated with housing.
Chart 15 shows the quarterly seasonally adjusted percentage changes in Average Weekly Earnings (AWE) for Queensland over the year to the February quarter 2012. Note that AWE data is reported on a different quarterly basis to other ABS data provided in this Report. AWE experienced 2.5% growth in the February quarter 2012, which is the highest quarterly growth rate since the November quarter 2009.
Chart 7 shows median prices for flats/units as at December 2004 and December 2009. Observable trends include:
Chart 16 shows the quarterly percentage changes for Bris-bane in the overall Consumer Price Index (CPI) as well as the Housing component of the CPI which measures the price changes of items such as rents, utilities, housing purchases, rates, repairs and maintenance. Note that CPI data is avail-able at the national level and capital city level only.
Percentage growth in the overall CPI for Brisbane rose to 0.2% over the March quarter 2012, compared to -0.2% in the December quarter 2011 and 0.3% in the September quarter 2011.
These low quarterly inflation figures reflect the reversing of the effects of the flooding and cyclones in early 2011, as well as a more general containment of cost pressures in the economy.
Economic Update
Queensland average weekly earnings(Full-time adult ordinary time earnings)
(% quarterly change, seasonally adjusted, February 2011 to February 2012)
0.4%
2.5%
-0.3%
1.6%
0.9%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Feb qtr 2011 May qtr 2011 Aug qtr 2011 Nov qtr 2011 Feb qtr 2012
Chart 15
Source: Australian Bureau of Statisitics
Brisbane's price level changes(% quarterly change, March 2011 to March 2012)
0.3%0.2%
0.5%
0.3%
0.1%
1.3%
1.0%
-0.2%
0.7%
0.4%
-0.5%
0.0%
0.5%
1.0%
1.5%
Mar qtr 2011 Jun qtr 2011 Sep qtr 2011 Dec qtr 2011 Mar qtr 2012
Brisbane CPI
Brisbane CPI housing component
Chart 16
Source: Australian Bureau of Statisitics
13Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
UnemploymentChart 17 shows the monthly seasonally adjusted unemployment rate for Queensland and Australia for the year to March 2012. The unemployment rate is measured as the percentage of the labour force that is unemployed and looking for part or full time work.
The Queensland unemployment rate was 5.5% in March 2012, 0.2 percentage points lower than the previous month and the same as the unemployment rate a year ago. Within the past year, the unemployment rate has ranged from 5.2% to 6.2%. Queensland’s unemployment rate has continued to track above the rate for Australian unemployment, which was 5.2% in March 2012.
Economic Update
Queensland's rate of unemployment (Monthly, seasonally adjusted, March 2011 to March 2012)
5.5%5.5%
5.3%
6.2%
5.2%
4.9% 5.0%
5.3% 5.2% 5.2%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
Mar
-201
1
Apr
-201
1
May
-201
1
Jun-
2011
Jul-2
011
Aug
-201
1
Sep
-201
1
Oct
-201
1
Nov
-201
1
Dec
-201
1
Jan-
2012
Feb
-201
2
Mar
-201
2
Une
mpl
oym
ent r
ate
Queensland unemployment rateAustralian unemployment rate
Chart 17
Source: Australian Bureau of Statistics
14Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Private rental tables
HOUSING AND ECONOMIC STATISTICS TABLES
Housing and Economic Statistics Tables
Housing and Economic Statistics Tables provide a further private rental and home ownership data and other indicators such as the consumer price index by capital city, average loan by states sizes and rates of unemployment by states.
Mar Qtr 2011
Dec Qtr 2011
Median $rent
Median $rent
Median $rent
% Change over year
% Change over qtr New bonds
Gympie (R) $250 $255 $250 0.0% -2.0% 166Tablelands (R) $270 $280 $280 3.7% 0.0% 189Scenic Rim (R) $295 $300 $300 1.7% 0.0% 118Lockyer Valley (R) $260 $273 $270 3.8% -0.9% 144Southern Downs (R) $230 $245 $240 4.3% -2.0% 165Whitsunday (R) $330 $350 $350 6.1% 0.0% 153South Burnett (R) $230 $230 $240 4.3% 4.3% 178Western Downs (R) $260 $300 $300 15.4% 0.0% 117Central Highlands (R) $405 $500 $550 35.8% 10.0% 115Cassowary Coast (R) $278 $280 $280 0.9% 0.0% 115Somerset (R) $270 $273 $260 -3.7% -4.6% 71Isaac (R) $750 $1,500 $1,500 100.0% 0.0% 105Mount Isa (C) $465 $500 $500 7.5% 0.0% 85
Burdekin (S) $260 $260 $253 -2.9% -2.9% 66Banana (S) $260 $300 $330 26.9% 10.0% 63Maranoa (R) $330 $400 $415 25.8% 3.8% 56Charters Towers (R) $260 $250 $260 0.0% 4.0% 53Hinchinbrook (S) $230 $260 $260 13.0% 0.0% 38Goondiwindi (R) $240 $260 $265 10.4% 1.9% 33North Burnett (R) $200 $190 $190 -5.0% 0.0% 47
Murweh (S) $210 $220 $233 10.7% 5.7% 10Balonne (S) $225 $230 $250 11.1% 8.7% 13Longreach (R) $253 $273 $280 10.9% 2.8% 14Cook (S) $300 $300 $300 0.0% 0.0% 12Cloncurry (S) $350 $400 $400 14.3% 0.0% 11Barcaldine (R) $200 $220 $210 5.0% -4.5% 10Queensland $340 $345 $350 2.9% 1.4% 14,468
Source: Residential Tenancies Authority
LGAs with populations between 20,000 and 60,000
LGAs with populations between 10,000 and 20,000
LGAs with populations between 3,000 and 6,000
Note that LGAs with less than 10 rental bonds have not been shown.
Table 7 - 3 BEDROOM DETACHED HOUSESRegional rental prices (quarterly)
OTHER LARGE LGAs (in order of population)
March Quarter 2012
15Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Housing and Economic Statistics Tables
Mar Qtr 2011
Dec Qtr 2011
Median $rent
Median $rent
Median $rent
% Change over year
% Change over qtr New bonds
Gympie (R) $186 $208 $185 -0.4% -10.8% 53Tablelands (R) $190 $200 $200 5.3% 0.0% 83Scenic Rim (R) $200 $200 $200 0.0% 0.0% 41Lockyer Valley (R) $228 $220 $225 -1.1% 2.3% 20Southern Downs (R) $190 $185 $200 5.3% 8.1% 38Whitsunday (R) $250 $260 $260 4.0% 0.0% 178South Burnett (R) $180 $175 $185 2.8% 5.7% 70Western Downs (R) $230 $250 $213 -7.6% -15.0% 58Central Highlands (R) $250 $310 $390 56.0% 25.8% 31Cassowary Coast (R) $210 $208 $220 4.8% 6.0% 80Isaac (R) $250 $225 $213 -15.0% -5.6% 18Mount Isa (C) $320 $350 $350 9.4% 0.0% 82
Burdekin (S) $180 $180 $190 5.6% 5.6% 50Banana (S) $205 $228 $230 12.2% 1.1% 17Maranoa (R) $220 $270 $240 9.1% -11.1% 22Charters Towers (R) $185 $188 $190 2.7% 1.3% 17Hinchinbrook (S) $178 $190 $180 1.0% -5.3% 26Goondiwindi (R) $170 $170 $188 10.3% 10.3% 28North Burnett (R) $100 $200 $185 85.0% -7.5% 15
Cook (S) $280 $253 $240 -14.3% -5.0% 11Queensland $320 $310 $330 3.1% 6.5% 14,032Note that LGAs with less than 10 rental bonds have not been shown.Source: Residential Tenancies Authority
LGAs with populations between 3,000 and 6,000
LGAs with populations between 20,000 and 60,000
LGAs with populations between 10,000 and 20,000
Table 8 - 2 BEDROOM FLATS/UNITSRegional rental prices (quarterly)
OTHER LARGE LGAs (in order of population)
March Quarter 2012
Centrelink, Australian Government 20 March - 30 June 2012
FAMILY SITUATION
Maximum payment per
fortnight
No payment if fortnightly rent
is less than
Maximum payment if
fortnightly rent is more than
Single, no dependent children $120.20 $106.80 $267.07Single, sharer, no dependent children $80.13 $106.80 $213.64Couple, no dependent children $113.20 $173.80 $324.73One of a couple who are separated due to illness, no children* $120.20 $106.80 $267.07One of a couple who are temporaily separated, no children $113.20 $106.80 $257.73Single, 1 or 2 children $140.98 $140.56 $328.53Single, 3 or more children $159.46 $140.56 $353.17Couple, 1 or 2 children $140.98 $208.04 $396.01Couple, 3 or more children $159.46 $208.04 $420.65
Source: 'A guide to Australian Government payments', CentrelinkSpecial rules apply if you are single sharer, pay board and lodging or live in a retirement village.* Includes respite care and partner in prison.
Table 9 - RENT ASSISTANCE RATES
No dependents
With dependents
16Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Home ownership tables
Housing and Economic Statistics Tables
Mar Qtr 2011 Dec Qtr 2011
Median $sales Median $sales Median $sales % Change over year
% Change over qtr
No. of Sales
Gympie (R) $297,500 $300,000 $271,000 -8.9% -9.7% 79Tablelands (R) $320,000 $340,000 $289,000 -9.7% -15.0% 64Scenic Rim (R) $413,750 $389,000 $379,000 -8.4% -2.6% 51Lockyer Valley (R) $315,000 $293,750 $286,500 -9.0% -2.5% 52Southern Downs (R) $275,000 $240,000 $228,000 -17.1% -5.0% 73Whitsunday (R) $380,000 $385,000 $357,500 -5.9% -7.1% 84South Burnett (R) $256,750 $225,000 $238,500 -7.1% 6.0% 62Western Downs (R) $275,000 $300,000 $292,000 6.2% -2.7% 68Central Highlands (R) $365,000 $390,000 $437,000 19.7% 12.1% 111Cassowary Coast (R) $281,000 $257,500 $285,000 1.4% 10.7% 27Somerset (R) $310,000 $315,000 $292,500 -5.6% -7.1% 26Isaac (R) $430,000 $590,000 $695,000 61.6% 17.8% 92Mount Isa (C) $340,000 $352,500 $352,500 3.7% 0.0% 58
Burdekin (S) $265,000 $260,000 $251,250 -5.2% -3.4% 28Banana (S) $307,500 $235,000 $270,000 -12.2% 14.9% 28Maranoa (R) $343,000 $307,500 $319,000 -7.0% 3.7% 39Charters Towers (R) $260,000 $285,000 $262,500 1.0% -7.9% 30Hinchinbrook (S) $260,000 $293,500 $320,000 23.1% 9.0% 14Goondiwindi (R) $160,000 $247,500 $266,250 66.4% 7.6% 12North Burnett (R) $175,000 $140,500 $170,000 -2.9% 21.0% 23Queensland $420,000 $405,000 $400,000 -4.8% -1.2% 8,208
Source: QVAS, Department of Environment and Heritage ProtectionRecords with insufficient geographic detail have been excluded.
Table 10 - DETACHED HOUSESRegional property prices (quarterly)
OTHER LARGE LGAs (in order of population)
March Quarter 2012
LGAs with populations between 20,000 and 60,000
LGAs with populations between 10,000 and 20,000
Note that the number of sales for the March quarter 2012 represent approximately 70% of total sales, as not all sales records have been processed. LGAs with less than 10 sales records have not been shown.
Mar Qtr 2011 Dec Qtr 2011
Median $sales Median $sales Median $sales % Change over year
% Change over qtr
No. of Sales
Scenic Rim (R) $316,250 $185,000 $245,000 -22.5% 32.4% 23Whitsunday (R) $292,500 $367,500 $365,000 24.8% -0.7% 19Central Highlands (R) $329,500 $151,800 $205,750 -37.6% 35.5% 14Queensland $352,500 $350,000 $340,000 -3.5% -2.9% 2,929
Source: QVAS, Department of Environment and Heritage Protection
Note that the number of sales for the March quarter 2012 represent approximately 70% of total sales, as not all sales records have been processed. LGAs with less than 10 sales records have not been shown.Records with insufficient geographic detail have been excluded.
Table 11 - FLATS/UNITS/TOWNHOUSESRegional property prices (quarterly)
OTHER LARGE LGAs (in order of population)
March Quarter 2012
LGAs with populations between 20,000 and 60,000
17Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Housing and Economic Statistics Tables
NSW VIC QLD SA WA TAS NT ACT
Mar 2011 $339,000 $293,100 $285,700 $242,200 $283,400 $187,400 $329,400 $308,800Jun 2011 $348,900 $298,000 $285,000 $241,300 $271,700 $196,800 $311,400 $297,900Sep 2011 $331,200 $300,300 $280,200 $249,300 $269,100 $192,900 $313,800 $298,900Dec 2011 $328,000 $294,400 $280,000 $245,100 $266,000 $193,500 $311,300 $290,500Mar 2012 $316,800 $280,200 $272,200 $235,400 $276,500 $196,200 $304,800 $295,200Annual % Change -6.5% -4.4% -4.7% -2.8% -2.4% 4.7% -7.5% -4.4%Source: Australian Bureau of Statistics, Cat. No. 5609.0, Table 10c.
Table 13 - AVERAGE HOME LOAN SIZES IN AUSTRALIAFor all dwellings, by state (monthly)
Table 14- AVERAGE HOME LOAN SIZES IN QUEENSLANDBy dwelling and buyer type (monthly)
Construction of dwellings
Purchase of new dwellings
Purchase of established dwellings
All dwellings (excl.
refinancing)
Refinancing of dwellings
First home buyers
Non-first home buyers
March 2011 $284,300 $344,500 $284,000 $285,700 $251,100 $279,600 $286,900
June 2011 $272,500 $344,900 $284,200 $285,000 $257,100 $275,500 $286,800
September 2011 $283,900 $301,200 $278,800 $280,200 $255,600 $274,000 $281,600
December 2011 $275,600 $315,800 $278,700 $280,000 $246,400 $270,100 $282,500
March 2012 $274,900 $311,800 $270,100 $272,200 $237,500 $275,300 $271,400
Annual % Change -3.3% -9.5% -4.9% -4.7% -5.4% -1.5% -5.4%*Note that 'Purchase of established dwellings' includes refinancing across lending institutions. Source: Australian Bureau of Statistics, Catalogue 5609.0, Tables 9b and 10c
Mar Qtr 2011 Dec Qtr 2011
Median $sales Median $sales Median $sales % Change over year
% Change over qtr
No. of Sales
Gympie (R) $127,500 $125,000 $133,700 4.8% 6.9% 24Tablelands (R) $123,000 $105,000 $115,000 -6.5% 9.5% 23Scenic Rim (R) $206,500 $184,500 $190,000 -8.0% 3.0% 17Lockyer Valley (R) $129,500 $106,000 $135,000 4.2% 27.4% 25Whitsunday (R) $95,000 $110,000 $115,000 21.1% 4.5% 11South Burnett (R) $151,500 $120,000 $150,000 -1.0% 25.0% 58Western Downs (R) $99,300 $105,600 $90,000 -9.3% -14.7% 22Cassowary Coast (R) $115,000 $130,000 $140,000 21.7% 7.7% 28Cassowary Coast (R) $142,000 $160,000 $160,000 12.7% 0.0% 31Central Highlands (R) $185,000 $102,300 $103,000 -44.3% 0.7% 15Somerset (R) $139,000 $125,000 $129,000 -7.2% 3.2% 15
Burdekin (S) $120,000 $149,000 $140,000 16.7% -6.0% 15Maranoa (R) $130,000 $135,000 $160,000 23.1% 18.5% 15Queensland $189,500 $187,000 $182,500 -3.7% -2.4% 1,781
Table 12 - VACANT LANDRegional land prices (quarterly)
OTHER LARGE LGAs (in order of population)
March Quarter 2012
Source: QVAS, Department of Environment and Heritage Protection
LGAs with populations between 20,000 and 60,000
Note that the number of sales for the March quarter 2012 represent approximately 70% of total sales, as not all sales records have been processed. LGAs with less than 10 sales records have not been shown.Records with insufficient geographic detail have been excluded.
LGAs with populations between 10,000 and 20,000
18Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Economic tables
Housing and Economic Statistics Tables
Private and public sector (monthly)
Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 % Change over year
% Change over qtr
Private Sector, new houses 1,568 1,451 1,392 1,227 1,735 10.7% 41.4%Public Sector, new houses 376 845 878 930 399 6.1% -57.1%
Total Dwelling Approvals for New Houses 1,944 2,296 2,270 2,157 2,134 9.8% -1.1%
Private Sector, other residential 47 15 9 12 35 -25.5% 191.7%Public Sector, other residential 10 39 4 11 0 -100.0% -100.0%Total Dwelling Approvals for Other Residential Buildings 57 54 13 23 35 -38.6% 52.2%
Private Sector, total dwelling approvals 1,615 1,466 1,401 1,239 1,770 9.6% 42.9%Public Sector, total dwelling approvals 386 884 882 941 399 3.4% -57.6%Total Dwelling Approvals* 2,001 2,350 2,283 2,180 2,169 8.4% -0.5%
Source: Australian Bureau of Statistics, Catalogue 8731.0, Table 14
Table 15 - QUEENSLAND RESIDENTIAL DWELLING APPROVALS
* Note that Total Dwelling Approvals excludes approvals for alterations and additions, and conversions, which represent a very small number.
Cash rate and mortgage lender rates (monthly)
RBA cash rate
Change in RBA cash
rate
Standard non-bank* variable home loan rate
Change in variable non-
bank* rate
Standard bank variable home
loan rate
Change in variable bank
rate
March 2011 4.75% 0.00% 7.30% -0.05% 7.80% 0.00%June 2011 4.75% 0.00% 7.35% 0.05% 7.80% 0.00%September 2011 4.75% 0.00% 7.35% 0.00% 7.80% 0.00%December 2011 4.25% -0.50% 6.85% -0.50% 7.30% -0.50%March 2012 4.25% 0.00% 6.90% 0.05% 7.40% 0.10%
Table 16 - INTEREST RATES
* Non-Bank lenders refer to non-banking financial institutions that sell home loans, e.g. Aussie Home Loans.Source: Reserve Bank of Australia, Statistical Tables: A02 and F05.
Mar qtr 2011
Jun qtr 2011
Sep qtr 2011
Dec qtr 2011
Mar qtr 2012
% Change over year
% Change over qtr
Food and non-alcoholic beverages 199.6 202.4 201.9 198.9 194.7 -2.1% -2.1%Alcohol and tobacco 305.0 307.0 308.6 311.3 315.7 1.4% 1.4%Clothing and footwear 106.1 108.7 110.3 109.7 107.7 -1.8% -1.8%Housing 166.4 167.1 170.2 170.9 172.0 0.6% 0.6%Household contents and services 126.2 128.1 128.4 128.5 127.1 -1.1% -1.1%Health 271.9 277.4 274.6 271.2 283.2 4.4% 4.4%Transportation 170.3 172.4 172.6 172.6 174.5 1.1% 1.1%Communication 112.2 112.7 112.7 113.9 114.0 0.1% 0.1%Recreation and culture 136.0 135.2 136.4 137.5 134.8 -2.0% -2.0%Education 332.2 332.2 332.4 332.4 352.2 6.0% 6.0%Insurance and financial services 113.6 115.4 116.2 116.9 118.1 1.0% 1.0%Overall CPI* 176.7 178.3 179.4 179.4 179.5 0.1% 0.1%* Note that the overall CPI is a weighted average of all groups of all the capital cities in Australia, base of index=1989-90Source: Australian Bureau of Statistics, Catalogue 6401.0, Tables 3 and 4
Table 17 - AUSTRALIAN CONSUMER PRICE INDEX COMPONENTSBreakdown of all groups (quarterly)
19Housing Serviceswww.hpw.qld.gov.au Queensland housing market report — March Quarter 2012
Housing and Economic Statistics Tables
Table 18 - CONSUMER PRICE INDEX
Mar qtr 2011
Jun qtr 2011
Sep qtr 2011
Dec qtr 2011
Mar qtr 2012
% Change over year
% Change over qtr
Housing (all cities) 166.4 167.1 170.2 170.9 172.0 3.4% 0.6%Sydney 171.9 173.4 177.4 178.8 179.3 4.3% 0.3%Melbourne 149.2 149.4 151.8 151.6 153.3 2.7% 1.1%Brisbane 184.2 185.2 186.5 187.1 187.2 1.6% 0.1%Adelaide 160.4 159.1 163.5 165.4 167.4 4.4% 1.2%Perth 170.8 171.6 174.3 175.7 177.1 3.7% 0.8%Hobart 167.4 167.9 171.8 172.2 172.6 3.1% 0.2%Darwin 200.3 200.5 202.6 203.2 204.6 2.1% 0.7%Canberra 172.7 173.1 176.8 177.8 177.9 3.0% 0.1%Overall CPI (all cities) 176.7 178.3 179.4 179.4 179.5 1.6% 0.1%Sydney 175.9 177.6 178.8 178.7 178.8 1.6% 0.1%Melbourne 174.4 175.6 176.7 176.8 176.8 1.4% 0.0%Brisbane 182.3 184.1 184.7 184.4 184.7 1.3% 0.2%Adelaide 180.0 181.8 183.6 183.5 183.3 1.8% -0.1%Perth 176.1 178.4 178.8 179.1 179.5 1.9% 0.2%Hobart 174.9 176.5 177.9 178.1 178.6 2.1% 0.3%Darwin 173.7 175.4 176.7 176.0 176.6 1.7% 0.3%Canberra 176.8 178.7 179.9 180.4 179.7 1.6% -0.4%Source: Australian Bureau of Statistics, Catalogue 6401.0, Table 5, base of index=1989-90
Australian capital cities (quarterly)
Table 19 - RATES OF UNEMPLOYMENT (12-month moving average)
Mar qtr 2011
Jun qtr 2011
Sep qtr 2011
Dec qtr 2011
Mar qtr 2012
Percentage point change
over year
Percentage point change
over qtrNew South Wales 5.1% 5.1% 5.1% 5.2% 5.2% 0.1% 0.0%Sydney 4.9% 4.9% 4.9% 5.1% 5.1% 0.2% 0.1%Balance of New South Wales 5.5% 5.4% 5.5% 5.4% 5.3% -0.2% 0.0%Victoria 5.2% 5.1% 5.0% 5.0% 5.2% 0.0% 0.2%Melbourne 4.9% 4.8% 4.9% 5.0% 5.2% 0.3% 0.2%Balance of Victoria 6.1% 5.9% 5.5% 5.2% 5.3% -0.8% 0.1%Queensland 5.5% 5.5% 5.5% 5.5% 5.5% 0.0% 0.0%Brisbane 5.1% 4.9% 4.9% 4.7% 4.7% -0.4% 0.0%Balance of Queensland 5.9% 5.9% 6.1% 6.2% 6.2% 0.3% 0.0%South Australia 5.5% 5.5% 5.4% 5.4% 5.3% -0.2% -0.1%Adelaide 5.6% 5.5% 5.6% 5.5% 5.5% -0.2% 0.0%Balance of South Australia 5.2% 5.2% 5.1% 5.0% 4.7% -0.4% -0.3%Western Australia 4.4% 4.4% 4.3% 4.2% 4.2% -0.2% -0.1%Perth 4.3% 4.3% 4.2% 4.2% 4.2% -0.1% 0.0%Balance of Western Australia 4.7% 4.6% 4.6% 4.3% 4.0% -0.7% -0.3%Tasmania 5.8% 5.6% 5.4% 5.6% 5.9% 0.1% 0.3%Hobart 4.9% 4.7% 4.5% 4.7% 5.0% 0.1% 0.4%Balance of Tasmania 6.5% 6.4% 6.1% 6.3% 6.6% 0.1% 0.3%Northern Territory 2.7% 2.9% 3.1% 3.6% 4.0% 1.3% 0.4%Australian Capital Territory 3.2% 3.5% 3.7% 3.8% 3.9% 0.6% 0.1%Australia 5.1% 5.1% 5.1% 5.1% 5.1% 0.0% 0.0%Source: Australian Bureau of Statistics
Across Australian capital cities and rural balances (monthly)