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PeakMetrics / Fact Checks

Economy & business fact checks

Explore claims publishers have checked about economy & business. Read their original ratings and follow the evidence.

7,096 published reviews in this topic

RMIT ABC Fact CheckEconomy & business

"House prices are going up $1200 a day."

Publisher’s rating: Overreach

The claim came from Greens leader Adam Bandt, who said house prices were rising by $1,200 a day in a July 30 tweet. The review assessed whether that figure described house-price growth generally, noting that Bandt did not specify a jurisdiction. It compared recent price movements across Australian capital cities and found that the claimed pace matched Sydney much more closely than the country as a whole. For its assessment, the review used the latest data available when Bandt made the claim. It says it relied mainly on CoreLogic’s monthly series and Australian Property Monitors’ quarterly estimate, published by Domain. The review explains that CoreLogic uses hedonic analysis and Domain/APM uses a stratified median. It also cautions that simple averages or medians can mislead when the mix or quality of homes sold changes over time. The quarterly Domain/APM figures put the median Sydney house-price increase at $106,948 over 91 days, or an average of $1,175 per day—close to Bandt’s figure. By contrast, the median price across capital cities rose at an average daily pace of $576, and the review reports a national average daily rate of $571 in the monthly CoreLogic data. It therefore found that the statement reflected Sydney’s unusually rapid rise, not the typical rate across the country. The excerpt also says Canberra was the only other capital city close to Sydney, at $1,054 per day.