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RBA Glossary definition for '000

'000 – Unit is in thousands.

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The Apartment Shortage

5 Aug 2020 RDP 2020-04
Keaton Jenner and Peter Tulip
We estimate that home buyers will pay an average of $873,000 for a new apartment in Sydney though it only costs $519,000 to supply, a gap of $355,000 ... There are smaller gaps of $97,000 (20 per cent of costs) in Melbourne and $10,000 (2 per cent of
https://www.rba.gov.au/publications/rdp/2020/2020-04.html

The Apartment Shortage

5 Aug 2020 RDP 2020-04
Keaton Jenner and Peter Tulip
Our estimate for Brisbane is substantially smaller, being revised down from $110,000 to $10,000 per apartment. ... Table 2: Apartment Prices. $′000. Sydney. Melbourne. Brisbane. Unfiltered average unit price (2016).
https://www.rba.gov.au/publications/rdp/2020/2020-04/full.html

Appendix B: Comparison to Residual Land Valuations

5 Aug 2020 RDP 2020-04
Keaton Jenner and Peter Tulip
As indicated by Table 3, this difference lowers our estimates of the effect of building restrictions relative to site valuations by $24,000 (Sydney), $38,000 (Melbourne) and $29,000 (Brisbane). ... Per apartment, $′000. Site values (June 2019). Effect
https://www.rba.gov.au/publications/rdp/2020/2020-04/appendix-b.html

Appendix A: Data

5 Aug 2020 RDP 2020-04
Keaton Jenner and Peter Tulip
Sydney. Melbourne. Brisbane. Average cost per unit ($′000). 318. 297. 278. ... 455. 411. Note: All estimates are in $′000, except percentage adjustments denoted with %. Sources: ABS; Authors' calculations; CIE (2011); Kendall and Tulip (2018); Urbis
https://www.rba.gov.au/publications/rdp/2020/2020-04/appendix-a.html

Introduction

5 Aug 2020 RDP 2020-04
Keaton Jenner and Peter Tulip
For example, we estimate that the average new apartment in Sydney sells for $873,000 but only costs $519,000 to supply, a difference of $355,000 or 68 per cent
https://www.rba.gov.au/publications/rdp/2020/2020-04/introduction.html

The Cost of Building Out

5 Aug 2020 RDP 2020-04
Keaton Jenner and Peter Tulip
5,000 to 10,000 square metres of land and the average price of urban development land at chosen locations. ... costs (about $15,000 for the average-sized house according to industry contacts and Rider Levett Bucknall (2017, p 40)).
https://www.rba.gov.au/publications/rdp/2020/2020-04/the-cost-of-building-out.html

Variations in Apartment Shortages

5 Aug 2020 RDP 2020-04
Keaton Jenner and Peter Tulip
Finally, we make an allowance for infrastructure charges, which adds between $10,000 and $20,000 per dwelling, depending on the city.
https://www.rba.gov.au/publications/rdp/2020/2020-04/variations-in-apartment-shortages.html

Non-technical summary for ‘The Apartment Shortage’

5 Aug 2020 RDP 2020-04
Keaton Jenner and Peter Tulip
Cost of supply. 519. 491. 460. Effect of planning restrictions ($′000). ... The largest effects – averaging more than $450,000 per apartment in 2011 to 2016 – occur in inner-ring areas like the eastern suburbs, Leichhardt and North Sydney.
https://www.rba.gov.au/publications/rdp/2020/2020-04/non-technical-summary.html

The Effect of Planning Restrictions

5 Aug 2020 RDP 2020-04
Keaton Jenner and Peter Tulip
In Sydney, for example, the average new apartment sells for $873,000 but can be supplied for $519,000, a gap of 68 per cent of costs. ... Our estimate for Brisbane is substantially smaller, being revised down from $110,000 to $10,000 per apartment.
https://www.rba.gov.au/publications/rdp/2020/2020-04/the-effect-of-planning-restrictions.html

How Far Can Housing Prices be Lowered?

5 Aug 2020 RDP 2020-04
Keaton Jenner and Peter Tulip
For context, 98,000 higher-density dwelling units were completed in 2018, representing about 1 per cent of the Australian housing stock. ... Table 6: Costs of Supply. Per apartment, $′000, 2018. Sydney. Melbourne.
https://www.rba.gov.au/publications/rdp/2020/2020-04/how-far-can-housing-prices-be-lowered.html