As mentioned last week, the Australian Bureau of Statistics has this week released its Consumer Price Index report for the December quarter, including CPI figures for rents. These figures relate to 'established rents' - that is, what tenants in established tenancies of all durations are currently paying - rather than the 'asking rents' that agents advertise and on which Australian Property Monitors draws for its reports.
And the results are: Sydney rents increased 1.8 per cent for the quarter, and 8 per cent for the year, to December 2008. This means established rents have risen more than the cost of living generally - which actually declined over the December quarter, for the first time in about a decade - but they have not risen by the rate indicated by APM.
I'm intrigued by the differences between 'asking rents', 'established rents' and, to throw another into the mix, the 'new agreement rents' that are the subject of Housing NSW's Rent and Sales Reports derived from Rental Bond Board data. More on that soon.
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